What's Middle Class?

[chalvey]

Originally Posted by branh0913

200k isn't nearly enough to own a house in a foreign country. We're not talking about protecting multi millionaires, we're talking about the working class. 200k is a lot of money per year, but it's still a working class salary. They can't spend money on things that are not taxed.

$200,000 is plenty to have a second house abroad. Granted, one isn't living a luxury lifestyle, but it life is stable and it is easy to save.

My parent have two flats in London (1 which we bought after we moved to the states) as well as some land and a couple of properties in India. All this was bought in cash before my father started earning around the mentioned threshold. Most Indians we know, they make between $120,000-$175,000, own land and property in India.

One just has to live within their means in order to make it happen.

[SLIMMACKEY]

Originally Posted by aus10

Property taxes are assessed by the local community so when I pay my property tax in FL it goes to local schools, fire etc. When we pay our property tax in GA.. same thing. (We own little pieces of land in both states). Neither state profit from property tax.

The fact that a state does not have an income tax does not necessarily mean that its residents pay less in taxes than residents of states with an income tax. All states must generate revenue and they do so through various taxes including income taxes, sales taxes, property taxes, license taxes, fuel taxes, and estate and inheritance taxes, just to name a few. In states without state income tax, higher sales, property and other assorted taxes can exceed the annual cost of a state income tax.

[10 feet tall]

Originally Posted by SLIMMACKEY

The fact that a state does not have an income tax does not necessarily mean that its residents pay less in taxes than residents of states with an income tax. All states must generate revenue and they do so through various taxes including income taxes, sales taxes, property taxes, license taxes, fuel taxes, and estate and inheritance taxes, just to name a few. In states without state income tax, higher sales, property and other assorted taxes can exceed the annual cost of a state income tax.

Again, I am not opposed to the state getting money, of course they need tax dollars.