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>>

  • Christmas Craze Coming to NJ Early This Year

    Christmas Craze Coming to NJ Early This Year

    Tuesday, September 16 2014 11:22 AM EDT2014-09-16 15:22:41 GMT
    It's only September, but the big box stores are already putting Christmas trees and apparel out on the shelves and some people say it's just too early for all that stuff!  “I just saw Christmas trees and Christmas decorations and my air conditioner is on at home. So I have no intention of going anywhere near them, I think it's a horrible idea,” one customer said.
    It's only September, but the big box stores are already putting Christmas trees and apparel out on the shelves and some people say it's just too early for all that stuff!  “I just saw Christmas trees and Christmas decorations and my air conditioner is on at home. So I have no intention of going anywhere near them, I think it's a horrible idea,” one customer said.
  • Video Surfaces Of Irate Jersey City Staffer Confronting Residents About Litter

    Video Surfaces Of Irate Jersey City Staffer Confronting Residents About Litter

    Tuesday, September 16 2014 10:17 AM EDT2014-09-16 14:17:31 GMT
    A viral video has surfaced that shows Jersey City, City Hall employee Brooke Hansson going on a vulgar rant about litter on the streets. In the video you see Hansson yelling directly at people to clean up their mess. “Tell me what the f*** this is. Clean up your f****** garbage. Self-respect! Do not live in garbage," she screams at people on the street. Hansson reportedly works on Mayor Fulop's “Stop the Drop” anti-litter campaign.
    A viral video has surfaced that shows Jersey City, City Hall employee Brooke Hansson going on a vulgar rant about litter on the streets. In the video you see Hansson yelling directly at people to clean up their mess. “Tell me what the f*** this is. Clean up your f****** garbage. Self-respect! Do not live in garbage," she screams at people on the street. Hansson reportedly works on Mayor Fulop's “Stop the Drop” anti-litter campaign.
  • Exchange Student Rejected By Public H.S. Offered Spot At Top NJ Private School

    Exchange Student Rejected By Public H.S. Offered Spot At Top NJ Private School

    Tuesday, September 16 2014 10:16 AM EDT2014-09-16 14:16:05 GMT
    17-year-old Netherlands resident Thomas Van Uggelen traveled over 4,600 miles by air to attend school in New Jersey, only to get rejected once he arrived in the Garden State. “I didn't expect this at all. I know a few other exchange students and everything was going well with them and then I had all of this,” he said. Van Uggelen planned to leave his home country for a once in a lifetime opportunity to be a public high school student in Hasbrouck Heights, New Jersey.
    17-year-old Netherlands resident Thomas Van Uggelen traveled over 4,600 miles by air to attend school in New Jersey, only to get rejected once he arrived in the Garden State. “I didn't expect this at all. I know a few other exchange students and everything was going well with them and then I had all of this,” he said. Van Uggelen planned to leave his home country for a once in a lifetime opportunity to be a public high school student in Hasbrouck Heights, New Jersey.
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