Wisconsin native.
"The true soldier fights not because he hates what is in front of him, but because he loves what is behind him."--GKC
"Liberalism is the modern and morbid habit of always sacrificing the normal to the abnormal" --G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling
It only affects married couples making more than $250,000 a year and the first $500,000 of PROFIT on the home sale is exempt. See FactCheck.org.
The Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013.
You buy your house and pay your mortgage with after tax money. I don't give a rat's ass what kind of whiny-ass class warfare rationalization they put on it.
This is another layer of taxes on the same money. This is wrong.
Plus - is this another one of those marriage penalty cases? Where they are building the tax code so it is better for two single people to shack up and claim their income separately? ie - singles making $200K and couples making $250?
neo, you make more than $250,000? You make more than $500,000 profit on the sale of your house?
Fewer than 2% of American families would be subject to this tax. And I'm guessing for most who DO qualify, their home is NOT their single largest investment. And I REALLY doubt this would be anywhere near to being "every single-f'ing penny".
Jim - couple of things... You seem to trust these morons in charge. I don't. They promised income tax would only be something like 4% when they convinced people that it was needed too. Also, if you look at the looming debt and unfunded liabilities - they ain't stopping at the "rich". They will be looking at every f'ing penny. See the floating of the VAT tax for further proof. You think that only hits the "rich"?
Plus - I don't envy folks that make $250K. I want to make $250K - and I don't want to be penalized for doing it.
Who pays? The seller, the buyer or both?
ReplyDeleteIt's incredible, it just doesn't stop, does it?
I knew about that one... they slipped it in the day before the vote. Found out from that very helpful Congressman from Texas.
ReplyDeleteIt only affects married couples making more than $250,000 a year and the first $500,000 of PROFIT on the home sale is exempt. See FactCheck.org.
ReplyDeleteThe Tax Foundation, in a report released April 15, said the new tax on investment income (including real estate) "will hit approximately the top-earning two percent of families" when it takes effect in 2013.
You buy your house and pay your mortgage with after tax money. I don't give a rat's ass what kind of whiny-ass class warfare rationalization they put on it.
ReplyDeleteThis is another layer of taxes on the same money. This is wrong.
Plus - is this another one of those marriage penalty cases? Where they are building the tax code so it is better for two single people to shack up and claim their income separately? ie - singles making $200K and couples making $250?
This is another layer of taxes on the same money.
ReplyDeleteUmm, no, this is tax on the profit on sale, not on what you paid for it.
yeah - why on earth should we allow people to keep any potential appreciation in value on what is, for most, their single largest investment.
ReplyDeleteGotta squeeze every single-f'ing penny out of 'em right Jim?
neo, you make more than $250,000? You make more than $500,000 profit on the sale of your house?
ReplyDeleteFewer than 2% of American families would be subject to this tax. And I'm guessing for most who DO qualify, their home is NOT their single largest investment. And I REALLY doubt this would be anywhere near to being "every single-f'ing penny".
Right, neo?
As usual, it's not the effect, it is the principle.
ReplyDeleteWe aren't fool enough to think that this 'tax-the-rich' scheme will remain in its little corner, all docile and sweet.
Not with the ObamaDeficit machine churning the economy into chaos.
Remember that the alternative tax was only supposed to hit a few "high-income/no tax" folks back in the 1970's?? Remember, Jim??
"Fool me once, shame on you. Fool me twice, shame on me."
Jim - couple of things... You seem to trust these morons in charge. I don't. They promised income tax would only be something like 4% when they convinced people that it was needed too. Also, if you look at the looming debt and unfunded liabilities - they ain't stopping at the "rich". They will be looking at every f'ing penny. See the floating of the VAT tax for further proof. You think that only hits the "rich"?
ReplyDeletePlus - I don't envy folks that make $250K. I want to make $250K - and I don't want to be penalized for doing it.