Currency

A tax that is rarely discussed that also helps fund Obamacare: A tax on high-income taxpayers when they sell their homes

Franklin Lakes, New Jersey (My9NJ) -

The Affordable Care Act or Obamacare seems to be in the headlines every day because of all of the problems surrounding the launch. And while most realize the law is funded in part by the individual mandate and penalty tax, it is also being funded in ways that are not discussed as much in the media.

Luxury real estate broker Ron Aioso says there is a tax that is rarely discussed that also helps fund Obamacare. It is a tax on high-income taxpayers when they sell their homes.

Franklin Lakes, N.J. was listed on Forbes.com in 2010 as one of “America’s Most Expensive ZIP Codes”, with a median home price of $1.3M.

Aioso says homeowners in a neighborhood like this could really be impacted by the Obamacare tax.

“Where we are today in a luxury area, you look and you see this home behind me, somebody like this is really affected,” he said.

If you are single with an adjusted gross income of $200,000 or file jointly with an income of $250,000 or more, you may be impacted. Once you sell your home, any profits over the first $500,000 are already subject to a capital gains tax. And now those profits will have an additional 3.8% tax to fund Obamacare.

Aioso noted that there is also a lot of confusion surrounding this tax and many homeowners know little about it.

“I think more than anything we need some education on it so people fully understand what is this 3.8%? What am I paying?” Aioso said.

 

This is a copy of the full article provided by MY9NJ

The numbers don’t lie: Obamacare enrollment figures or President Barack Obama’s declining poll standing

Washington (CNN) – The numbers don’t lie: whether you look at the low Obamacare enrollment figures or President Barack Obama’s declining poll standing, what you see is a White House — and a presidency — at a crossroads, facing persistent questions about credibility and competence.

The question now consuming Washington is whether this is just a temporary bad turn or a tipping point.

 

CNN has the full article

Americans’ Participation in Labor Force Hits 35-Year Low

(CNSNews.com)  The percentage of American civilians 16 or older who have a job or are actively seeking one dropped to a 35-year low in October, according to the Bureau of Labor Statistics.

In September, the labor force participation rate was 63.2 percent, but in October it dropped to 62.8 percent—the lowest it has been since February 1978, when Jimmy Carter was president.

The labor force, according to BLS, is that part of the civilian noninstitutional population that either has a job or has actively sought one in the last four weeks. The civilian noninstitutional population consists of people 16 or older, who are not on active-duty in the military or in an institution.

At no time during the presidencies of Ronald Reagan, George H.W. Bush, Bill Clinton or George W. Bush, did such a small percentage of the civilian non-institutional population either hold a job or at least actively seek one.

Americans’ Participation in Labor Force Hits 35-Year Low

The BLS has been calculating the national labor force participation rate since 1948. From that year until 2000, when labor force participation peaked at 67.3 percent, the percentage of the civilian noninstitutional population that either held a job or was seeking one generally was on the rise. Since 2000, the percentage has been trending down.

When President Barack Obama took office in January 2009, the labor force participation rate was 65.7 percent. By the beginning of 2013, the start of Obama’s second term, it had dropped to 63.6 percent. Since this January, it has continued to decline, hitting a 35-year low of 62.8 percent in October.

When someone drops out of the labor force and ceases to actively seek a job, they are no longer counted as “unemployed.” The BLS counts as “unemployed” only those who have actively sought a job in the last four weeks. The unemployment rate is the percentage of people in the labor force who did not have a job in the last four weeks but were actively seeking one.

People in the civilian noninstitutional population who did not have a job and did not actively seek one in the last four weeks are considered “not in the labor force.” The number of Americans not in the labor force has climbed by 11,034,000 since Obama took office, rising from 80,507,000 in January 2009 to 91,541,000 in October.

