- Thread starter Jiles
- Start date
Snopes and others say "mix of true and false information.
Check it out on GOOGLE.
FWIW, the Snopes info is linked below.
Tax or NOT
Check it out on GOOGLE.
FWIW, the Snopes info is linked below.
Tax or NOT
When you read the full Snopes investigation, you see that this is pretty much false for 99% of people - the extra tax only kicks in when you make a POFIT of $250,000 on a home. That probably means the price of the home was in the millions to begin with.
I personally don't know anyone who owns a million dollar home.
So this e-mail is pretty much false. Thanks for questioning and not just blindly believing!
I personally don't know anyone who owns a million dollar home.
So this e-mail is pretty much false. Thanks for questioning and not just blindly believing!
so rich folks can build a factory here, and pay 38% of what they make on it.. or build it overseas and and make 38% more on it..
now where in blue blazes would you build your factory?????
38% of your paycheck may not mean much to you.
yes I know that if I bring foreign profits back into the U.S. I also have to pay 38% taxes on them.. Thats why american companies dont bring the foreign profits back to american..
by the way..... you can keep the change... as this will not affect the poor people who do nothing to create jobs or payroll for american.
we are soon becoming the land of beggars...
now where in blue blazes would you build your factory?????
38% of your paycheck may not mean much to you.
yes I know that if I bring foreign profits back into the U.S. I also have to pay 38% taxes on them.. Thats why american companies dont bring the foreign profits back to american..
by the way..... you can keep the change... as this will not affect the poor people who do nothing to create jobs or payroll for american.
we are soon becoming the land of beggars...
Pair-a-dice farm
Well-known Member
I have no idea if this is true or not and I don't trust Snopes any more than I do any of the media. But I do know that a $250K gain on a home is not that far fetched and on a small farm is likely. In the 1960's a person in my area could buy a moderate sized house and 5 acres for $15k. Today if the house was maintained it could sell for $265K. Add in a few improvements like landscaping and it can go much higher. How many people keep up with what they spend on that?
A 200 acre farm could show a gain of over 1/2 million. A million dollar farm will just barely provide a living for 1 family. This is money that these people had counted on as retirement because they didn't want to depend on social security.
That probably means the price of the home was in the millions to begin with.
=================================================
Hardly.
My brother bought his house and 80 acres in 1980, he paid about $45,000 for it. That house is now valued well over $350,000. If he keeps it until retirement it will probably be worth a about 1,000,000 given present inflation. But is it truly worth $955,000 more than it was in 1980 or did the government's deficit spending simply give them a chance to steal your property by lowering the value of the dollar that you worked for?
In 1980 had he taken that $45,000 he could have bought 9 or 10 pretty decent cars (a good Mustang was less than $5000 then). Today that house that's worth $350,000 is still only worth 9 or 10 good cars - his real gain is nothing - but government wants a share of it anyway. After they take their share he's actually lost purchasing power.
=================================================
Hardly.
My brother bought his house and 80 acres in 1980, he paid about $45,000 for it. That house is now valued well over $350,000. If he keeps it until retirement it will probably be worth a about 1,000,000 given present inflation. But is it truly worth $955,000 more than it was in 1980 or did the government's deficit spending simply give them a chance to steal your property by lowering the value of the dollar that you worked for?
In 1980 had he taken that $45,000 he could have bought 9 or 10 pretty decent cars (a good Mustang was less than $5000 then). Today that house that's worth $350,000 is still only worth 9 or 10 good cars - his real gain is nothing - but government wants a share of it anyway. After they take their share he's actually lost purchasing power.
Tom in TN
Well-known Member
- Location
- Southern Middle Tennessee
If it's fair for 99% of the people, why isn't it fair for 100% of the people?
The nnalert party lives on class envy. Disgusting.
Tom in TN
The nnalert party lives on class envy. Disgusting.
Tom in TN
BushogPapa
Well-known Member
That Higher value should give you a good idea what INFLATION we have had and ARE having...
They don't advertise "inflation" much and under-estimate every time..
Worst thing that happened was our leaving the GOLD Standard..where there could be NO inflation and people actually WORKED for their retirement, instead of playing the Stock Market.
I wonder about un-employment, when it is Government FUNDED...!!!
Makes room for more Illegal aliens..???
14 trillion in the hole today and should triple in about 10 years. Beriniki said this week it is going to take many more years to recover jobs. My question is from where or what. See John Deere is spending 100 million to open a new plant in India and about the same for a new plant in China. What jobs?
The health care is a animal with a 100 heads and we are going to pay cause that is the only place to seek money.
In the day you got your education and went to work for 30 some years and retired from the same job. On the Today show this week the average job is only kept a couple of years before moving on. No brain drain in the "Y" generation.
The health care is a animal with a 100 heads and we are going to pay cause that is the only place to seek money.
In the day you got your education and went to work for 30 some years and retired from the same job. On the Today show this week the average job is only kept a couple of years before moving on. No brain drain in the "Y" generation.
buickanddeere
Well-known Member
You don't want to know how much was deducted off my income last year. Then have to pay 15% sales tax on everything.
