Not Again... Americans who can't afford their mortgage up 145%

[jonsnow399]

Oh, they still will.

but not as quickly, see the Appalachian coal wars and The Bonus Army.

 

[ttystikk]

Nope, there are long term and short term capital gains taxes.

No tax if you reinvest. You only pay tax on the part you don't reinvest.

What long vs short term taxes?

 

[jonsnow399]

"They can't shoot us all"

They can kill enough so that the rest fall in line.

 

[WinnyBoyBlue]

In my case, it wasn't that I don't have money, or didn't spend it wisely. Where I live they're trying to sell shitboxes that wont pass a regular inspection let alone a VA inspection for $200,000 900sq ft no land 0.1 acre lol. There isn't enough inventory to keep up with demand and the inventory that is there sucks, we were looking for a house for almost 2 yrs before we found the one we're in now. People are renting similar houses to the one we're in for like $2400/mo which is more than twice what my mortgage is.

People are paying $2400 USD every month in RENT ? Here in Aus an expensive house is generally 5% of sale price per year...that's just insanity, especially with the economy heading the way it is...maybe they're trying to drain every penny possible.

Stupid how this modern world is built to force you into spending crazy amounts of money just for a roof over your head.

 

[jonsnow399]

No tax if you reinvest. You only pay tax on the part you don't reinvest.

What long vs short term taxes?

A Look at the Math: A Wealthy Investor
You are a superstar at work and have risen through the ranks so that you earn so much per year Uncle Sam taxes you at the highest possible rate, 39.6%. With all that capital to work with, you are able to invest $10,000 instead of $1,000. In two months, your investment has increased in value to $15,000, but after a full year, it has tripled to $30,000. The tax implications of this kind of investment income can be a serious drain on your resources, so it is even more important to look at the math.

If you take the quick money, you owe $1,980 in taxes in addition to your normal income taxes, reducing your net investment income to $3,020. However, if you hold out until a year passes, your long-term capital gains tax rate of 20% kicks in and your tax liability is reduced to $4,000, or 20% of your $20,000 profit. Again, your total tax is higher, but not by very much. In addition, your net investment gain is only reduced to $16,000, which is still a very healthy profit.

Bear in mind, however, that individuals earning more than $200,000 are also subject to a 3.8% net investment income tax that applies in addition to their short- or long-term capital gains tax rate

 

[ttystikk]

but not as quickly, see the Appalachian coal wars and The Bonus Army.

I'm not so sure. We may agree to disagree.

I think there is a government/police ordered mass shooting of an organized protest coming sometime in the next few years. Society's (mass media's, that is) response to it will set the tone for our country going forward. I fear it will be used as a pretext to finish stripping the citizens of their constitutional rights.

What else is militarization of the police forces for, if not to violently suppress the voice of the people?

 

[twostrokenut]

In a nutshell? It's been funneled to the top in hopes of trickle down/job creating..they just never figured that the wealthy would hold on to their cash instead of re-investing in America.

in hopes of trickle down? it was funneled through inflation.

 

[ttystikk]

A Look at the Math: A Wealthy Investor
You are a superstar at work and have risen through the ranks so that you earn so much per year Uncle Sam taxes you at the highest possible rate, 39.6%. With all that capital to work with, you are able to invest $10,000 instead of $1,000. In two months, your investment has increased in value to $15,000, but after a full year, it has tripled to $30,000. The tax implications of this kind of investment income can be a serious drain on your resources, so it is even more important to look at the math.

If you take the quick money, you owe $1,980 in taxes in addition to your normal income taxes, reducing your net investment income to $3,020. However, if you hold out until a year passes, your long-term capital gains tax rate of 20% kicks in and your tax liability is reduced to $4,000, or 20% of your $20,000 profit. Again, your total tax is higher, but not by very much. In addition, your net investment gain is only reduced to $16,000, which is still a very healthy profit.

Bear in mind, however, that individuals earning more than $200,000 are also subject to a 3.8% net investment income tax that applies in addition to their short- or long-term capital gains tax rate

...and if you don't cash out in a year or if you reinvest you don't pay capital gains at all.

This is an example of double taxation; using after tax wages to invest, then pulling the money out and paying capital gains. Most people don't do that.

 

[jonsnow399]

I'm not so sure. We may agree to disagree.

I think there is a government/police ordered mass shooting of an organized protest coming sometime in the next few years. Society's (mass media's, that is) response to it will set the tone for our country going forward. I fear it will be used as a pretext to finish stripping the citizens of their constitutional rights.

What else is militarization of the police forces for, if not to violently suppress the voice of the people?

They used an army airplane to bomb coal miners in WV. They used tanks, cavalry and machine guns to evict the Bonus army. Nothing recently to match that. Oops, forgot about Waco and Ruby Ridge, my bad!

