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Fletcher perpetrated an Obamacare myth

July 6, 2012
The Alpena News

In his July 4th column, Stephen Fletcher is guilty of perpetrating a common myth about the new health care legislation. He states "Obamacare adds a new 3.8% tax on every house sold..." This is incorrect. It does not apply to all real estate transactions. Rather, it is a tax on investment income, real estate or otherwise, and it is only imposed on people who earn above $200,000 (individuals) or $250,000 (couples). This excludes about 97% of all households. The tax will not be applied to all home sales, only to those that produce profits over the capital gains threshold of $250,000 (individuals) or $500,000 (couples). If you make more than these figures in profits, you would then be assessed the 3.8%, a far cry from every house sold. Only about 3% of all U.S. households will be affected.



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