Correction on previous post – Tax’s In H. C. Bill
Apparently the previous post is only partly true. The whole story of this bill and what it gives or takes from us may never be known. Anyway this is information I just received from a reader and thank Mark and Brandon for their comments. I stand corrected and the clarification is shown below and it appeared in the Spokesman-Review. Bob
April 3, 2010 in Letters
Home sales tax clarified
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.
Most people who sell their homes will not be impacted by these new regulations. This is not a new tax on every seller, and that correction needs to be made. This tax is aimed at so-called “high earners” – if you do not fall into that category you will not pay any extra taxes upon the sale of your home.
Sara Orrange Government affairs director
