Future Real Estate Tax (unemployment, bankrupt, taxes)

[pslhomie]

I just read the other day that California has lost 4 million people in the last 10 years. Their spending has not slowed but with a loss of that many people paying taxes their debt has grown to the point that cities are in trouble. If you discourage people from contributing they will move. Just ask Mark Rich's ex wife who renounced her citizenship how much money she is going to save. Whether you are rich or poor if you don't contribute you will suffer in the end. Everyone needs to pay their fair share but the solution of just having the rich pay more will not work. If I were fortunate enough to be living off investment income or (FU) money, I would be very tempted to build an underground vault and convert a good deal of my money to gold and the rest to cash and take it all out of the system. That way I could survive longer than the poor. That is what people effectively do when the leave the country with their income or put it in foreign accounts where they avoid paying taxes. The Rich will survive and leave the middle to pay the price. This has to stop. Sorry for the rant. I am done now. LOL.

[LingLing]

Originally Posted by HarryWho?

The truth is more than likely somewhere in the middle.

The problem is that we don't know the truth so... Like PSLhomie said the burden again will be placed on the middle class. I don't mind pay tax. I just wish in the future, if I will be very poor, the tax I paid will have some leftover to help me.

[59chevyguy]

Originally Posted by LingLing

Tax is not as black/white as you said. There are so many inter-connected elements involved in the tax issues. This is why we have so many CPAs. We make $150,000 a year but we are subjected to many taxes that are supposed to be only applied to the couple who make over $250K. Not complaining. Just saying. And if one of those element changes, the whole outcome can be changed for us. Now with such an unstable economical and tax environment, who knows what will happen.

You are spot on Ling. This part of the Bill is so convoluted you will need ten Philadelphia Lawyers to really understand it. Unfortunately this is only one segment of a Bill that is disguised at best. I tried reading this Bill several times and finally gave up trying to understand the true meaning of most paragraphs.

Guess I am not alone as Nancy Pelosi once said on National TV "We have to pass it to see what is in it!" huh?

[pslhomie]

LingLing, two things. The rich are rich for a reason. They don't spend their money foolishly. They don't mind paying for something as long as it is quality and they want it at the lowest possible price. If the government operated on just that premise then no one would have an issue paying taxes. Instead what we get is $800 hammers $2000 toilet seats, studies on how to carve meat without losing the juices and other crap that no one cares about or needs.

On foreign aid if we just adopted the plan of "Ok you build it we will inspect it and if it is up to our standards then we will pay for your school or hospital" Instead we just give them money so they can pad their bank accounts.

The way out of the hole is to make it affordable for the rich to liquidate their money in the economy with the gurantee of a proper return. Jobs are created, more people are paying taxes, less are dependant on them and everyong gets a little closer to the top of the middle class.

You can't end poverty but you can bring it down by making it affordable for those who have the money to create jobs. Tell all the people who say Obama saved the American auto industy to get rid of their Prius' and buy a chevy like Romney. Stop buying IPAD's and IPhones made by slave labor in China. Make a buy America statement. There you go again getting me to start another rant.

[alsidw]

Also coming in January is a 4% bump on capital gains and dividends. Hurray. More taxes again.

Sid

[HarryWho?]

Originally Posted by alsidw

Also coming in January is a 4% bump on capital gains and dividends. Hurray. More taxes again.

Sid

Sid seriously, are you making more than 250k combined pension and dividends? If so, why not just buy a beach house and have someone move your stuff?

[alsidw]

Nope not even close but these taxes are causing me to rethink owning real estate as increased taxes may have a negative effect on prices on real estate values and the stock market, ie 401k's.

Having said that our act of sale here is August 3 and we will have to narrow down our choices for a house in Port St. Lucie. We have a short term rental at a friends house for two months and after that...well I hope we find something. My Dr. recommends a pool for my aging joints but he does not have to maintain it. Ah, the price of old age.

Sid

[HarryWho?]

Originally Posted by alsidw

Nope not even close but these taxes are causing me to rethink owning real estate as increased taxes may have a negative effect on prices on real estate values and the stock market, ie 401k's.

Having said that our act of sale here is August 3 and we will have to narrow down our choices for a house in Port St. Lucie. We have a short term rental at a friends house for two months and after that...well I hope we find something. My Dr. recommends a pool for my aging joints but he does not have to maintain it. Ah, the price of old age.

Sid

You may be able to find a house in that time frame but the seller has to be able to close quickly. I was lucky in that my seller was agreeable towards closing within 30 days. I think you'll find that a pool will be your favorite feature of the home in the summer. I'm in mine 2-3 times a day.

[TP99C5]

This is simple you keep on voting for obama and this can only and will get worse.................................

[HarryWho?]

Originally Posted by TP99C5

This is simple you keep on voting for obama and this can only and will get worse.................................

And the alternative is? Ain't nothing new under the sun......