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Old 03-08-2010, 04:01 PM
 
Location: Yellow Brick Road
35,357 posts, read 42,290,099 times
Reputation: 19488
Quote:
Originally Posted by stlterp View Post
The percentage of taxes that the top earners has been decreasing...I think the 5% number was just north of $150K AGI in 2006. Don't know where that threshhold is today.

Wealth and income are two different animals...as is how income is derived (actively through wages, passively through investments)

I think my effective Fed tax rate the last few years has been under 8%, with all of the deductions and pre-tax stuff out there.
Dang. If you are a financial planner, please DM me, cause I am serious - I wanna use your services.

And to get back on track with the thread . . . with so many people having lost jobs and the overall wage scale expected to drop over the coming years (and no more no-doc loans!), it is hard to imagine that anyone is going to be able to afford luxury market houses - except the very wealthy.

And I don't believe any of us would argue that being "very wealthy" would have to mean making a whole lot more money than $150K a year, lol.
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Old 03-08-2010, 04:15 PM
 
314 posts, read 276,385 times
Reputation: 101
Quote:
Originally Posted by anifani821 View Post
I have spent many hours over many years studying the federal tax structure and where our money goes - as I work in the non-profit sector (for the most part).

Folks who have figured out how to manage their wealth have my respect. The facts are - they earned the money - why are they supposed to provide for the rest of the country's entitlements?

Again, the facts are . . . 50% of the taxes in this country are paid by 5% of the people. Also, less than 20% of the folks in America purchase over 50% of the goods.

Instead of knocking how folks create and make wealth, seems to me we should be making sure they continue to stay financially healthy, as it is b/c of their tax contributions and buying power that this economy isn't doing worse than it is.

If 5 % of the people are paying over 50% of the taxes . . . I don't see how anyone would even consider complaining about the wealthy getting tax breaks. Obviously, they are not getting THAT many tax breaks or the stats would read - 5% of the nation's population pays 2% of its taxes.
Ani,

Here is an article to help prove your points

"47% of households will pay no federal income tax"

47% of households owe no tax - and their ranks are growing - Sep. 30, 2009

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Old 03-08-2010, 04:21 PM
 
314 posts, read 276,385 times
Reputation: 101
Quote:
Originally Posted by stlterp View Post
The percentage of taxes that the top earners has been decreasing...I think the 5% number was just north of $150K AGI in 2006. Don't know where that threshhold is today.

Wealth and income are two different animals...as is how income is derived (actively through wages, passively through investments)

I think my effective Fed tax rate the last few years has been under 8%, with all of the deductions and pre-tax stuff out there.


How in the world are you only pay 8% Federal income tax? I have an accountant that I use for my personal and business taxes and I am no where near 8%. Not even close.
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Old 03-08-2010, 06:23 PM
 
673 posts, read 801,266 times
Reputation: 377
According to my TurboTax records, my effective tax rates the past few years.

2005 - 10.9%
2006 - 7.7%
2007 - 9.35%
2008 - 9.71%
2009 - 7.75%

Fairly decent sized mortgage interest deduction, student loan interest deduction, child deduction...pre-tax 401K, FSA, Health Care, etc.

I think that there will be a market for "luxury" homes inside of the route 4 (Wendover/Runnymeade) corridor and inside 51. The issue will be the market in the far suburbs/exurbs, no matter how nice the houses are and how good the schools are. I think the macro trend, as someone stated on this thread, is people moving closer to city centers...quite a number of our neighbors here originally moved from out of town to South Charlotte, then decided it was too far out and moved closer, for a variety of reasons.
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Old 03-08-2010, 06:57 PM
 
1,226 posts, read 1,007,409 times
Reputation: 1815
Quote:
Originally Posted by mmoorecharlotte View Post
[/b]

How in the world are you only pay 8% Federal income tax? I have an accountant that I use for my personal and business taxes and I am no where near 8%. Not even close.
WOW! Yes, please, share how you do it, if it doesn't involve doing some time with the feds. I think the values discussed are skewed, because I think that has a lot to do with the difference between earned income and investment income, and doesn't just involve federal taxes, but medicare and social security. If you are counting social security and medicare tax, that of course changes the numbers dramatically, because your not paying those after a certain threshhold, and even lower than that if you are self employed and taking distributions rather than salary, because most likely you are planning for retirement on your own rather than relying on the gov to tell you how to do it . But to use those numbers is incredibly misleading... but that gets into a whole other topic, I think we are off topic enough.

