False Transfer Tax Email Circulating AGAIN

It’s back… An email that began circulating in the spring of 2010 is making the rounds again. At that time Congress had just passed the “Obamacare” health bill.

An opinion piece in the Spokane, Wash., Spokesman-Review reported inaccurately that the health care bill contained a provision for a 4.0 percent “sales tax” or “transfer tax” on the sale of a home. This was seized upon by conservatives and spread across the country.

NAR responded quickly, pointing out that the bill, which becomes law in 2013 imposes a 3.8 percent Medicare tax for some high-income households that have “net investment income.” Any revenue collected by the tax is dedicated to the Medicare hospital insurance program.

The email gained credibility because it was simple and the explanation was complicated. There is no expiration date on Internet so the email keeps going around and round. If you receive an email that begins, “If You Own a Home” or “Homeowners Listen Up!” be suspicious. NAR’s Myth buster brochure is available here: http://www.realtor.org/small_business_health_coverage.nsf/pages/small_business_health_coverage

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: