I met with a very nice couple today who asked me if it was true that “Obamacare” legislation included a 3.8% “real estate sales tax” on all transactions. Apparently, this statement has been making the rounds as a “fact” since the legislation was passed.
I was able to tell them that this is not quite (or not even close) to true. It is correct that the Patient Protection and Affordable Care Act (or “Obamacare”, if you insist) includes a 3.8% Medicare tax on investment income of higher-income households. In 2013, the tax will be assessed on income received as a profit on the sale of investment property, including real property. This could include, among other things, capital gains, dividends, interest payments and net rental income on rental property.
I found the following interesting because of my interest in Animal Law, and because it shows that the waivers we sign when we participate in activities really matter! I have been asked to sign a liability waiver when participating in horseback riding and rafting, among other things.
I have read the actual decision in this case, and quite frankly, if there was ever a justification for invalidating a waiver, they would have found it in this case. There was some pretty obvious negligence on the part of the facility owner; a previous history of attacks; and some statements that could have been construed as misrepresentations to the victim. Nevertheless, the court upheld the waiver.