How would raising taxes affect you and our economy?

[Winter Woman]

I'd venture to say that it will make buying a home 3.9% more expensive beginning next year. I think that is the correct percentage, if not it's close.

 

[cannabineer]

Nationwide? cn

 

[Winter Woman]

Nationwide? cn

Yep, it's in Obamacare. Starts Jan 1, 2013

 

[cannabineer]

They're linking it to property tax? Dang but i am some kind of uninformed. cn

 

[canndo]

Yep, it's in Obamacare. Starts Jan 1, 2013

Were in that law does it provide for this?

 

[abandonconflict]

Yeah a tax on real estate transactions.

 

[abandonconflict]

This tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what.

 

[JustAnotherHead]

They're linking it to property tax? Dang but i am some kind of uninformed. cn

Heh. Nobody in Congress read it either. Just rubber stamped it.

 

[JustAnotherHead]

If this bill was a new Operation System...

It would be built by 500 different programmers who don't communicate with each other. No Q&A performed just released to the public, we'll work out the bugs later. This should end well....

 

[JustAnotherHead]

You think Charles Rangle read this bill? You think he can read at all?

 

[Winter Woman]

Well, the tax is 3.8% on unearned income which home sales are considered. They'll say that it is for high-earners only, but when you put 2 wage earners (typical now days), plus the house it will push many into being high-earners even if for just 1 year.

It is a tax on the seller, but the buyer will have to cover it or the seller won't sell.

 

[Winter Woman]

This tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what.

Not when you add in unearned income from the house.

Edit: No exceptions on unearned income. That is black and white. Stocks, mutual funds, licensing, royalties, selling of assets, it's all unearned income.

 

[canndo]

removed.

Yeah, letting the parents of children riddled with cancer keep those kids on their insurance policies just isn't worth much, fuck them, let them die or bankrupt their parents right JAH? after all, we are talking about the housing market here.

 

[abandonconflict]

Well, the tax is 3.8% on unearned income which home sales are considered. They'll say that it is for high-earners only, but when you put 2 wage earners (typical now days), plus the house it will push many into being high-earners even if for just 1 year.

It is a tax on the seller, but the buyer will have to cover it or the seller won't sell.

Only in a seller's market (where demand outpaces growth) which is pretty much only military towns.

 

[Winter Woman]

Only in a seller's market (where demand outpaces growth) which is pretty much only military towns.

Nope, sold mine in 2 days for $15k more than listed. Location, location , location.

 

[Winter Woman]

Not when you add in unearned income from the house.

Edit: No exceptions on unearned income. That is black and white. Stocks, mutual funds, licensing, royalties, selling of assets, it's all unearned income.

My bf brother is an accountant and told me I have the stocks, mutual funds, licensing, royalties thing wrong. That is taxed under capital gains today at short term 35% and long term is 15% in the year 2013 it's 39.6% short-term and 20% long-term.

I tried to understand the real estate thing about how the tax unearned income works. But, a j got my attention.

 

[cannabineer]

My bf brother is an accountant and told me I have the stocks, mutual funds, licensing, royalties thing wrong. That is taxed under capital gains today at short term 35% and long term is 15% in the year 2013 it's 39.6% short-term and 20% long-term.

I tried to understand the real estate thing about how the tax unearned income works. But, a j got my attention.

For a split second there i heard dueling banjos. cn

 

[abandonconflict]

The unearned income thing has potential to generate a lot of revenue, but I doubt it will cause a drop in home sales. I would be more concerned with the incentive that employees will have to insure their families and leave employers with a $3k tax. That will probably cause some wage decline. The bill will certainly decrease the deficit.

 

[Winter Woman]

The unearned income thing has potential to generate a lot of revenue, but I doubt it will cause a drop in home sales. I would be more concerned with the incentive that people will have to insure their families and leave employers with a $3k tax. That will probably cause some wage decline. The bill will certainly decrease the deficit.

And permanently raise taxes.

Edit: I think it's too earlier to tell what ramifications will be.

 

[abandonconflict]

And permanently raise taxes.

Edit: I think it's too earlier to tell what ramifications will be.

No I think you're right, this does raise taxes, that is precisely how it will decrease the deficit.