Re: Personal Property Tax
Date: January 25, 2011 09:31AM
Radiophile Wrote:
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> Taxes fund the military. Not paying them or
> bitching about them is not supporting our troops.
> Why do you hate America?
Spoken like a true fucknut. I didn't say any of the taxes I described were bad or unnecessary, I said the opposite.
But he forces me to correct his ramblings in case anyone is dumb enough to take Radiophile's posts as financial advice.
>> you get out of college and can make more money,
>> you'll be taxed a higher percentage the more you
>> make.
>You will be taxes at a higher rate on the last dollars you
>make, not all dollars you make.
Not true at all. PLENTY of phaseouts occur at higher income levels that raise the overall tax burden. I don't get any of the child tax credit, for example while lower-income households get the full credit. That's two grand I'm paying in that others don't, I'd say that applies pretty well the the first dollar I make as well as the last dollar, as both added up to phase me out of the tax credit you get to enjoy.
>> And if you want to save or invest some of
>> it, you'll be taxed on the returns on that money.
>And if you keep the investment, or reinvest the dividends,
>for more than a year, you will be taxed at the lowest possible
>rate, 15%
15% applies to the second part of the statement if you hold the assets for over a year. Cash savings are taxed at income, not at capital gains rate no matter how long you have saved it. Reinvested dividends are taxed at 15% if they are qualified dividends, but cap gains distributions (reinvested or not) may not be. Short-term cap gains distributions are taxed at income, they have to be long-term cap gains to qualify for the 15% rate. Plus dummy, 15% is a lot higher than the car tax rate the original poster was talking about so characterizing 15% as cheap is dumb in this context.
>> And if you make enough to eventually buy a house,
>> you will be charged real estate tax every year
>> based on the value of your property.
>Built into your mortgage payment, if you cary a mortgage.
First, the tax isn't invisible unless you are an idiot. Your mortgage payment is your principal, interest, and (if you pay it) PMI to your lender. The other holdbacks for insurance and taxes are a "service" provided by your lender if they are there, which leads to #2, holdbacks aren't the case for everyone. I don't have an escrow account at all attached to my mortgage, things like insurance and taxes are not "built in." Just because you consider it "built-in" and invisible in YOUR case does not make it the same for anyone else. That's like saying sales tax doesn't exist because it is included in the total when you buy something, when clearly you are paying more than is what on a price tag in a store. I mean you can certainly say that, but it would only make sense to a moron.
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