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Old 01-02-2018, 12:22 AM
 
Location: Cebu, Philippines
2,236 posts, read 816,901 times
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Quote:
Originally Posted by Cyclist1968 View Post
you dont pay taxes on ss so automatic 20-35% raise
Minimum wage workers pay little or no income tax, either. Certainly not in the 35% marginal bracket.
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Old 01-02-2018, 12:25 AM
 
Location: Washington state
4,693 posts, read 2,312,343 times
Reputation: 13728
Quote:
Originally Posted by s1alker View Post
Whatever happened to roommates? Or has that gone out of style in recent years.
All you have to do to cure yourself of wanting roommates is to watch Judge Judy a time or two.

Quote:
Originally Posted by Submariner View Post
That is in disagreement with the reality of my life.

I have had many tenants who were Minimum-Wage workers, able to support themselves.

I know many of my neighbors today, who bring in far less than MW.
I was able to support myself on minimum wage, too. In 1975. My rent then was 39% of my pay. Today it would be more like 95% of minimum wage pay.

Quote:
Originally Posted by movedintime View Post
There are thousands of towns across the country a single person can survive and even thrive, own their own home earning minimum wage. You just have to give to get. Like maybe no big box stores, exciting entertainment, beautiful scenery, ect.

Very possible and being done by many.
They also have to be independently wealthy because there's probably no jobs there, either.

Last edited by rodentraiser; 01-02-2018 at 12:39 AM.. Reason: new glasses
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Old 01-02-2018, 12:30 AM
 
Location: Washington state
4,693 posts, read 2,312,343 times
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Quote:
Originally Posted by rruff View Post
Unfortunately citydata doesn't have a list of lowest median house values, but they do have the ratio of house value to income. I restricted it to towns with 5k+ population: http://www.city-data.com/top39.html
Thanks for the info, but I think we still have to consider the federal minimum wage, not a state's minimum wage. And federal minimum wage is still $7.25 an hour. That translates (for a full time 40 hour a week job 52 weeks a year) into $15,080 per year. If you look at that chart there, notice that not one of the yearly wages listed is under $20,000 per year.
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Old 01-02-2018, 07:39 AM
 
15,395 posts, read 8,697,016 times
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Quote:
Originally Posted by freemkt View Post
It's easy to live on Social Security if you own your home (fixed P&I payment ends after 30 years), not so easy if you pay market rent (never ends and keeps going up)
Because of course the roof never needs fixing, the house never needs painting, the furnace never needs replacing, and property taxes never go up.

My mom owned her own home for 60 years, and sold it (with no profit, before you make that assumption) when she retired because it's cheaper for her to rent on a fixed income. Because the cost of owning a home never ends and keeps going up, but rent stays the same during the duration of the lease and usually only increases to keep up with the cost of living in that area.
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Old 01-02-2018, 08:49 AM
 
33,046 posts, read 20,751,787 times
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Quote:
Originally Posted by cebuan View Post
Minimum wage workers pay little or no income tax, either. Certainly not in the 35% marginal bracket.

(scratching head)

A childless adult working full time at minimum wage pays about $500/yr inFIT and at least that much in most states that have an income tax.
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Old 01-02-2018, 09:38 AM
 
33,046 posts, read 20,751,787 times
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Quote:
Originally Posted by ringwise View Post
Because of course the roof never needs fixing, the house never needs painting, the furnace never needs replacing, and property taxes never go up.

My mom owned her own home for 60 years, and sold it (with no profit, before you make that assumption) when she retired because it's cheaper for her to rent on a fixed income. Because the cost of owning a home never ends and keeps going up, but rent stays the same during the duration of the lease and usually only increases to keep up with the cost of living in that area.

I've never seen data on this, but I presume that in most cases, a homebuyer with fixed P&I payment can cover all of that simply by budgeting for it in advance; which can be achieved by socking away the difference between their mortgage payment (including T&I escrow) and current rent.

And don't forget that in 36 states, property taxes are lower on owner-occupied homes than on rental property.
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Old 01-02-2018, 09:41 AM
 
5,607 posts, read 4,168,407 times
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Quote:
Originally Posted by freemkt View Post
(scratching head)

A childless adult working full time at minimum wage pays about $500/yr inFIT and at least that much in most states that have an income tax.

Based on Federal minimum wage of $7.25, a full time minimum wage worker who pays $500 in FIT has a .033% FIT rate. Assuming they pay the same $500 in SIT, they have a combined rate of .066%. Seems reasonable to me.
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Old 01-02-2018, 10:04 AM
 
Location: Forests of Maine
29,741 posts, read 47,547,485 times
Reputation: 17600
Quote:
Originally Posted by cebuan View Post
Minimum wage workers pay little or no income tax, either. Certainly not in the 35% marginal bracket.
Isn't it usually quoted that 47% of US citizens do not pay income taxes?

That includes Minimum-Wage earners along with many Middle-Class families.
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Old 01-02-2018, 02:27 PM
 
33,046 posts, read 20,751,787 times
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Quote:
Originally Posted by UNC4Me View Post
Based on Federal minimum wage of $7.25, a full time minimum wage worker who pays $500 in FIT has a .033% FIT rate. Assuming they pay the same $500 in SIT, they have a combined rate of .066%. Seems reasonable to me.

A single parent with one child and $15,080 income gets $3200 ($173 tax minus $3373 earned income tax credit). That's a tax rate of MINUS 21.22 percent.

Now do you think the childless minimum wage earner's $468 (to be precise) income tax sounds reasonable to you? (This is astonishingly close to the $471 this person pays in Michigan income tax at a 4.25% flat rate with a $4,000 personal exemption.)

https://www.bankrate.com/calculators...alculator.aspx


p.s. a few years ago, this minimum wage earner paid over $500 in FIT, their tax has fallen due to indexing of tax brackets for inflation.
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Old 01-02-2018, 02:38 PM
 
33,046 posts, read 20,751,787 times
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Quote:
Originally Posted by Submariner View Post
Isn't it usually quoted that 47% of US citizens do not pay income taxes?

That includes Minimum-Wage earners along with many Middle-Class families.

Childless adults working full time at minimum wage pay $468 federal income tax in 2017. They should demand a refund.
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