Repeal the SALT deduction limit for LIers? (Nassau, Florida: to rent, appliances)

[ClarkStreetKid]

Originally Posted by BBCjunkie

My parents' house was sold in 1996, all original condition except for a new roof circa the early 1980s, for $131,000. Lot size 60x100.

Those people (young couple, pregnant wife) lived in it for two years and flipped it for $150K. Those new owners blew off the roof and turned it into a "colonial" twice the original size. But it still has the original very small attached-but-not-connecting to house 1-car garage. Zillow says "last remodel 2006" so I guess that's when that was done.

I look it up every now and then on google/zillow just to see if it's on the market, out of curiosity. It went from 2 bedrooms 1 bath (unfinished attic, unfinished basement) to 4 bedrooms 3 baths. Knowing the size of the footprint, I think they may have finished the basement and put the third bath down there.

My parents did the same but a little later. I usually visit the old neighborhood when I visit and even though I loved growing up there I’m amazed by how little 300k buys you. And then they smack you with the taxes.

[ClarkStreetKid]

Originally Posted by MikeyKid

From my reading NYS is supposedly one of the strongest... but "out through attrition sooner than later" is PC code for - DIE! lol relaxed NY retirees are living too long. Many I know are making decent livings through new jobs - most often getting those jobs using the training NY provided them and pumping the pension money into the other state economies. It's like a double triple bird flip to NY.

When they cut those retirement deals for the early tiers they must have used an old broken abacus for the math. No actuary in their right mind would have thought this could work forever. Kudos to them for getting the deal cut.

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.

[wheelsup]

Originally Posted by MikeyKid

It's funny because my Dad would tell me that my financial goal was always to cover my "monthly nut" with 1 paycheck. A bit looser than your Mom, but still a thing of the past nowadays.

The "load guarantees" still exist and help prop the market. All the HUD loans require PMI, it's just a matter of who is paying for it. In the case of VA, I think the government still pays the PMI for the veteran. Those programs definitely continue to promote "home ownership". FHA is insanely popular. Fannie and Freddie are monstrosities - everyone talks about the banks and the bad mortgages during the last meltdown, but they are the RE market.

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.

[hotkarl]

Banks and mortgages are the biggest ass rapings out there aside from an actual ass raping. The world is built around debt. You are born to fail, fail meaning having any debt. Even though some consider themselves "successful" you are still a loser if you carry debt.
The banks own the world. Fact. And you are programmed from birth to buy in and consider this normal, just part of life and it doesn't have to be that way. Life could actually be better, but the banks are way too powerful. Very sad.

[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

[hotkarl]

It's a system based on debt and failure.
It's all perceived wealth.
There is only a select group of people that have actual wealth.

[mathjak107]

we now have more than 11 million households worth over a million dollars . that does not include the huge under ground economy millionaires. no other country has more than us so people are growing wealth .25 percent of households have a net worth between $100,000 and $999,999 and make up 32 percent of total wealth

[sun12]

Originally Posted by manekeniko

For once, I agree with you. Trump is absolutely appalling in every way, and I get it he's doing this to punish the states that didn't vote for him. But I agree he's not to blame for NY's bloated taxes. This got set into stone decades before he came around.

The sacred homeowner tax break wasn't so sacred after all, and it was inevitable that a solid GOP Congress would be looking for clawbacks at the expense of blue states. People should wise up and not expect things they benefit from would continue forever.

A homeowner who struggles with this change is obviously not a good fit for NY. The tax problem is intractable from what I can see.

I can see your point. NY certainly has a big problem in spending in absolute terms. However, I do not believe NY is that much ahead in terms of relative spending compared with other states.


One of the issues with what GOP did with regard to SALT is to punish the blue state voters. My hunch is GOP probably has been channeling federal money to red states as well, for example, all those military bases, and all those subsidies to the southern states. As a result, southern states have been taking in lots of money from the federal government. I do not believe it is random, it is most likely intentional so that red state voters will continue voting GOP.


See, a voter paying tax expects to get money back from government service. However, with southern states, a voter does not need to pay much tax, and keeps receiving federal subsidy, a voter will keep voting GOP as a result. I think this is a brilliant move by GOP, and it will happen more and more in each GOP controlled Congress, just channeling money from blue to red.

[markjames68]

Originally Posted by sun12

I can see your point. NY certainly has a big problem in spending in absolute terms. However, I do not believe NY is that much ahead in terms of relative spending compared with other states.


One of the issues with what GOP did with regard to SALT is to punish the blue state voters. My hunch is GOP probably has been channeling federal money to red states as well, for example, all those military bases, and all those subsidies to the southern states. As a result, southern states have been taking in lots of money from the federal government. I do not believe it is random, it is most likely intentional so that red state voters will continue voting GOP.


See, a voter paying tax expects to get money back from government service. However, with southern states, a voter does not need to pay much tax, and keeps receiving federal subsidy, a voter will keep voting GOP as a result. I think this is a brilliant move by GOP, and it will happen more and more in each GOP controlled Congress, just channeling money from blue to red.

Alexandra Ocasio-Cortez is an example of what the Blue side does in liberal states - make wild claims that everything should be “free” which means anyone other than the majority of the voting bloc has to pay for it.

But look at the attached. While states like NY, CA and NJ are considered net givers, so is TX, SD and NE. Hawaii is a net taker as is Vermont.

https://www.moneytips.com/is-your-st...-net-taker/356

[hotkarl]

It's all stupid. We should take back the government while it's shut down.
All these clowns do is play us against each other for THEIR advantage. The average person is just way too stupid and brainwashed to see or believe it.