The Truth about the 3.8% Tax and Health Care Reform
As you may
have heard by now, the US Supreme Court has upheld a bulk of the Patient
Protection and Affordable Care Act (aka Obamacare).
One of the
many provisions within the law are changes to the tax
code as it applies to capital gains.
There may be some misconceptions regarding the new tax laws and the
health care law.
The common
misconception/rumor/internet-hoax: ALL real estate transaction must now
pay a 3.8% sales tax.
This is not true. There is no 'sales tax' on home sales within the
health care bill.
What is true:
The
bill would impose essentially a very small increase in capital gains
taxes on some
home sales made by a very limited number of US taxpayers.
If
you prefer the short read, please see this article on Forbes.com:
http://www.forbes.com/sites/beltway/2012/04/02/there-is-no-obamacare-tax-on-most-home-sales-really/
Here is a
list of the Top 10 Things You Need To Know About the
3.8% Tax:
http://www.realtor.org/topics/health-care-reform/top-10-things-you-need-to-know-about-the-38-tax