Health Care Tax … on your home? Update: Only if you make $200,000 plus

Remember the conveyance tax. That’s the tax you pay when you sell your home in Connecticut. Well move over conveyance tax … you’ve got company. From Gateway.

Washington residents will begin paying ObamaCare taxes this year, while most benefits don’t start until 2014. The law includes some 19 new taxes. Here’s a rundown of what Washingtonians can expect in the coming years.

Penalties on individuals. Individuals will pay a yearly penalty of $695, or up to 2.5 percent of their annual income, if they cannot show they have purchased a government-approved health policy.

Penalties on families. Families will pay a yearly penalty of $347 per child, up to $2,250 per family, if parents cannot show they have purchased a government- approved policy…

Tax on Home Sales. Imposes a 3.8 percent tax on home salesand other real estate transactions. Middle-income people must pay the full tax even if they are “rich” for only one day – the day they sell their house and buy a new one.

Jim Hoft is right to point this out.


How’s that $7.69 a week tax cut looking now?

UPDATE: Well this will teach me to jump, although I still find the tax appalling. Here’s what Fact Check has to say about the tax.

The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.

It’s like, as long as its on the rich, it’s OK. It’s not but I did want to post quickly, the correction.

2 replies
  1. winnifredthewoebegon
    winnifredthewoebegon says:

    You posted quickly and p0sted correction quickly…in the end it isn't really that big of a deal, because…

    is ANYone capable of selling a home for any kind of profit right now?  For the past 5 years?  Anyone who is drowning financially and HAS to sell their home to avoid foreclosure is more likely to sell it to cover their mortgage to get out in one piece…anyone who can afford to stay in their home (making +$200K/year or +250K/year for a married couple) is just going to stay put! Even if they could turn a profit, most "capitalist pigs" in that income range would NOT go out of their way to give the government one more rosy, red cent than they already do!

    Hope Obama is not looking to make a killing with this…If I still made that kind of money & this was hitting the news, my whole attitude would be to "bloom where planted".

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