Property Taxes?
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No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Property tax? If I don't pay for the services I receive, someone else has to.
@Mik said in Property Taxes?:
No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Compounding the issue is that it is essentially a forced loan to the Government with a payback that doesn’t begin for 30-40 years, and at a rate of 2%…
Social Security really is an abomination from a civics perspective.
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@Mik said in Property Taxes?:
No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Compounding the issue is that it is essentially a forced loan to the Government with a payback that doesn’t begin for 30-40 years, and at a rate of 2%…
Social Security really is an abomination from a civics perspective.
@LuFins-Dad said in Property Taxes?:
@Mik said in Property Taxes?:
No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Compounding the issue is that it is essentially a forced loan to the Government with a payback that doesn’t begin for 30-40 years, and at a rate of 2%…
Social Security really is an abomination from a civics perspective.
They would be much better off enforcing a requirement for people to pay a percentage of their salary into a 401K, although I guess the practicality of enforcing such a law would essentially make it impossible.
I was only joking
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@LuFins-Dad said in Property Taxes?:
@Mik said in Property Taxes?:
No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Compounding the issue is that it is essentially a forced loan to the Government with a payback that doesn’t begin for 30-40 years, and at a rate of 2%…
Social Security really is an abomination from a civics perspective.
They would be much better off enforcing a requirement for people to pay a percentage of their salary into a 401K, although I guess the practicality of enforcing such a law would essentially make it impossible.
@Doctor-Phibes said in Property Taxes?:
@LuFins-Dad said in Property Taxes?:
@Mik said in Property Taxes?:
No free lunch. I do support retirees not paying taxes on Social Security ever. I pay it now because of consulting on the side. I don't mind paying on earned income, but SS was already taxes to begin with.
Compounding the issue is that it is essentially a forced loan to the Government with a payback that doesn’t begin for 30-40 years, and at a rate of 2%…
Social Security really is an abomination from a civics perspective.
They would be much better off enforcing a requirement for people to pay a percentage of their salary into a 401K, although I guess the practicality of enforcing such a law would essentially make it impossible.
You still have the task and obligation of paying off the preexisting low interest loans.
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@Axtremus said in Property Taxes?:
The correct answer is to tax the rich to pay for everything.
They already do.
Define "rich."
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@Axtremus said in Property Taxes?:
The correct answer is to tax the rich to pay for everything.
They already do.
Define "rich."
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@Axtremus said in Property Taxes?:
Anyone who has or makes more money than I.
That's a variant of "An alcoholic is someone (whom I don't like) who drinks more than I do."
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Right now I pay $521/month for our principal residence and $180/month in property taxes for the 1 acre vacant lot on Lake Okanagan that we may or may not build on and move to in five or so years. That vacant lot has gone through the roof in assessed value last four years. When we bought it 2016 it was around $65/month. As they say, location, location, location. Since then too many NHL players have bought into the subdivision and built their “summer cottages”.
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@Axtremus said in Property Taxes?:
Anyone who has or makes more money than I.
That's a variant of "An alcoholic is someone (whom I don't like) who drinks more than I do."
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@Axtremus said in Property Taxes?:
@George-K said in Property Taxes?:
Define "rich."
Anyone who has or makes more money than I.
Not sure how much you make but the top 10% (income over $150k) pay about 75% of all income taxes. On the other side, the bottom 50% pay about 3% of all income taxes. Of course that bottom 50% also consumes most of the tax-based benefits from the government.
But we’re talking property taxes, so that’s another story. Probably a similar thesis though.
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Can US residents write off their property taxes on the annual income tax returns? We cannot. Nor can we write off the annual interest paid on principal residence mortgages.
@Renauda said in Property Taxes?:
Can US residents write off their property taxes on the annual income tax returns? We cannot. Nor can we write off the annual interest paid on principal residence mortgages.
Yes, but, in addition your other deductions have to exceed the standard deduction.
And...
You're limited to $10K of tax deductibility.
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This subject has @jon-nyc feeling SALT-Y
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Yeah. It's funny how he said he wants to remove the SALT cap, at least that was his message in Long Island. But I'm sure that, like tips, social security, and overtime, the Long Island folks who voted for him for that will just be yet more unsecured creditors holding the broken-promise bag.
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@89th said in Property Taxes?:
Maybe. Those paying property taxes are those who own, not rent (or are houses for free).
Property owners factor in property taxes when setting rent.
Renters pay property taxes too, just indirectly through property owners. -
@89th said in Property Taxes?:
Maybe. Those paying property taxes are those who own, not rent (or are houses for free).
Property owners factor in property taxes when setting rent.
Renters pay property taxes too, just indirectly through property owners.
