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Old 01-26-2011, 03:48 PM
 
182 posts, read 256,845 times
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I am not seeing it on the Newsday link but how did they come to the numbers? If this is according to the census and they know how many houses are in an area and then divide the totaled collective household incomes by that number?

Would that explain why a wealthy area that has second homes is coming in so low? The empty houses with zero incomes would drag down the average.
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Old 01-26-2011, 03:53 PM
 
Location: Long Island (chief in S Farmingdale)
14,415 posts, read 7,824,044 times
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Quote:
Originally Posted by 4DogsImDone View Post
I am not seeing it on the Newsday link but how did they come to the numbers? If this is according to the census and they know how many houses are in an area and then divide the totaled collective household incomes by that number?

Would that explain why a wealthy area that has second homes is coming in so low? The empty houses with zero incomes would drag down the average.
Its based off the Census Bureau's American Community Survey.

The 2nd homes won't be counted as zero, so they won't bring down the average or anything like that. However, their incomes aren't taken into consideration.
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Old 01-26-2011, 04:04 PM
 
7,658 posts, read 11,128,670 times
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Out of curiosity how much unreported income do you think is out there?

10%

20%

50%

I think its higher than anyone of us are ready to admit.I think thats evident in the Hamptons numbers here.
Maybe Im wrong.

I wish we taxed spending rather than earnings but thats another disaster.
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Old 01-26-2011, 04:08 PM
 
Location: Long Island (chief in S Farmingdale)
14,415 posts, read 7,824,044 times
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Quote:
Originally Posted by Crookhaven View Post
Out of curiosity how much unreported income do you think is out there?

10%

20%

50%

I think its higher than anyone of us are ready to admit.I think thats evident in the Hamptons numbers here.
Maybe Im wrong.

I wish we taxed spending rather than earnings but thats another disaster.
I probably don't disagree with you in regards to unreported income, however I think the income levels in the Hamptons can pretty much be explained by the fact for many of the wealthy in the Hamptons their primary residence is elsewhere and therefore incomes are counted elsewhere.
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Old 01-26-2011, 04:09 PM
 
6,046 posts, read 7,424,085 times
Reputation: 1866
Who got #1?

Oh ya, I mean, ummm that's me

I kinda have a hard time believing that LB is #219. Who created this list?
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Old 01-26-2011, 04:16 PM
 
7,658 posts, read 11,128,670 times
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Quote:
Originally Posted by Smash255 View Post
I probably don't disagree with you in regards to unreported income, however I think the income levels in the Hamptons can pretty much be explained by the fact for many of the wealthy in the Hamptons their primary residence is elsewhere and therefore incomes are counted elsewhere.

No we ruled that out already.

Its in the data apparently.

Crooks
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Old 01-26-2011, 04:17 PM
 
7,658 posts, read 11,128,670 times
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Quote:
Originally Posted by Jdawg8181 View Post
Who got #1?

Oh ya, I mean, ummm that's me

I kinda have a hard time believing that LB is #219. Who created this list?
No way Long Beach is 219

But wait a minute...we may be on to something.

Rentals.
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Old 01-26-2011, 04:18 PM
 
924 posts, read 1,147,165 times
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Quote:
Originally Posted by Crookhaven View Post
Out of curiosity how much unreported income do you think is out there?

10%

20%

50%

I think its higher than anyone of us are ready to admit.I think thats evident in the Hamptons numbers here.
Maybe Im wrong.

I wish we taxed spending rather than earnings but thats another disaster.
No you don't, a tax on spending sounds great, but would stifle the economy because it would give huge incentives for people to save money and put off consumption. Plus, it would build an even larger black market for goods.

What you should hope for is an increase in taxation of unearned income. In our society, we tax earned income at a ridiculous level and tax unearned income at a very low level. That is why you and I pay income taxes at the level of 38-40% and Warren Buffet pays 19%.

John Stuart Mill, the economist, proposed that two taxes should be the main form of taxation in a society. Taxation on unearned income, or income that he state people earned while they slept. This would include capital gains on stocks and property, dividends, and interest. The other taxation was taxation of a deceased person's estate. They earned it, they get to keep it, but their children only have a fraction of a right to the inheritance. He thought that taxing productive income, that which is earned through working, was counter productive to society. Because, if you tax someone who works, he has less incentive to work.
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Old 01-26-2011, 04:18 PM
 
7,658 posts, read 11,128,670 times
Reputation: 1221
Quote:
Originally Posted by tomonlineli View Post
No you don't, a tax on spending sounds great, but would stifle the economy because it would give huge incentives for people to save money and put off consumption. Plus, it would build an even larger black market for goods.

What you should hope for is an increase in taxation of unearned income. In our society, we tax earned income at a ridiculous level and tax unearned income at a very low level. That is why you and I pay income taxes at the level of 38-40% and Warren Buffet pays 19%.

John Stuart Mill, the economist, proposed that two taxes should be the main form of taxation in a society. Taxation on unearned income, or income that he state people earned while they slept. This would include capital gains on stocks and property, dividends, and interest. The other taxation was taxation of a deceased person's estate. They earned it, they get to keep it, but their children only have a fraction of a right to the inheritance. He thought that taxing productive income, that which is earned through working, was counter productive to society. Because, if you tax someone who works, he has less incentive to work.
Amen.
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Old 01-26-2011, 04:19 PM
 
924 posts, read 1,147,165 times
Reputation: 525
Quote:
Originally Posted by Smash255 View Post
I probably don't disagree with you in regards to unreported income, however I think the income levels in the Hamptons can pretty much be explained by the fact for many of the wealthy in the Hamptons their primary residence is elsewhere and therefore incomes are counted elsewhere.
Also, a lot of day laborers and helpers live in the Hamptons, effectively pulling down the median income.
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