What is?

[djdilliodon!]

$18,000 in 12 years? You lucky dog.my

I pay $8200 a year, my sister use to pay $30k a year and grieved her taxes and got them down to $20k a year

 

[Firewalker]

God after seeing those taxes I guess I shouldn't complain about mine going up 250 dollars in 3 years up to 750 a year,lol. Then again I'm irked as the house insurance just came due and went up 130 dollars to 690 a year. Time to shop for new insurance and on the car since I only drive 2300-2500 miles a year on a 2003 Ford Explorer and pay 50 bucks a month in a small town.

 

[Jimi77 Premium Member]

That’s correct and what happens when they can’t pay this tax, they lose their house? If a person takes a loss, that means just like a business, you take that loss on your income for the year. If a person say paid taxes on $75,000 of income and their house drops $75,000 that year, that means they are going to get all the money they paid back in a tax return . Same deal if you tax stocks that aren’t sold. It’s a gamble for the government cause if it ever crashes, or some do very badly in the market, they can take that as a loss. That loss comes off your year to date. I do it with my business all the time, done it with my other businesses in the past. This can actually fluck the irs too cause people are smart and figure this stuff out . The majority of people in this country would never be ok with this. Democrats mentioned this before and it was a none starter.

So we shouldn't tax wealth and continue to let the ultra wealthy continue to shelter their income from the tax man?

 

[Jimi77 Premium Member]

It's a punishment because the tax only applies to those who worked and made sacrifices for a down payment so they could own a home...

And said "punishment" gets passed along to those that rent appreciating properties and get "punished" for accumulating wealth.

 

[Jimi77 Premium Member]

God after seeing those taxes I guess I shouldn't complain about mine going up 250 dollars in 3 years up to 750 a year,lol. Then again I'm irked as the house insurance just came due and went up 130 dollars to 690 a year. Time to shop for new insurance and on the car since I only drive 2300-2500 miles a year on a 2003 Ford Explorer and pay 50 bucks a month in a small town.

I'd kill to pay $690/yr for house insurance. Colorado has been clobbered with hail this year, so our premiums are going up big time next year. We had a massive claim - busted skylights, roof, multiple windows, fence, outbuildings, doors dinged to hell, etc.

 

[djdilliodon!]

So we shouldn't tax wealth and continue to let the ultra wealthy continue to shelter their income from the tax man?

If they made a profit for that year, you tax that profit. I don’t want to pay taxes on money I already paid taxes on or on investments that I didn’t see the gains in my pocket or a house I didn’t sell yet. One also has to understand that if a profit hasn’t been made, no taxes are due. I do have a great idea to end poverty though. The left always says that people are poor cause of lack of opportunity, systemic racism, and the list goes on. The right says that most people are that way due to lack of drive, being ok just getting by living on the system, and cause of a lack of the family unit. We have spent well over $6 trillion on covid alone, now add the war in ukrain and the money we send other countries every year and the number is insane. We could end poverty in the United States for $3.25 trillion. That is giving 6.5 million families who live in poverty $500,000 each. We can then see who stays out of poverty and who goes back in it. We can see which side is right or are both sides right . Would be very interesting!

 

[RobGMN Premium Member]

I pay $8200 a year, my sister use to pay $30k a year and grieved her taxes and got them down to $20k a year

The house I grew up in cost about $30K when my parents built it. The taxes on that same house are now $25k a year.
Painful.

 

[RobGMN Premium Member]

If they made a profit for that year, you tax that profit. I don’t want to pay taxes on money I already paid taxes on or on investments that I didn’t see the gains in my pocket or a house I didn’t sell yet. One also has to understand that if a profit hasn’t been made, no taxes are due. I do have a great idea to end poverty though. The left always says that people are poor cause of lack of opportunity, systemic racism, and the list goes on. The right says that most people are that way due to lack of drive, being ok just getting by living on the system, and cause of a lack of the family unit. We have spent well over $6 trillion on covid alone, now add the war in ukrain and the money we send other countries every year and the number is insane. We could end poverty in the United States for $3.25 trillion. That is giving 6.5 million families who live in poverty $500,000 each. We can then see who stays out of poverty and who goes back in it. We can see which side is right or are both sides right . Would be very interesting!

