Once the clock struck midnight on January 1st 2013 a lot of changes were already happening in Washington including a last minute Fiscal Cliff deal to Obamacare, President Obama’s plan to insure that health insurance is available to everyone across the United States.
One of the most controversial parts of Obamacare has been the Obamacare tax, a tax that supposedly would homeowners when they sell their homes in Orange County or the part of the United States where they may be living.
In this post we’re going to demystify the Obamacare tax and breakdown exactly what this tax is and how it will affect Orange County residents.
Understanding The Obamacare Tax
Contrary to public belief, the Obamacare tax isn’t going to be the end of the world, this tax will only affect single people who make a gross income over $200,000 per year and married couples that make a gross income that’s over $250,000 per year.
Yes that’s right, if you’re single and make a gross income that’s under $200,000 per year or you’re married and make a gross income that’s under $250,000 per year you don’t have to worry about this tax.
How Much Could You Expect To Pay?
If you find yourself meeting the income specifications mentioned above then the tax that you can expect on the taxable capital gains, of profits that you’ve made from your home is 3.8%; this averages out to be just $235.00 when all of the calculations are said and done.
In reality, under 0.2 percent of homeowners in the United States can expect to be impacted by the Obamacare Tax due to the income requirements, but even if more homeowners were impacted, $235.00 is nothing to fight about, especially if the revenue that’s generated from this tax really will go towards funding universal medical coverage for everyone.
To learn more about the Obamacare tax or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling (949) 272-0125.