The Affordable Health Care Act is widely criticize piece of legislation. It is a flash point in the upcoming election. Whether it is just misunderstood and poorly explained or just another bad piece of Washington legislation is yet to be determined. What is undeniable is there is a staggering amount of misinformation that is being floated out in the media and Internet regarding the law. Some of the exaggerations and distortions reach comical levels. Recently, we have been asked by several of our clients about a “tax on real estate” that is allegedly attached to the legislation. This is the best summary we could find on the matter from Politifact, recently published in the Tampa Bay Times:
Did you get the chain email that claims the health care law will institute a new tax on home sales?
Here’s the email many readers have forwarded to us:”Under the new health care bill — did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don’t kick in until 2013 (presumably after Obama’s re-election). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Is this Hope & Change great or what? …Continue Reading
