Real Estate Tax (3.8% Sales Tax) Coming To The City Near You. Thanks to Obama Health Care Bill
Under the new health care bill - did you know that all real estate transactions are now subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 (presumably after Obama’s re-election). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Is this “Hope & Change” great or what? We can vote the bums out in November and demand that they eliminate the bill or at the very least defund it. Then in 2012 repeal it.
Read the whole story at Spkesman Review
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According to your example above there would be ZERO tax due on the transaction you have cited. Get your facts straight!