The Upcoming 3.8% Tax
Posted by ERA Landmark Real Estate on
As most of our readers are probably aware, there will be a new 3.8 percent tax on specific real estate transactions beginning January 1, 2013, which is intended to partially fund the Health Care and Medicare overhaul. The legislation was passed by Congress in 2010 in order to produce approximately $210 billion over 10 years, which is more than half of the new law's total expenditures. The new tax is often referred to as the “Medicare tax” due to the proceeds being earmarked for the Medicare Trust Fund. There has been much information circulating about who will be affected by this tax and even those of us in the real estate industry have needed to wade through erroneous materials and miscommunications in order to ascertain what is factual.
Fortunately,…
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As I travel across this magnificent state, I am awed by the great resiliency of the people who live here and their ability to survive, rebound, and in some cases thrive in economic challenges. For the first time in several years, there is a sense of renewed optimism, energy, and confidence in almost every real estate market around the state. Although each area is in a different stage of recovery, most communities agree that brighter days are ahead.