We have certainly expressed no love for ObamaCare and its “passage” a few weeks ago. But, I’ll admit that I hadn’t seen this: ObamaCare imposes a 3.8% Medicare tax on unearned income including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.
Penalties on individuals. Individuals will pay a yearly penalty of $695, or up to 2.5 percent of their annual income, if they cannot show they have purchased a government-approved health policy.
Penalties on families. Families will pay a yearly penalty of $347 per child, up to $2,250 per family, if parents cannot show they have purchased a government- approved policy.
Penalties on employers. Business owners with more than 50 employees must buy government- acceptable health coverage or pay a yearly penalty of $2,000 per employee if at least one employee receives a tax credit.
And what of that pledge not to raise taxes on the middle class?
Check out this FAQ on the new real estate tax here.