Despite the 11,034,000 who have dropped out of the labor force since Obama took office, the national unemployment rate has remained at a relatively high level. In January 2009, it was 7.8 percent. Since then, it has never dropped below 7.2 percent, the level it hit this September before rising to 7.3 percent this October. October was the 59th straight month of 7-percent-plus unemployment in the United States.

 

This is a copy of the full article provided by CNS News

(Graph/Photo discovered on CNS News)

Central Banks Risk Asset Bubbles in Battle With Deflation Danger

Central Banks Risk Asset Bubbles in Battle With Deflation Danger

Central banks are finding it’s easier to push up stock and home prices than it is to prevent inflation from falling short of their targets. While declining costs for everything from gasoline to coffee can be good news for consumers, disinflation makes it harder for borrowers to pay off debts and businesses to boost profits. The greater danger comes when disinflation turns… Read more →

Shapiro: No Way to Fix Obamacare

Appearing on The Real Story with Gretchen Carlson on Fox News, TruthRevolt Editor-in-Chief blasted Democrat-sponsored legislation that would purport to retroactively grandfather in insurance plans people like under Obamacare. “The fact is,” Shapiro said, “somebody has to pay for the people who have pre-existing conditions in order for Obamacare to work. And those people have to be young and have to be healthy, and they also have to be folks who have to be kicked off their regular insurance in order to be forced into the more expensive Obamacare exchanges.”

Shapiro continued, “There is no way to amend this….It’s absurd. There’ s no possible way you can remove the central plank of what Obamacare constitutes, and that is redistribution of the payment schedule.”

 

This is a copy of the full article provided by the Conservatives at Truth Revolt

It’s pretty clear President Obama “really didn’t mean” “one of the most famous” promises of his presidency — that if you like your health care plan, you could keep it under ObamaCare (“period”).

The pledge has been called a “whopper” by independent fact checkers. And cancellation notices are landing in millions of mailboxes, leaving families and workers with fewer options and higher prices.

Feeling the heat, the president is giving that promise a “tweak.” He now claims that what he actually said was you could keep your plan if it hasn’t changed since Democrats shoved ObamaCare into law.

Black Tea Party Group Calls on Grayson Donors to Drop Support

On Monday, the South Central Los Angeles Tea Party, which is heavily black, called on donors to Rep. Alan Grayson (D-FL) to remove support from his re-election campaign in the aftermath of Grayson’s mailer comparing the Tea Party to the Ku Klux Klan. “My organization has made numerous attempts to reach out to Rep. Grayson asking for an apology, but he has refused saying: ‘If the shoe fits, wear it,’” Rev. Jesse Lee Peterson, founder of the group, said. “We are sick and tired of liberal elite members of the Democratic party not being held accountable. Grayson is trying to re-write the racist past of his own party and lying about Tea Party Republicans in order to scare blacks into supporting him. Grayson knows that most Democratic lawmakers opposed civil-rights for blacks and that the Ku-Klux-Klan was made up of Southern Democrats.”

Peterson said that the group would reach out to donors including the American Association for Justice, the Teamsters, AT&T, and Honeywell International. TruthRevolt hassimultaneously called on sponsors of Grayson to denounce Grayson’s comments.

 

This is a copy of the full article provided by the Conservatives at Truth Revolt

(Photo: Discovered on Truth Revolt)

WHY CHINA WANTS TO DUMP THE DOLLAR

WHY CHINA WANTS TO DUMP THE DOLLAR

China’s Dagong credit rating agency on October 17th downgraded its United States sovereign credit rating to A- and maintained its negative outlook on America’s solvency. Dagong warned that despite Washington’s last-minute resolution of the debt ceiling deadlock, “The fundamental situation that the debt growth rate significantly outpaces that of fiscal income and gross domestic product remains unchanged.” China’s official state-run news agency,… Read more →

Cashed-strapped Americans are looking for new ways to make money and selling body parts is becoming a rising trend. Bloomberg crunched the numbers and found out what parts will earn the biggest pay day on and off the black market. (Source: Bloomberg)