The Business at Hand >> Hidden taxes in ObamaCare will harm the region | Opinion - Ocean City Gazette

The Business at Hand >> Hidden taxes in ObamaCare will harm the region | Opinion - Ocean City Gazette
 
The law includes a tax on capital gains that will be devastating to our local real estate market.
The new 3.8 percent tax on some investment income – set to begin on Jan. 1 – is extremely complex. It was designed with the intent of generating an estimated $210 billion to help fund ObamaCare and an overhaul of Medicare, and by virtue of living in this area, we may all be affected.
According to the National Association of Realtors, the tax will not be imposed on all real estate transactions. The tax imposes on some, but not all income from interest, dividends, rental income and capital gains.
The tax will fall only on individuals with an adjusted gross income above $200,000 and couples filing a joint return with more than $250,000. It does not apply to the sale of most primary homes – the capital gain must exceed $250,000 for a single person and $500,000 for a couple – but it will apply to the sale of second homes and investment properties.