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Name:
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GoneFishin
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Subject:
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NOT TRUE YANKEE
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Date:
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6/16/2010 12:56:22 AM
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It only applies for a married couple who sell their home for a PROFIT of at least $500,000 and then they pay the 3.8% on the amount of profit over $500,000. So, if they sell their home for a $1,000,000 and paid $200,000 then they would pay the 3.8% tax on $300,000 ($800,000 profit minus the $500,000) or $11,400. For singles, the amount is $250,000 profit. Hardly a middle class tax.
"In his recent guest column regarding the impact of the health care bill, Paul Guppy of the Washington Policy Center claimed that a 3.8 percent tax on all home sales was a part of the recently passed legislation. This is inaccurate and needs to be corrected. The truth about the bill is that if you sell your home for a profit above the capital gains threshold of $250,000 per individual or $500,000 per couple then you would be required to pay the additional 3.8 percent tax on any gain realized over this threshold."
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