Nov

29

Can anyone provide a link to support Obama wants to tax home sales 28%?

Filed Under Elections 

Gabriel V asked:


Recently saw this listed and wondered if anyone can provide a link to support this. Currently, home sales are not taxed if profit is below a certain amount.

ISMAEL

Comments

5 Responses to “Can anyone provide a link to support Obama wants to tax home sales 28%?”

  1. JOEL on November 30th, 2009 5:40 am

    GLENN

    A lot of people here say stuff but when asked for evidence to back it up, they tend to disappear.

    EDIT - told yers.

  2. WALTER on December 1st, 2009 7:00 am

    OTTO

    I could be wrong but I believe it’s called the “capitol gains” tax.

    EDIT: I was not being sarcastic. I do believe that is what it is called. But like I said I could be wrong.

  3. SON on December 3rd, 2009 4:37 am

    CHESTER

    Sounds like a variation on Obama is a Muslim. If you make over $500,000 profit on a home it’s taxed as a capital gain. Normally that would be a long-term capital gain. If Obama could persuade Congress to impose a higher tax rate on long-term capital gain, then you could conceivably pay a 28% marginal tax rate on home sale profit, but only after making half a million tax free. That complexity is easily distorted into a hysterical false accusation, perhaps out of innocent confusion but most likely willful lying.

  4. COREY on December 4th, 2009 2:01 am

    FRANKLIN

    It is the capital gains tax, and in the case of the home you live in, it can be deferred if you use the money from the sale to purchase a new home that costs more, it can also be waived once in your life if you do not buy a new house.

    For example a person can go their whole life without paying this tax.

    1. buy a house

    2. sell the house and waive the tax because you bought a more expensive one (therefore no gain)

    3. repeat #2 as needed

    4. sell house at retirement to get smaller cheaper one and bank the profit and use your once in a lifetime waiver.

  5. JIMMY on December 6th, 2009 1:07 am

    SONNY

    actually it was on cnn but its gone now funny how that keeps happening with obama bs isnt it….

Leave a Reply