Real Estate sales tax
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 Obamas 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?
Here’s more good news.
2011 W-2 Tax Forms and Obamacare
If this doesn’t get to you, then check your pulse. You may be a flatline…
Should you want to verify this, go to http://www.thomas.gov/, enter “HR 3590” in the search box, highli! ght “Bill Number” and look for “CRS Summaries.” This is what you’ll find.
Title IX Revenue Provisions-Subtitle A: Revenue Offset “(Sec. 9002) Requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer-sponsored group health coverage that is excludable from the employee’s gross income (excluding the value of contributions to flexible spending arrangements).”
Starting in 2011-next year-the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided.
It doesn’t matter if you’re retired. Your gross income WILL go up by the amount of insurance your employer paid for. So you’ll be required to pay taxes on a larger sum of money that you actually received. Take the tax form you just finished for 2009 and see what $15,000.00 or $20,000.00 additional gross income does to your tax debt. That’s what you’ll pay next year. For many it puts you into a much higher bracket. This is how the government is going to buy insurance for fifteen (15) percent that don’t have insurance and it’s only part of the tax increases, but it’s not really a “tax
increase” as such, it a redefinition of your taxable income.
Also, go to Kiplinger’s and read about the thirteen (13) tax changes for 2010 that could affect you.
People have the right to know the truth because an election is coming in November. So vote intelligently, based on your values. But also adjust your tax withholding, or increase your savings, so that you aren’t surprised and put in a jam when your federal income taxes are due on April 15, 2012.
Fight organized crime! Re-elect no one.