This tax is being talked and emailed about in a way that is very deliberately misleading. It is a 3.8% capital gains tax on capital gains over $500,000. That is, your house would have to appreciate over $500,000 for it to kick in at all. If you bought a house for $450,000 and then years later sold it for $1,000,000 you would pay a total of $3,800.
Most of the emails out there – even from the GOP itself – try to give the impression that this is a straight sales tax on all sales. That is simply incorrect.
Get real. The average retired couple may have bought a house for $30,000 that is now worth a million! So they have to get taxed into a retirement home if they want to sell! You liberals just love spending MY money. I bet you don’t even pay taxes.
Is that 3.8% of the sale price or 3.8% of the capital gain on the sale of the property?
I believe it would be the capital gains, but not sure. Maybe someone else has that answer
This tax is being talked and emailed about in a way that is very deliberately misleading. It is a 3.8% capital gains tax on capital gains over $500,000. That is, your house would have to appreciate over $500,000 for it to kick in at all. If you bought a house for $450,000 and then years later sold it for $1,000,000 you would pay a total of $3,800.
Most of the emails out there – even from the GOP itself – try to give the impression that this is a straight sales tax on all sales. That is simply incorrect.
Get real. The average retired couple may have bought a house for $30,000 that is now worth a million! So they have to get taxed into a retirement home if they want to sell! You liberals just love spending MY money. I bet you don’t even pay taxes.