Now We Know… Obamacare Includes 3.8% Tax On Home Sales For All Americans …Update: Maybe Not
“We Have to Pass the Bill So That You Can Find Out What Is In It”
Remember that line by Speaker Pelosi… It will come back to haunt you repeatedly in the days ahead.
Now that it’s been a few weeks since Democrats rammed Obamacare through Congress we are getting a glimpse of what we can expect. Not only does the law initiate the first federal sales tax in the United States (on tanning) but it also taxes all Americans (and illegals) 3.8% when they sell their home.
The Spokesman Review reported:
In the days leading up to the dramatic late-night vote on President Barack Obama’s health plan, Speaker Nancy Pelosi said, “We have to pass the bill so that you can find out what is in it …” Now that ObamaCare has passed, it is slowly dawning on people what the new law means for the country and for Washington state.
ObamaCare sweeps away a host of state regulations and permanently alters our state’s insurance market. From now on, the federal government will manage the health care of all Washingtonians. The 2,700-page law contains a complex web of mandates, directives, price controls, tax increases and subsidies.
Tax on tanning. Imposes a 10 percent tax on services at tanning salons. Business owners will collect the tax from customers and send it to the federal government. This appears to be the first federal sales tax in the United States.
The new law falls well short of universal coverage. ObamaCare will leave about 6 percent of Washington residents without coverage. The measure is conservatively expected to cost $2.4 trillion in its first full decade. Thousands of older Washingtonians will lose their Medicare Advantage coverage, and the state’s 120,000 Health Savings Account holders may need to buy new policies or face stiff penalties.
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 sales and 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.
Remember that promise by Barack Obama that any Americans making less than $250,000 per year will not see their taxes increase?
You can forget it. It was another empty promise. Just words.
UPDATE: Snopes says not all home sellers will have to pay the 3.8% sales tax.