Repeal the SALT deduction limit for LIers? (Union, Farmingdale: sales, renters)

[ChiGeekGuest]

Originally Posted by markjames68

Except of course that a private sector teacher on LI makes LESS than a public sector one. Same for anything else that is covered by a public pension.

There is no more "lifetime of lower pay" excuse.

But the point is less about pension benefits than the fact that these same people can retire and move to Florida and still be paid by the state, with the same guaranteed returns.

Just wait until Cuomo introduces an exit tax. But I'd bet that union pensions are exempt

The underlying or root point is that housing price growth has far exceeded wage growth (here on LI & elsewhere in US):

Here's how much the median home value in the U.S. has changed between 1940 and 2000:

• 1940: $2,938
• 1950: $7,354
• 1960: $11,900
• 1970: $17,000
• 1980: $47,200
• 1990: $79,100
• 2000: $119,600

Here are those values again, adjusted for 2000 dollars:

• 1940: $30,600
• 1950: $44,600
• 1960: $58,600
• 1970: $65,600
• 1980: $93,400
• 1990: $101,100
• 2000: $119,600

...In 2016, home prices rose twice as fast as inflation. And in nearly two-thirds of the country, housing price growth exceeded wage growth. ...

Here’s how much housing prices have skyrocketed over the last 50 years

Life Really Is More Expensive For You Than It Was For Your Parents & Grandparents

https://www.cnbc.com/2017/06/23/how-...ince-1940.html

[markjames68]

Originally Posted by ChiGeekGuest

The underlying or root point is that housing price growth has far exceeded wage growth (here on LI & elsewhere in US):



Here’s how much housing prices have skyrocketed over the last 50 years

Life Really Is More Expensive For You Than It Was For Your Parents & Grandparents

https://www.cnbc.com/2017/06/23/how-...ince-1940.html

I’d bet it’s less shocking on a square foot basis. The 900 sq ft starter house in 1940 is 2000+ feet today. Not to mention upgraded appliances, and other code-required changes.

[ChiGeekGuest]

Originally Posted by markjames68

I’d bet it’s less shocking on a square foot basis. The 900 sq ft starter house in 1940 is 2000+ feet today. Not to mention upgraded appliances, and other code-required changes.

Likely.

Even so, the lame old "In my day we had to walk 20 miles barefoot just to get to school ..." seems, well, old & lame I guess.

"Lemme tell you somethin', you whiny little snot. There's somethin' wrong with all you kids today. You just don't appreciate all the things you got. We were hungry, broke, & miserable. & we liked it fine that way!"

— "Weird Al" Yankovic, "When I Was Your Age"

[wheelsup]

Originally Posted by markjames68

I’d bet it’s less shocking on a square foot basis. The 900 sq ft starter house in 1940 is 2000+ feet today. Not to mention upgraded appliances, and other code-required changes.

Land is the biggest cost these days. The structures are fairly cheap and building materials track in line with inflation outside of certain scenarios like a hurricane producing a lumber or drywall shortage.

[MikeyKid]

Originally Posted by mathjak107

there is good debt and there is bad debt . some of us just don't know the difference and abuse a system that actually lets you build quite a bit of wealth through , ready for this ???? banks and leveraging your own money

Is there really good debt for the average person? We don't get access to the really good stuff. Like borrowing money at negative interest. I'm not complaining or anything, I like my rate and Zestimate just fine. The banks are the real winners, though... and they abuse it.

Originally Posted by ClarkStreetKid

My dad was on the NYPD. He did his time, got out and landed a private sector job with another pension. Retired for good and has lived really well since. While the pension was nice it was the medical benefits he got from the city that was the real prize.
I count him lucky and smart, me, I’m going to be working until I’m 70.

In general it worked out really well for that generation, not sure I could say the same for future generations. If you're starting a job now to access the public pension after 25 years of service. I don't know.

Originally Posted by wheelsup

Very possible to cover your expenses with one paycheck, or even well under, and that doesn't include my wife's income, for non doctors.

Just live somewhere that has a lower COL. Lots of folks down here in Raleigh with former NY plates . Get your job in a high COL and transfer or work remote in a LCOL area.

You're preaching to the choir on this topic.

[hotkarl]

People have become way too consumed and greedy to live reasonably and within their means.
They gotta go out on a limb and buy the biggest and baddest of whatever they can.
We have been programmed to live this way.
Its not coincidence or evolution or whatever. This was planned.

[MikeyKid]

Originally Posted by hotkarl

People have become way too consumed and greedy to live reasonably and within their means.
They gotta go out on a limb and buy the biggest and baddest of whatever they can.
We have been programmed to live this way.
Its not coincidence or evolution or whatever. This was planned.

This plan... was it a superior alien race, illuminati, al roker? Seems like a lot of trouble to go through. I'm exhausted just thinking about it.

[mathjak107]

Originally Posted by MikeyKid

Is there really good debt for the average person? We don't get access to the really good stuff. Like borrowing money at negative interest. I'm not complaining or anything, I like my rate and Zestimate just fine. The banks are the real winners, though... and they abuse it.



In general it worked out really well for that generation, not sure I could say the same for future generations. If you're starting a job now to access the public pension after 25 years of service. I don't know.



You're preaching to the choir on this topic.

yes , for the average person buying a house they can afford vs paying rent is good debt . unless they have the resources to rent and invest in far more lucrative investments taking that mortgage is going to help them at least have something of value

[hotkarl]

Originally Posted by MikeyKid

This plan... was it a superior alien race, illuminati, al roker? Seems like a lot of trouble to go through. I'm exhausted just thinking about it.

Exactly.

[dman72]

Originally Posted by wheelsup

Guys,

Paying $20k in property tax plus income tax is not normal for middle class earners. It may be "normal" for the folks that live on LI but elsewhere in the US it is not.

For fun I looked up homes up there (my job has a NY base) and was blown away at the cost and expense along with the legal issues with each township causing headache for owners. I just can't fathom it. I live in Raleigh where my home cost $175k and I pay $1700/yr in property tax. This was for a three year old 2000 sq ft house 15 mins from downtown.

The problem isn't not allowing these deductions, it's the deductions placed on your shoulders are insane. Where does all that tax money go?!?

Maybe this will force people to really question if they need all the services you are getting for your $20k + income tax.

Teaching and police compensation, in that order...the vast majority of it. They're the best bang for your buck jobs you can get on LI, which is why you can't get them without an "in". Professional level salaries with 1950's union style benefits. Guaranteed pensions. Nearly impenetrable job security. 30 yr retirement for teachers, 20 for cops. If you factor in free pension and medical, you are talking about easily $200K+ average per head on Nassau and Suffolk PD's net liability for residents. There are about 4800 cops in these 2 departments...that's almost a billion dollars a year. There are approximately 1 million households on LI. That's $1,000 per household. Teachers are probably another 3K (of course they are about 10 times as many teachers). Somebody has to pay for that.

You think you'll ever see a "working class tough guy" like Peter King question police comp? Those guys are his bread and butter. They are all heroes who are underpaid!!

Of course it should be a good paying job with good benefits, but you'd have the exact same people with 30% less comp. They'd just be driving Chevy's instead of Cadillacs.