OfflineThis was brought to my attention 4 days ago. Most states have a transfer tax already imposed on real estate sales. Only 14 out of the 50 states have NO transfer taxes imposed on real estate. Here is a link indicating those that do or don't: http://www.realtor.org/smart_growth.nsf/docfiles/TransferTaxRates(8-05).pdf/$FILE/TransferTaxRates(8-05).pdf
The National Association of Realtors works to keep these transfer taxes out in attempts to keep private property rights private.
According to the Health Care plan to take effect in 2012, there is a 3.8% tax on investment income and another 0.9% extra Medicare tax on wages, effective in 2013. (http://online.wsj.com/article/SB1000142405274870465400457551877229093961...)
Another source related to the transfer tax can be found at the link below and some excerpts from the article are provided. http://www.naturalnews.com/029849_health_care_reform_taxes.html
"ObamaCare imposes a 3.8 percent annual tax on investment income of individuals making $200,000 or more and on families making $250,000 or more. The new tax is not indexed to inflation, so more people will fall under it each year. Seniors on fixed incomes and people with IRAs and 401(k) plans will be hit particularly hard."
And where is this money going? To pay for more sick care surgeries, pharmaceuticals, chemotherapy treatments, diabetes drugs, cholesterol drugs, mammograms and other virtually useless disease "treatments" that only enrich the medical industry while doing nothing to help real people.
The worst part about this 3.8% Medicare tax is that it punishes savings and investment. At a time when the national savings rate is less than zero and when people desperately need jobs, this is a devastating blow.
New jobs, you see, come from new businesses. And new businesses can only be funded from savings and investment. But if no one is saving money (or investing it), then there are no new companies. Hence, no new jobs, either.
To place the burden of a "sick care tax" on savings and investment in America is to suppress job creation at precisely the time when we need it most.
For this information. This is why we need to go out and vote.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
Thanks for sharing this. Don't read any more if you can't stand politics.
The only reason this darn thing got passed is because they did it the only way they could , by making it a 'budgeting' issue instead of what it really is. This though, is very bad "individuals making $200,000 or more and on families making $250,000 or more". And of course, unlike the banks who only count 75% of rental income, Uncle Sam counts 100% of the income.
How is it that a family only needs 50K more than an individual to be considered rich? Do politicians look at the cost of raising a family? To this gal with a family of 6, its devastating! 50K for an extra adult and 4 kids? Really? That 1K tax credit per kids doesn't compensate even close. A couple more good investment properties and I'm considered rich (even if they take a loss every year!) (They don't consider the expenses involved to get that income either). (not to mention in CA they're already 5% I believe... will they now be 8.8%?)
This whole 'only the rich' are affected is crap. Only the entrepreneurial. Its the people making 250-500K paying the most in taxes. Above 500K, the tax rate is a lot lower. There was a commentary on this very thing on just last night! (My husband always has the tv on). I'm going to shut up now, because politics isn't something pleasant to discuss and is counter productive to REI! Shutting up NOW. ***ZIPPPP***
I am not very political but it seems to me no matter where the tax bite hits there are going to be complaints. I personally feel the the Americans who have more should carry a bigger tax burden especially those who are not reinvesting it into our communities to better them. As one who has not yet broken the 6 figure mark in income I have always felt that the cap on taxes like FICA, FUTA, SUTA etc are backwards. Most importantly until we as a nation TRULY embrace the mindset which this country was supposedly founded on we are gonna continue to misplace the blame. I TRULY WANT FOR MY FELLOW HUMANS THAT WHICH I WANT FOR MYSELF!!! Therefore I will continue to make the changes I need to make sure that I carry along with me on my journey as many as I can and who are open to the true spirit of love and the belief in the HUMAN FAMILY!!!
I also agree that those raising a family should be afforded some leeway, though just because some one doesn't have a family doesn't make them responsible for picking up all the excess slack.
thanks for the info
Regards
Tom