Retirement Crisis in America (free market, millionaires, payment, stocks)
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Nope, I rent - just about to actually buy a house. You can own two new vehicles and pay $200/month just in property taxes in Virginia, you know. Some places even more. I own a new truck and a new horse trailer and that's what I am looking at. The RE taxes will be in addition to that. Now add state income and federal taxes, SS and health insurance and most of your income is gone.... What do you get in return?
So again, let's break it down.
You don't actually pay real estate taxes yet, so you're saying the $200/month vehicles tax + your income tax is currently taking away 50% of your income? I'm really interested to see how that works.
For example, if you make $100k your fed income tax burden is about $16k. Add in the cars and you'd be up to $18,400. You'd need to be paying over $30k more in taxes to get to 50% of your income. I have no idea what the state taxes are in Virginia but I seriously doubt they fill that gap.
You don't actually pay real estate taxes yet, so you're saying the $200/month vehicles tax + your income tax is currently taking away 50% of your income? I'm really interested to see how that works.
For example, if you make $100k your fed income tax burden is about $16k. Add in the cars and you'd be up to $18,400. You'd need to be paying over $30k more in taxes to get to 50% of your income. I have no idea what the state taxes are in Virginia but I seriously doubt they fill that gap.
Oh dear - another person who apparently believes renters magically escape paying property tax - even though landlords would not exist if they were unable to recover ALL their costs - including property tax - PLUS earn a profit acceptable to them.
Do you also believe consumers do not pay sales tax - it's levied on and collected from the seller - or corporate income tax?
If renters don't pay property tax, why don't you sell your home and save thousands a year on taxes?
Oh dear - another person who apparently believes renters magically escape paying property tax - even though landlords would not exist if they were unable to recover ALL their costs - including property tax - PLUS earn a profit acceptable to them.
Do you also believe consumers do not pay sales tax - it's levied on and collected from the seller - or corporate income tax?
If renters don't pay property tax, why don't you sell your home and save thousands a year on taxes?
Renters pay rent and do NOT pay property taxes. Owners pay property taxes. It's that simple.
Renters pay rent and do NOT pay property taxes. Owners pay property taxes. It's that simple.
??? ??? ??? ??? ??? Ever heard of a NNN ("triple net") lease? You think a NNN lessee doesn't pay property tax?
Are people like you the reason property taxes are higher on rental property than on owner-occupied homes in 36 states? Do you believe property taxes are irrelevant to renters because, hey, renters don't pay property taxes, so why not tax rental property up the wazoo?
So do you also believe that consumers don't pay business taxes? They don't pay business taxes because they pay "goods and services" prices, right?
I just googled what a NNN lease is. Doesn't look like a bad deal.
When I lived in Michigan I negotiated a deal with my landlord where I paid a fixed rent plus the actual property taxes and the actual utilities - we both thought this wasn't a bad deal. Her exit strategy was "hold until death" - her kids ultimately inherited with a huge untaxed basis step-up. Whole lot of WINNING.
Renters pay rent and do NOT pay property taxes. Owners pay property taxes. It's that simple.
It’s a ridiculous argument. No, renters don’t directly pay property taxes. Yes, property taxes and other costs of ownership are accounted for the rent. I’ve never met the LL that rented his properties simply to be a nice guy.
To imply that tenants don’t absorb the landlords fixed costs is ridiculous. Landlords take risks and factor in vacancies, deadbeat tenants, repairs, taxes the rental market at large, etc when determining whether to invest in the property to begin with as well as whether to hold or sell a property, and when determining rent.
Renters pay rent and do NOT pay property taxes. Owners pay property taxes. It's that simple.
NO--renters DO PAY property taxes in a portion of their rent --they just don't get the deduction for doing so--whether they rent commercial property, apartment/condo, or single family home or a double wide in mobile home park...denying it doesn't make it less true...
Only that you won't acknowledge a truth when you see it...
Renters actually subsidize the owner/landlord's property AND business/federal (and/or state) taxes because as the other poster said the owner gets ALL his expenses back via rental payments PLUS profit or he raises the rent or sells the house...
Landlords don't stay in business if they lose money...
Last edited by loves2read; 11-23-2017 at 08:21 PM..
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