Little-Known Tax Funding Obamacare - My9 New Jersey

Little-Known Tax Funding Obamacare

Posted: Updated:
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.

Watch Chasing New Jersey weeknights at 10pm on My9 and don’t forget to like us on Facebook!


  • Chasing New JerseyMore>>

  • Fire Director Gets Off With $206 Fine For Hitting 3 Kids With Car

    Fire Director Gets Off With $206 Fine For Hitting 3 Kids With Car

    Wednesday, August 20 2014 11:53 AM EDT2014-08-20 15:53:43 GMT
    New Brunswick Fire Director Robert Rawls pleaded guilty yesterday to reckless driving after running over and injuring three under-age kids back in May. One kid broke her leg, another suffered a fractured hip and the third walked away with minor injuries. The fire director walked away with a minor fine of just $206. Jocelyn Pelaez was the victim who broke her leg and had to get screws and tubes put in in order to walk again. 
    New Brunswick Fire Director Robert Rawls pleaded guilty yesterday to reckless driving after running over and injuring three under-age kids back in May. One kid broke her leg, another suffered a fractured hip and the third walked away with minor injuries. The fire director walked away with a minor fine of just $206. Jocelyn Pelaez was the victim who broke her leg and had to get screws and tubes put in in order to walk again. 
  • Washington Redskins’ Name-Change Debate Hits Home

    Washington Redskins’ Name-Change Debate Hits Home

    Wednesday, August 20 2014 10:55 AM EDT2014-08-20 14:55:32 GMT
    The debate over whether or not to change the NFL Washington Redskins' name rages on. Some believe its offensive and politically incorrect to refer to Native Americans as “redskins”. Well, now this controversy has become local news in New Jersey and New York after legendary New York Giants quarterback and current announcer Phil Simms said he's going to try to avoid offending people during broadcasts this year and will not use the Redskins name while calling games.
    The debate over whether or not to change the NFL Washington Redskins' name rages on. Some believe its offensive and politically incorrect to refer to Native Americans as “redskins”. Well, now this controversy has become local news in New Jersey and New York after legendary New York Giants quarterback and current announcer Phil Simms said he's going to try to avoid offending people during broadcasts this year and will not use the Redskins name while calling games.
  • NJ Bodybuilding Championships Draw Firm & Fit Physiques

    NJ Bodybuilding Championships Draw Firm & Fit Physiques

    Wednesday, August 20 2014 10:49 AM EDT2014-08-20 14:49:25 GMT
    Michael Freeman won the first bodybuilding contest he ever entered on Saturday at the state championships at Kean University in Union, New Jersey. The win brought him to his knees and he says he's paid the price for this victory. “I definitely sacrificed a lot this year. This is probably the year I've been most focused in my life. And the reason is because I believe in myself,” he said. The championships brought scores of men and women out to the competition.
    Michael Freeman won the first bodybuilding contest he ever entered on Saturday at the state championships at Kean University in Union, New Jersey. The win brought him to his knees and he says he's paid the price for this victory. “I definitely sacrificed a lot this year. This is probably the year I've been most focused in my life. And the reason is because I believe in myself,” he said. The championships brought scores of men and women out to the competition.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices