Do you plan to retire some day? Here is a kiss for you!

Discussion in 'Blazers OT Forum' started by MarAzul, Sep 29, 2013.

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  1. maxiep

    maxiep RIP Dr. Jack

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    I think you can pay just a little more. Go ahead and throw in an extra few thousand in tax dollars. I want something for nothing and you look like the kind of person that can make it happen!
     
    maxiep, Sep 30, 2013
    #121
  2. maxiep

    maxiep RIP Dr. Jack

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    That MRI should be available some time in 2015. Until then, take a pill.
     
    maxiep, Sep 30, 2013
    #122
  3. BlazerCaravan

    BlazerCaravan Hug a Bigot... to Death

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    Sure thing. I'm already paying for my parents and sister; you're welcome to join!
     
    BlazerCaravan, Sep 30, 2013
    #123
  4. DaLincolnJones

    DaLincolnJones Well-Known Member

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    sorry brother..it is not covered under your plan.....
     
    DaLincolnJones, Sep 30, 2013
    #124
  5. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Let's say the house was free when they bought it; let's say they sell that house for $W (short for Windfall). Tax is 3.8% of the amount of W above $500K. So they pay tax of 3.8% of ($W-$500K); they receive $500K + 96.2% of ($W-$500K)

    Not sure how that elderly couple on a fixed income is going to starve to death if they've still got the fixed income and now have at least $500,000 in cash.

    But as you say, maybe they have plans for the money. Nobody who has plans for their money should have to pay taxes, right? I guess that leaves us with only taxing the idle rich, then.

    barfo
     
    barfo, Sep 30, 2013
    #125
  6. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Actually, never mind all that. I got misled by the discussion here and forgot the actual law.

    The poor elderly fixed-income couple we are discussing would need an annual income of $250,000 or more before this 3.8% tax would apply at all. And then it would only apply to the amount of profit they made on the house over $500,000.

    Edit: Julius pointed out the income limit in post #3, but I think forgot about it later in the discussion...

    barfo
     
    Last edited: Sep 30, 2013
    barfo, Sep 30, 2013
    #126
  7. maxiep

    maxiep RIP Dr. Jack

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    Soak the rich! They have stuff and I want it!

    Great stuff.
     
    maxiep, Sep 30, 2013
    #127
  8. BLAZINGGIANTS

    BLAZINGGIANTS Well-Known Member

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    I'm too lazy to read. So say my wife and I buy a house for $700K. We sell for $500K. Do we pay on our profit? Or the gross sale amount?
     
    BLAZINGGIANTS, Sep 30, 2013
    #128
  9. Further

    Further Guy

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    If you and your wife bought the house for 700, and you earn at least $250k then you would need to sell the house for more than 1.2 million before you had to pay any of this new tax. And the tax would only be applied to monies in excess of that 1.2 mil.
     
    Further, Sep 30, 2013
    #129
  10. MarAzul

    MarAzul LongShip

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    No gain, no Tax.
     
    MarAzul, Sep 30, 2013
    #130
  11. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    If you say so. The original post was along the lines of "this tax will cost you when you sell your house". Pointing out that very very few people will actually pay that tax is reasonable - whether or not the tax itself is justifiable.

    barfo
     
    barfo, Sep 30, 2013
    #131
  12. MarAzul

    MarAzul LongShip

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    If you are paying an unreasonable tax it will piss you off even more to find no one else is paying it.
     
    MarAzul, Sep 30, 2013
    #132
  13. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    Probably so. But of course if your definition of 'unreasonable tax' is 'tax I have to pay', then you are going to be pissed off all the time anyway.

    barfo
     
    barfo, Sep 30, 2013
    #133
  14. MickZagger

    MickZagger Well-Known Member

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    Your losing track of your lies. You said it was Belize. :lol::lol:
     
    MickZagger, Sep 30, 2013
    #134
  15. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    How about we tax you 50% of your earnings... How you like that?
     
    magnifier661, Oct 1, 2013
    #135
  16. MARIS61

    MARIS61 Real American

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    Worse than here.

    Transfer Tax

    Real estate transfer taxes in Panama are paid by the seller, and are 2% of either the updated registered value of the property or the sale price–whichever is higher. The updated value is the registered value, plus 5% per year of ownership.

    http://internationalliving.com/countries/panama/taxes/
     
    MARIS61, Oct 1, 2013
    #136
  17. barfo

    barfo triggered obsessive commie pinko boomer maniac Staff Member Global Moderator

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    You mean, how do I like reality? It's fine, thanks. Things could be better, things could be a lot worse.

    If I really objected to 50% taxes, I'd move to Alaska or Bolivia or something. If taxes are really that big a deal to you, maybe you should move.

    I like Portland, I like Oregon, I like the USA. Yes, I pay much more taxes than I might somewhere else. But then I make more money here than I might somewhere else. I also enjoy living here much more than I might somewhere else. Money isn't the primary thing I care about. Your mileage may vary. You can be in Bolivia in a week if you start driving tonight.

    barfo
     
    barfo, Oct 1, 2013
    #137
  18. MARIS61

    MARIS61 Real American

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    Another often overlooked fact about homebuyers.

    Most are only able to buy a home through a 30 year mortgage.

    This means by the time they have paid it off it has cost them 2 and 1/2 to 3 times the sales price.

    Plus the cost of 30 years maintenance.
     
    MARIS61, Oct 1, 2013
    #138
  19. MarAzul

    MarAzul LongShip

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    Ha! Right on. You don't get to count that though and then they count the devalued dolllar years later as "income". Pure Communist accounting for confiscation.
     
    MarAzul, Oct 1, 2013
    #139
  20. Mediocre Man

    Mediocre Man Mr. SportsTwo

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    What the hell are you even talking about?
     
    Mediocre Man, Oct 1, 2013
    #140
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