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

  1. #11
    Senior Member catherine's Avatar
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    Quote Originally Posted by bae View Post
    I think I've read about some places that proposed charging "income tax" on the imputed income from living in a home you own. Wow.

    That would turn me into a renter REAL fast.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  2. #12
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    It's basically owners equivalent rent:
    https://www.investopedia.com/terms/o...alent-rent.asp
    https://www.bls.gov/opub/btn/volume-...d-counting.htm

    Suppose person A pays $1000 a month in rent. Suppose person B pays no rent as they own a home but pay $500 in property taxes and other expenses of owning. Person A has to bring in $500 a month more in income to pay expenses. So it is like income. Of course if property taxes and necessary repairs are MORE THAN rent then they need more income. That's why the poverty level might not apply (how many houses does Rob own again? several last I heard). But in most cases the poverty level is poor, people under the poverty level are in the vast majority of cases poor period. They don't own a ton of assets generally. And it's not a lot of income pretty much anywhere.

    The 2021 federal poverty level (FPL) income numbers:

    $12,880 for individuals
    $17,420 for a family of 2
    $21,960 for a family of 3
    $26,500 for a family of 4
    $31,040 for a family of 5
    $35,580 for a family of 6
    $40,120 for a family of 7
    $44,660 for a family of 8
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  3. #13
    Senior Member bae's Avatar
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    I don't spend $9/day on Starbucks coffee. I only spend $3/day because I make my own coffee.

    So that's $6/day in income I get from that! Probably should report that on my 1040....

  4. #14
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    Well noone needs coffee of any sort made or bought. Shelter is usually considered one of those basic needs things. As is healthcare, so if Rob considered himself poor when he didn't have healthcare I can understand that.
    If you want something to get done, ask a busy person. If you want them to have a nervous breakdown that is.

  5. #15
    Senior Member Yppej's Avatar
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    I pay imputed income tax on the value of my employer provided life insurance in excess of $50,000.

  6. #16
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by ApatheticNoMore View Post
    Well noone needs coffee of any sort made or bought. Shelter is usually considered one of those basic needs things. As is healthcare, so if Rob considered himself poor when he didn't have healthcare I can understand that.
    Good for you! You have been drinking the Corey Bush koolaid. She is my newly elected
    representative to Congress and she declared last week that housing is a basic human right.

    Either bae will have to open his giant home to occupants of the gubmnt’s choosing, or he will be taxed in some way by the feds on that asset. I guess it is inevitable.

    I wonder how much house we will be allowed to own without taxing it?

  7. #17
    Senior Member Tradd's Avatar
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    Rob, you likely have Hispanic neighbors who have noticed their homes have gone up in value. Do you think THEY would be wallowing in guilt?

  8. #18
    Senior Member iris lilies's Avatar
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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.
    Would you elaborate on this? I havent heard about this.

  9. #19
    Senior Member Yppej's Avatar
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    Quote Originally Posted by iris lilies View Post
    Would you elaborate on this? I havent heard about this.
    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.

  10. #20
    Senior Member catherine's Avatar
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    My son worked at Rutgers after undergrad and got his law degree through the tuition remission policy. He was shocked to learn that he had to pay tax on the value of the tuition, which really set him back considerably, but at least he didn't graduate with debt.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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