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May 12, 2010


I am not sure if this will help the low income family or the rich businessmen who are getting richer. I guess this will be answered on 2013.

Your statement above is misleading. There has been and still is an exclusion for capital gains on the sale of a home--$250,000 for singles and $500,000 for couples. Anything over that gets taxed at the capital gains rate and beginning in 2013, the 3.8% will apply as well. If a couple buys a house for 300,000 and sells it for 800,000, they pay nothing. If they sell it for 900,000, they pay capital gains (15%)tax and, beginning in 2013, the 3.8% on only $100,000 (the amount over 500,000) of the sale. That's only if they choose not to buy a replacement home of equal value, in which case they don't have to pay the 15% capital gains tax. If a couple makes a $600,000 profit on a house, I think they can afford a $3,800 contribution to Medicare, which they will benefit from later in their lives.

He's determined to run our dear nation into the ground.

That whole bill is foul. We tried to warn people BEFORE it was passed. Those who pushed for it and didn't read it are not going to be happy with the result.

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