Sales Tax on Home Sales, More Government Sleight of Hand
A few days ago, I had a good friend of mine tell me that Congress had passed a new sales tax on home sales or purchases. I didn't think that statement was true simply because a new tax like that would have caught my attention. Could I have missed some bill? Last night I googled "sales tax on home sales" and this is what I found. http://www.snopes.com/politics/taxes/realestate.asp http://www.moneytalksnews.com/2010/09/19/a-sales-tax-when-you-sell-your-home/ http://www.factcheck.org/2010/04/a-38-percent-sales-tax-on-your-home/ I clipped this piece from the second link. The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a marrie