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

[maxiep]

There's so much rich in America, it would take centuries to bleed it try at 3.8% of profits over half a million made per transaction. The myth of Peak Rich is just that, a myth. Bleed baby bleed!

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]

I can't wait till we all get our free health care. I'm going to go party at the hospital, with MRI's and colonoscopies twice a day. Just because I know you and Mar can afford it.

That MRI should be available some time in 2015. Until then, take a pill.

 

[BlazerCaravan]

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!

Sure thing. I'm already paying for my parents and sister; you're welcome to join!

 

[DaLincolnJones]

That MRI should be available some time in 2015. Until then, take a pill.

sorry brother..it is not covered under your plan.....

 

[barfo]

I'm still waiting for you to see how an elderly couple on an fixed income can live in an extremely expensive house. Hint...it wasn't expensive when they bought it. You keep reaching for that rainbow; I have faith in you!

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]

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

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

 

[maxiep]

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

Great stuff.

 

[BLAZINGGIANTS]

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?

 

[Further]

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?

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.

 

[MarAzul]

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?

No gain, no Tax.

 

[barfo]

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

Great stuff.

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

 

[MarAzul]

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

If you are paying an unreasonable tax it will piss you off even more to find no one else is paying it.

 

[barfo]

If you are paying an unreasonable tax it will piss you off even more to find no one else is paying it.

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

 

[MickZagger]

We have a place in Panama that we hope to retire to soon

Your losing track of your lies. You said it was Belize.

 

[magnifier661]

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

How about we tax you 50% of your earnings... How you like that?

 

[MARIS61]

We have a place in Panama that we hope to retire to soon

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/

 

[barfo]

How about we tax you 50% of your earnings... How you like that?

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

 

[MARIS61]

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.

 

[MarAzul]

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.

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.

 

[Mediocre Man]

Your losing track of your lies. You said it was Belize.

What the hell are you even talking about?

 

[MarAzul]

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

Actually barfo, you post like a man who talks out his ass and pays nothing.

 

[barfo]

Actually barfo, you post like a man who talks out his ass and pays nothing.

Oh no! Someone who posts like a crazy coot thinks I post like a man who talks out of his ass and doesn't pay taxes...

IT'S INTERNET CRISIS 2013! OUR NEWSTEAM IS ON THE SCENE...

barfo

 

[The_Lillard_King]

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.

I think they should do away with the billions in write offs on home mortgage interest. I'm tired of the gov't giving away money!

 

[julius]

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

I pointed it out, but there was a later link that showed something about how couples are exempt up to 500K, and maxiep brought up an elderly couple on a fixed income and it got silly after that point.

So instead of repeating myself (like Obama spending more on the GM/Chrysler bailout than the last 10 presidents did on the Navy), I just stopped posting in there because it was pointless to continue.

 

[MarAzul]

I pointed it out, but there was a later link that showed something about how couples are exempt up to 500K, and maxiep brought up an elderly couple on a fixed income and it got silly after that point.

So instead of repeating myself (like Obama spending more on the GM/Chrysler bailout than the last 10 presidents did on the Navy), I just stopped posting in there because it was pointless to continue.

Wow! both of you are about a smart as a dirt clod. Now here is and example for you;

18 years ago build a house for about $300,000. That is about 150,000 and profit for doing it yourself. About 12 years ago we got the $250,000 ($500,000 couple) home owners exclusion from capital gain.

Well today that $300,000 home is worth about $900,000 due to devaluation of the dollar. For the same reason a gallon of gas 18 years ago cost $1.20, today costs give or take $3.60 or the the loaf of bread 18 years ago
cost 1.50, where today it's 4.50. So taxing a person today on this apparent gain is bullshit. The exclusion should have been raised to 1.5 million for a couple to be right A transaction tax on the sale of a home for the reason of buying someone healthcare insurance is completely unfair and simply a penalty on people that own a home. No different that confiscation of property like all good communist bastards have want to do.

 

[barfo]

Wow! both of you are about a smart as a dirt clod. Now here is and example for you;

18 years ago build a house for about $300,000. That is about 150,000 and profit for doing it yourself. About 12 years ago we got the $250,000 ($500,000 couple) home owners exclusion from capital gain.

Well today that $300,000 home is worth about $900,000 due to devaluation of the dollar. For the same reason a gallon of gas 18 years ago cost $1.20, today costs give or take $3.60 or the the loaf of bread 18 years ago
cost 1.50, where today it's 4.50. So taxing a person today on this apparent gain is bullshit. The exclusion should have been raised to 1.5 million for a couple to be right A transaction tax on the sale of a home for the reason of buying someone healthcare insurance is completely unfair and simply a penalty on people that own a home. No different that confiscation of property like all good communist bastards have want to do.

You could say that about any tax, and it would sound just as incoherent. Why should I pay property tax on my house to fund schools? Why should I pay capital gains when I sell it? Why should I pay income or sales tax? Why should I have to contribute anything at all to society, instead of just taking from society? It isn't fair! Waah!

barfo

 

[julius]

If you have to result to insults, name calling and swearing to get your point across, you pretty much show you don't have a strong leg to stand on.

 

[MarAzul]

If you have to result to insults, name calling and swearing to get your point across, you pretty much show you don't have a strong leg to stand on.

Oh my, did we offend you?

 

[DaLincolnJones]

If you have to result to insults, name calling and swearing to get your point across, you pretty much show you don't have a strong leg to stand on.

hmm I don't know, I am not as bright as some of you, but this humble soul understood what he had to say..a leg to stand on? Well I think he has three, very solid argument.

 

[huevonkiller]

Yeah I'll be leasing for a while before I buy, I need to get a big time job first before I commit long-term.