Yes, you read that right. A hidden provision of the national health care legislation will impose a 3.8% tax on ALL unearned income in the United States. I usually don't post political information in this forum, but this is one of those things that bothered me enough to write about. This is what happens when government passes massive legislation without letting Congressmen and Senators take the time to examine it thoroughly.
It is labeled as a Medicare Tax in the legislation, but it is effectively a national real estate sales tax. Starting January 1st of 2013, you will pay a 3.8% tax on any sale of single family homes, townhomes, condominiums, or co-ops. If you own rental property you will pay the 3.8% tax on the income from that property. This is in addition to any other taxes or fees you might pay for your decision to sell your home or invest in real estate.
When those supporting the national healthcare legislation say that killing the bill will raise the Federal deficit by $210 billion, they are referring to this tax. The 3.8% tax on unearned income is expected, by chance, to raise $210 billion in revenue to pay for nationalized health care. Amazing how that worked out, isn't it?
One group has figured this part of the health care legislation out. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised”, warning that it would hurt job creation.
President Obama pledged in 2008 that no family earning under $250,000 would see a tax increase, but this would break that promise if it goes into effect as planned.
No comments:
Post a Comment