You might be shy by about a million families, but If we earmarked at least $10k of your idea for education on household finances, plus made sure there was a job for every worker, we could probably do it for a LOT less than $500k per family.

 

[djdilliodon!]

You might be shy by about a million families, but If we earmarked at least $10k of your idea for education on household finances, plus made sure there was a job for every worker, we could probably do it for a LOT less than $500k per family.

You are correct it went up since I checked it last. I’ve had this idea for a few years now. 7.4 million families let’s give them $400k each it will come in just under $3 trillion. I say we give them the money and let them do what they wish. Let’s see what happens, we wasted way more then that on much dumber stuff before .

 

[SlugButter]

$18,000 in 12 years? You lucky dog.

I’m in Arizona. The house I live in here would be at least double in Colorado where I’m from. Probably more

 

[Jimi77 Premium Member]

If they made a profit for that year, you tax that profit. I don’t want to pay taxes on money I already paid taxes on or on investments that I didn’t see the gains in my pocket or a house I didn’t sell yet. One also has to understand that if a profit hasn’t been made, no taxes are due. I do have a great idea to end poverty though. The left always says that people are poor cause of lack of opportunity, systemic racism, and the list goes on. The right says that most people are that way due to lack of drive, being ok just getting by living on the system, and cause of a lack of the family unit. We have spent well over $6 trillion on covid alone, now add the war in ukrain and the money we send other countries every year and the number is insane. We could end poverty in the United States for $3.25 trillion. That is giving 6.5 million families who live in poverty $500,000 each. We can then see who stays out of poverty and who goes back in it. We can see which side is right or are both sides right . Would be very interesting!

I understand you don't make a profit until you sell. However, we have very very wealthy people who making a shyt-ton of money and avoiding taxes by keeping their money tied up in assets. How do you propose we tax these folks or should we continue to not tax them?

If we gave a bunch of people $500k it probably be like the lottery effect and many would end up worse off.

 

[Jimi77 Premium Member]

I’m in Arizona. The house I live in here would be at least double in Colorado where I’m from. Probably more

I'm Colorado, and house prices are crazy - median house price in the Denver Metro area is ~$500k. When were in Houston it was astonishing how much cheaper nicer homes in nicer neighborhoods were.

 

[SlugButter]

I'm Colorado, and house prices are crazy - median house price in the Denver Metro area is ~$500k. When were in Houston it was astonishing how much cheaper nicer homes in nicer neighborhoods were.

Yeah. I moved from Denver in 2009. I loved the city but the prices are insane.

 

[Jimi77 Premium Member]

Yeah. I moved from Denver in 2009. I loved the city but the prices are insane.

We were seriously thinking of moving. Even when price wasn't an issue, we got outbid on home after home because Californians were moving here paying cash with no inspection or appraisal and we were financing. TBH, our home would be pretty hard to afford if it weren't for my VA loan at 2.375%.

 

[djdilliodon!]

I understand you don't make a profit until you sell. However, we have very very wealthy people who making a shyt-ton of money and avoiding taxes by keeping their money tied up in assets. How do you propose we tax these folks or should we continue to not tax them?

If we gave a bunch of people $500k it probably be like the lottery effect and many would end up worse off.

You have to wait till they sell . Elon musk sold a lot of stock and paid out the anus cause of it. If they are willing to let it sit, they aren’t enjoying that money. When they sell it you hit them with the taxes which is fair. If a wealthy person buys stock, that money used to buy it is already taxed. A person like elon musk worth billions due to his companies stock worth means nothing until he sells it. Granted, many of these people can tap into credit since banks know they can pay it back but that only buys a person time. Eventually you wanna put that money tied up in stocks to use you have to sell it.