Deep Lake Topics: NOT TRUE
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Name:
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GoneFishin
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Subject:
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NOT TRUE
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Date:
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7/10/2012 8:43:19 PM (updated 7/10/2012 8:47:49 PM)
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The example is not true. From Forbes, the tax applies only to couples with adjusted gross income of $250,000 (or individuals with AGI of $200,000). About 95 percent of households make less than that, and will be exempt from the law no matter what.
In addition, couples who sell a personal residence can exclude the first $500,000 in profit from tax ($250,000 for singles). That would be profit from a home sale, not proceeds. So a couple that bought a house for $100,000 and sold it for $599,000 would owe no tax, even under the health law.
If that couple had AGI in excess of $250,000 and made a profit of $500,010, it would owe the new tax. On ten bucks. That would be an extra 38 cent.
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