 

[jonsnow399]

...and if you don't cash out in a year or if you reinvest you don't pay capital gains at all.

This is an example of double taxation; using after tax wages to invest, then pulling the money out and paying capital gains. Most people don't do that.

You have to pull the money out some time and when you do, its party time for Uncle Sam. The worst double taxation is when they tax the corporation which reduces your investment, then tax you when you cash out.

 

[ttystikk]

People are paying $2400 USD every month in RENT ? Here in Aus an expensive house is generally 5% of sale price per year...that's just insanity, especially with the economy heading the way it is...maybe they're trying to drain every penny possible.

Stupid how this modern world is built to force you into spending crazy amounts of money just for a roof over your head.

And this is exactly why I believe the American economy is a house of cards built on the sands of debt, and it will all come tumbling down soon. The top 1% won't suffer; they'll go bargain hunting!

The other 99% will be screwed.

Great Depression all over again.

 

[Fogdog]

I've said similar comments before and some people here get really upset about it. It's pretty funny @Fogdog

@ttystikk - I just seen an article this morning on yahoo that Seattle just raised taxes on the wealthy, I'll try to find the article and throw a link. I know it's just one city, but I thought about it making you happy to hear something like that. It's a small start
http://www.seattletimes.com/seattle-news/politics/seattle-council-to-vote-today-on-income-tax-on-the-wealthy/

context matters

 

[twostrokenut]

Auto bubble? Please expand?..this is new.

sub prime loans, same old shit. they actually have bad credit discounts. go to a car dealer with cash, they could not care less as anyone can qualify for a car at 2x blue book which was traded in at half of blue book.

as usual defaults indicate the bubble.

 

[ttystikk]

You have to pull the money out some time and when you do, its party time for Uncle Sam. The worst double taxation is when they tax the corporation which reduces your investment, then tax you when you cash out.

They tax Corporate profits that are disbursed, not what's kept in the company.

Where did you learn about taxes?

 

[twostrokenut]

I find that buying an older car outright saves more than either above option; no interest and someone else has already taken the hit on depreciation.

this.

cash is king in the private used auto market. some good deals out there too. helps the environment and the buyer and seller get a much better deal than they would at any dealer.

 

[WinnyBoyBlue]

And this is exactly why I believe the American economy is a house of cards built on the sands of debt, and it will all come tumbling down soon. The top 1% won't suffer; they'll go bargain hunting!

The other 99% will be screwed.

Great Depression all over again.

Extremely bad news...exactly like you said, its a house of cards. Kind of like a game of Jenga, you get to a point in which you can't take away any more (make people pay stupid amounts of $$$ for living necessities)....and the only way to start over is to knock it all down (Rebuild the economy and every way it works). And I don't think that would be plausible :/

 

[ttystikk]

Extremely bad news...exactly like you said, its a house of cards. Kind of like a game of Jenga, you get to a point in which you can't take away any more (make people pay stupid amounts of $$$ for living necessities)....and the only way to start over is to knock it all down (Rebuild the economy and every way it works). And I don't think that would be plausible :/

It isn't possible because the ruling class- the top 1%- has rigged the game.

That is, it isn't possible until circumstances force it due to no other choice. Starvation is an excellent motivator and the main problem with 'modern' society right now is that they think it can't happen to them.

 

[twostrokenut]

OK but if she barely did it when rent/mortgage was less than 1/4 her income, could she still do it went 3/4 her income goes toward rent/mortgage without government assistance? Let's be realistic and look at the numbers today.

I'm simply saying her quality of life would be much worse today than it was if not for gov. assistance (which is actively being fought against).

ok so now we are in a conundrum. you are saying prices have outpaced wages by a long shot which is inflation and I'm going to bet you are going to defend the safety net which actually inflates the problem even more.

 

[jonsnow399]

They tax Corporate profits that are disbursed, not what's kept in the company.

Where did you learn about taxes?

from the IRS
Income Tax
All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized. Refer to Business Structures to find out which returns you must file based on the business entity established.

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. An employee usually has income tax withheld from his or her pay. If you do not pay your tax through withholding, or do not pay enough tax that way, you might have to pay estimated tax. If you are not required to make estimated tax payments, you may pay any tax due when you file your return. For additional information refer to Publication 583.

 

[WinnyBoyBlue]

Starvation is an excellent motivator and the main problem with 'modern' society right now is that they think it can't happen to them.

I honestly think the news is to blame for this, it's their job to tell the world about what is happening and expose them to truths...yet it doesn't happen, probably due to the lucky 1s. With the way politics is failing all over the world, it's only a matter of time until war breaks. War is great for business and the economy, sad but true.