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Thread: I don't qualify as poor any more.....

  1. #21
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    Quote Originally Posted by Yppej View Post
    I pay imputed income tax on the value of my employer provided life insurance in excess of $50,000.
    This is standard and has been for a long time. I paid it before I retired and hubster pays it as well. The "overage" shows as additional income on the paycheck stub.

  2. #22
    Senior Member razz's Avatar
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    Why is there such an antipathy to paying taxes? I mean that sincerely. I want and need services and expect to pay for them just as I work for revenue and I expect to be paid. I don't haggle with or nickel and dime every business trying to get them to take less for a desired product or service because I want the business to succeed and to be there for future needs. I shop carefully and thoughtfully, most of the time anyway, and pleased if I get a bargain for something I want.

    I am trying to understand. I expect to pay taxes for the services that I receive. Do I use each one; no but I am grateful that each is available. What is the cause or trigger for such resistance? Is it the %age of one's income? Is it the lack of personal control over how taxes are spent? Is it the items or services taxed? Is it personal hoarding or greed? Is it fear of lack or theft by others?

    Or, maybe it is just me being odd in being grateful and will ing to pay for all the amenities, services and life that my grandparents could not even dream about.
    As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”

  3. #23
    Senior Member bae's Avatar
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    Quote Originally Posted by razz View Post
    Why is there such an antipathy to paying taxes? I mean that sincerely.
    Well, for instance, I think charging me a tax on the "income" I receive from living in my own home is a bit past the point of reasonableness. Especially as I'm already paying property tax on the place, and sales/business taxes for materials and work done to maintain the place, and payroll taxes for any people I have working on the place independently. (Our local taxing authority is considering charging more tax for people whose front doors are painted certain colors, because apparently those are "worth more", which also seems silly. Adds about $6k to your valuation...)

    I also sort of object to paying taxes for things that are pure madness, such as maintaining a military that is larger than most of the rest of the planet combined.

  4. #24
    Simpleton Alan's Avatar
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    Quote Originally Posted by bae View Post
    I also sort of object to paying taxes for things that are pure madness, such as maintaining a military that is larger than most of the rest of the planet combined.
    I don't begrudge the cost or size of our military, that's one of the only reasons to maintain a federal government. It also appears to keep all those violent national socialist and communist countries in check. That's a good think in my book.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  5. #25
    Senior Member bae's Avatar
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    Quote Originally Posted by Alan View Post
    I don't begrudge the cost or size of our military, that's one of the only reasons to maintain a federal government. It also appears to keep all those violent national socialist and communist countries in check. That's a good think in my book.
    I bet we could do that on half the current budget - we'd still be spending more than all the Big Bad Guys combined.

  6. #26
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by Yppej View Post
    The first week of every month my paycheck is about $5 less because of this tax. The first $50,000 in coverage is free, but any amount over that is a taxable fringe benefit, and the amount of coverage my employer provides (2 times my gross base pay) is over $50,000. Another example of this would be if you have a company car. You are taxed on the personal miles you drive in it. The tax is paid via payroll deduction.
    ah! It is the $50,000 cliff that acted on my free life insurance from my job. I had $50,000 in coverage but no more
    That explains why I had not noticed it.
    Thanks.and catherine I can see why students would be surprised by that tuition tax.

    I’m sure the good Nanny Gub taxmen will allow a house value below a certain number base number with no tax.I guess it’s a good thing we’re heading to Hermann where we will have $300,000 plus in a house is worth about $185,000.

  7. #27
    Senior Member bae's Avatar
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    Quote Originally Posted by iris lilies View Post
    I’m sure the good Nanny Gub taxmen will allow a house value below a certain number base number with no tax.I guess it’s a good thing we’re heading to Hermann where we will have $300,000 plus in a house is worth about $185,000.
    My poor house now seems to be worth ~$2 million. I couldn't rent it for more than $3500/month. $42k/year income. $2 million invested at 5% yields $100k/year. I'm "losing" $58k/year by living in the home instead of buying boring stocks. Actually, with property taxes and insurance reckoned in, I'm losing more like $70k/year. I wonder if I can deduct that imputed loss against my real income?

    With the current housing market here, I can't even sell it and downsize, as there's nothing on the market.

  8. #28
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    The New York Times surprised me when they editorialized in favor of eliminating the SALT deduction entirely.

  9. #29
    Senior Member razz's Avatar
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    Quote Originally Posted by bae View Post
    My poor house now seems to be worth ~$2 million. I couldn't rent it for more than $3500/month. $42k/year income. $2 million invested at 5% yields $100k/year. I'm "losing" $58k/year by living in the home instead of buying boring stocks. Actually, with property taxes and insurance reckoned in, I'm losing more like $70k/year. I wonder if I can deduct that imputed loss against my real income?

    With the current housing market here, I can't even sell it and downsize, as there's nothing on the market.
    A house on an island with access to the ocean in that part of the world is worth more than $2 million based on Canadian real estate prices I am seeing which are insane at present.
    As Cicero said, “Gratitude is not only the greatest of virtues, but the parent of all the others.”

  10. #30
    Senior Member Rogar's Avatar
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    I've thought municipalities that operate various functions from property tax revenue are going to be flush with new money to spend or squander.

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