And by flat tax, it means on income, meaning as opposed to a sliding scale. So EVERYONE pays X%, even those that are currently getting more money back than they are paying. I guess that would fix whatever subsidizing of the wealthy you think we are doing, and make it fair for those of us that are paying more than our fair share and NOT taking advantage of these so called "programs" available to the "wealthy" (which I agree, Anifani, is a very loose term).

I was amazed how most of these people could get the mortgages they got during the height of the market, and there certainly was a higher demand than should have been. But overall, I think there is still value, and I'd rather be stuck with my overpriced large luxury home in UC than with the overpriced moderate home that I sold in one of the overinflated markets.
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Old 03-08-2010, 07:00 PM
 
Location: Yellow Brick Road
35,357 posts, read 42,290,099 times
Reputation: 19488
Quote:
Originally Posted by stlterp View Post
According to my TurboTax records, my effective tax rates the past few years.

2005 - 10.9%
2006 - 7.7%
2007 - 9.35%
2008 - 9.71%
2009 - 7.75%

Fairly decent sized mortgage interest deduction, student loan interest deduction, child deduction...pre-tax 401K, FSA, Health Care, etc.

I think that there will be a market for "luxury" homes inside of the route 4 (Wendover/Runnymeade) corridor and inside 51. The issue will be the market in the far suburbs/exurbs, no matter how nice the houses are and how good the schools are. I think the macro trend, as someone stated on this thread, is people moving closer to city centers...quite a number of our neighbors here originally moved from out of town to South Charlotte, then decided it was too far out and moved closer, for a variety of reasons.
That is so impressive. I think the lowest we have ever gotten our effective rate was 17% one year.

I agree with you - I think you are right about houses inside 51. Honestly, I hadn't really even considered them as part of the discussion, although some would qualify as McMansions. The location alone adds value, IMHO. It is the "outlying" areas that I was thinking about.
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Old 03-08-2010, 07:12 PM
 
673 posts, read 801,266 times
Reputation: 377
There are definitely McMansions inside 51. Heck, there are McMansions in parts of Dilworth and Myers Park. However....location, location, location. I think that bedroom communities that are fairly removed from urban centers work when the housing values are lower (say $250K or less)...and the growing real estate market papered over some of the structural problems of Union County - location and infrastructure. Now, as closer in neighborhoods get cheaper, for some, Union Cty is relatively more expensive. And in the days of $2.50/gallon gas and up, distance is compounded.

For some, the allure of a nice, newer house on a big lot will have attraction, but IMO, there is more demand than supply. I also think that for a lot of people of my generation, "character" in a house makes a difference and neighborhood...and it's not something that IMO can be manufactured.
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Old 03-08-2010, 08:46 PM
 
5,261 posts, read 2,257,686 times
Reputation: 2570
MMooreCharlotte---I totally agree with you about 'the free market correcting itself', but our current President and his minions don't believe that; Barney Frank's disgusting comment, 'I want to roll the dice a little bit more in this situation on subsidizing housing' (the date was 9-25-03) is a huge reason why the entire country is in the mess that we're in.

The free market is fine until the government tries to 'help'; then it's time to duck.
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Old 03-08-2010, 08:51 PM
 
9 posts, read 8,557 times
Reputation: 15
Quote:
Originally Posted by anifani821 View Post
Folks who have figured out how to manage their wealth have my respect. The facts are - they earned the money - why are they supposed to provide for the rest of the country's entitlements?
The fact is that not all of them "earned" their money (think Bernie Madoff). Let's not all bow down to someone just because they have wealth.
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Old 03-08-2010, 08:53 PM
Status: " Love is Freedom, Love is Equal, Love Conquers Hate" (set 8 days ago)
 
Location: The 12th State
21,919 posts, read 38,861,884 times
Reputation: 13115
moderator note:

hello

can we get back on topic here
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