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Old 10-04-2017, 06:21 PM
 
Location: Central IL
15,248 posts, read 8,538,301 times
Reputation: 35677

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Quote:
Originally Posted by TuborgP View Post
Sure great pride in being a contributing citizen. I remember seeing my first paycheck in high school and the pride of seeing taxes being taken out. Got it all back but it was great knowing I was participating. Now the SS part made me really happy
Even if you don't pay income tax EVERYONE pays some tax - whether it is sales tax, property tax, payroll tax, etc. This thread may be about income tax but you don't get off completely even though it sounds great paying zero income tax.

 
Old 10-04-2017, 06:24 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by reneeh63 View Post
Even if you don't pay income tax EVERYONE pays some tax - whether it is sales tax, property tax, payroll tax, etc. This thread may be about income tax but you don't get off completely even though it sounds great paying zero income tax.
Sure, the problem is funding our shared federal responsibilities
 
Old 10-04-2017, 07:13 PM
 
13,923 posts, read 7,416,674 times
Reputation: 25430
Why is this even a thread? The Trump tax "plan" is already DOA. It can't possibly make it through the Senate. All of Congress is up for election.
 
Old 10-04-2017, 07:49 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by GeoffD View Post
Why is this even a thread? The Trump tax "plan" is already DOA. It can't possibly make it through the Senate. All of Congress is up for election.
And Republican donors have approved this message?
 
Old 10-04-2017, 07:59 PM
 
Location: Baltimore, MD
3,745 posts, read 4,219,341 times
Reputation: 6866
Quote:
Originally Posted by TuborgP View Post
Food for thought. There are many ordinary shlocks paying high property taxes in high property tax states. Many are older who purchased their homes 30-50 years ago and saw amazing increases in the assessed value of their homes. Many are elderly with property taxes and medical cost eating them alive and moving them toward bankruptcy if not already there. They itemize and now?
I call BS. (No offense. ) Which segment of the senior population needs to itemize because their property tax is otherwise unaffordable? Certainly not the folks in flyover country or the Deep South. Should THEY be subsidizing wealthy retirees who live in prohibitively expensive areas? This truly is a local issue and needs to be addressed by the local governments imposing the exorbitant property taxes.
 
Old 10-04-2017, 08:53 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
Reputation: 15150
Quote:
Originally Posted by lenora View Post
I call BS. (No offense. ) Which segment of the senior population needs to itemize because their property tax is otherwise unaffordable? Certainly not the folks in flyover country or the Deep South. Should THEY be subsidizing wealthy retirees who live in prohibitively expensive areas? This truly is a local issue and needs to be addressed by the local governments imposing the exorbitant property taxes.
Well, I do live in flyover country, and my property taxes are over $6,000 - and that is only because I had the assessor here three times during the Great Recession as property values dropped. Otherwise, they'd be closer to $9k, which is what most of my neighbors are paying, and a few well above that. I also have a mortgage. So, among the interest, property taxes, charitable contributions, state income/sales tax, and medical, my itemized deduction is well above what I, as a senior single, could take under current law- and above the current standard deduction for married people under 65. Losing the deduction won't bankrupt me, but I sure won't be happy about it. Every $$ I pay in taxes reduces my retirement account and I don't like it - seeing as how I rely on that account to pay property taxes, some living expenses - and expect to be around at least another 20 years or thereabouts.
 
Old 10-05-2017, 06:21 AM
 
Location: Baltimore, MD
3,745 posts, read 4,219,341 times
Reputation: 6866
Quote:
Originally Posted by Ariadne22 View Post
Well, I do live in flyover country, and my property taxes are over $6,000 - and that is only because I had the assessor here three times during the Great Recession as property values dropped. Otherwise, they'd be closer to $9k, which is what most of my neighbors are paying, and a few well above that. I also have a mortgage. So, among the interest, property taxes, charitable contributions, state income/sales tax, and medical, my itemized deduction is well above what I, as a senior single, could take under current law- and above the current standard deduction for married people under 65. Losing the deduction won't bankrupt me, but I sure won't be happy about it. Every $$ I pay in taxes reduces my retirement account and I don't like it - seeing as how I rely on that account to pay property taxes, some living expenses - and expect to be around at least another 20 years or thereabouts.
Hey Ariadne,
I actually thought about you living in WI before I drafted my post but plowed ahead anyway because my friends and I aren't referring to WI or MI, etc. when using the term "flyover country". We're talking about those in the middle such as Kansas, Oklahoma, etc., I think you get my drift. Those hard workers have absolutely no say regarding your locale's tax policies. How can one even pretend to argue otherwise? (Not that I'm accusing you of arguing otherwise - your reply does not address the fairness of the policy.)

I was hoping someone could point me to another similarly favored federal tax deduction but we're not there yet.

*In deference to Tuborg I intentionally left out that the ridiculous deduction also applies for those with second homes.
 
Old 10-05-2017, 06:32 AM
 
71,651 posts, read 71,777,271 times
Reputation: 49241
i think the whole tax system is wrong . in fact throw in all those deductions for children we choose to have in to the mix of unfairness.
 
Old 10-05-2017, 06:35 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by lenora View Post
I call BS. (No offense. ) Which segment of the senior population needs to itemize because their property tax is otherwise unaffordable? Certainly not the folks in flyover country or the Deep South. Should THEY be subsidizing wealthy retirees who live in prohibitively expensive areas? This truly is a local issue and needs to be addressed by the local governments imposing the exorbitant property taxes.
Those high property taxes provide education and senior services in many areas. I am thinking of older folks in suburban areas that purchased homes years ago and have seen their assessments sky rocket and now have high medical cost and oh yeah may have refinanced and have a mortgage and maybe s deceased spouse
 
Old 10-05-2017, 07:43 AM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by FiveLoaves View Post
... Then, the old canard about the 47% who pay NO FED INCOME TAX was rolled out right on cue. It should be obvious to even the most casual observer, that the pay no Income Tax because they are barely making $600 a week, $30K per year.
This thread is within the 'retirement' sub-forum. So it is logical that many of us posters are retirees [people on pensions]. Many of us have lower income than when we were working.

The average SS income is around $30k/year, 47% of US citizens pay no income taxes, and the bulk of Income Tax revenue comes from high-income earners.

This remains as the framework for much of our discussion.
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