We are not going to make it another 10yrs. We are headed to defalt/bankruptsy. The FedGov is doing what other countries have done throughout history. Inflate away our debt. Print more money untill the presses explode or the dollar's value is reduced to toliet paper. No, scratch that, Toilet paper will have more value when they are done. The national debt is NOTHING compaired to this country's unfunded financial liabilities. From SocialSecurity, Medicare/Medicaid, Federal and state pensions. That number is up there somewhere around 60-70 trillion. You are already hearing talk of states declaring bankrupsy to get out from under all the pension, medical care promises they made.
Jack
Jack
buickanddeere
Well-known Member
Any new house or renovation/addition on existing houses over $160,000 here are subject to 13% HST.
David - Alabama
Member
I do believe that most visitors to this site tend to be conservative and probably live in red states. I knew I loved this site for some reason!
Can't hardly believe some of the comments.
.........In short, rather than having to a pay a tax of 3.8 percent of the amount you realize on the sale of your primary residence, the truth is something quite different – that if your joint-return adjusted gross income is over $250,000, you might have to pay a tax of 3.8 percent of the amount of gain you realize over $500,000............
First your ADJUSTED gross income, so after your income is lowered by adjusting and you still make over $250000 and are able to sell your home for over $500000 (sale price - purchase price)then you pay tax on the amount over $500,000. So if you sell it for $525,000 you pay this tax on $25,000.
.........In short, rather than having to a pay a tax of 3.8 percent of the amount you realize on the sale of your primary residence, the truth is something quite different – that if your joint-return adjusted gross income is over $250,000, you might have to pay a tax of 3.8 percent of the amount of gain you realize over $500,000............
First your ADJUSTED gross income, so after your income is lowered by adjusting and you still make over $250000 and are able to sell your home for over $500000 (sale price - purchase price)then you pay tax on the amount over $500,000. So if you sell it for $525,000 you pay this tax on $25,000.
I don't know where you guys get that rumor that union pensioners don't pay tax on their retirement. I have been on a union (teamsters) pension for twenty years and I have paid taxes on every penny of that. When I get my check I have a certain amount deducted otherwise you pay a big amount at tax time. You can't get out of paying it.
greenbeanman in Kansas
Well-known Member
Well I for one will be selling (of giving away) my humble home before July 1st.
Where I live the city adopted the International Property Owners Maintenance Code and my home isn't up to snuff to pass it even though I've live in it since 1991.
One requirement is that both kitchen and bath have ground fault circuit interrupter plug-ins and mine doesn't. The rest of the house has some properly wired three prong outlets but the majority are still two prong.
Ultimately my entire house needs rewired starting with a new service box. Think I care to put that kind of money into a 1920s house that has little value?
The new ordinance states any new outbuildings such as garage must have the same exterior treatment as the house. I'm needing a new garage---where do I buy steel siding? Not aluminum or vinyl, but steel? Guess that means I can't ever replace, only remove the old one.
I figure it is better to just get out of restrictive housing codes and either live in a cardboard box on my farm if I have to or move clear out of the area where I can do what I want and how I want and am welcome to do so. Low population counties will welcome an additional tax payer and I already own property in one of them. I just don't care for the climate there and to be further away from my grand kids.
We also have an ordinance requiring snow removal from sidewalks within hours after a snowfall. I don't object much to that except when I'm out of town or when it is ice instead of snow and melting would be the best option. Just showing how controlling the city wants to be.
Under cap and trade, etc. I think many people will be surprised when they prepare to sell in the future. There was hype anyway about a home being sold as having to have newer energy efficient appliances, furnace, water heater, etc. and the home couldn't be sold until they had such.
I'm simply going to get while the getting is good.
Where I live the city adopted the International Property Owners Maintenance Code and my home isn't up to snuff to pass it even though I've live in it since 1991.
One requirement is that both kitchen and bath have ground fault circuit interrupter plug-ins and mine doesn't. The rest of the house has some properly wired three prong outlets but the majority are still two prong.
Ultimately my entire house needs rewired starting with a new service box. Think I care to put that kind of money into a 1920s house that has little value?
The new ordinance states any new outbuildings such as garage must have the same exterior treatment as the house. I'm needing a new garage---where do I buy steel siding? Not aluminum or vinyl, but steel? Guess that means I can't ever replace, only remove the old one.
I figure it is better to just get out of restrictive housing codes and either live in a cardboard box on my farm if I have to or move clear out of the area where I can do what I want and how I want and am welcome to do so. Low population counties will welcome an additional tax payer and I already own property in one of them. I just don't care for the climate there and to be further away from my grand kids.
We also have an ordinance requiring snow removal from sidewalks within hours after a snowfall. I don't object much to that except when I'm out of town or when it is ice instead of snow and melting would be the best option. Just showing how controlling the city wants to be.
Under cap and trade, etc. I think many people will be surprised when they prepare to sell in the future. There was hype anyway about a home being sold as having to have newer energy efficient appliances, furnace, water heater, etc. and the home couldn't be sold until they had such.
I'm simply going to get while the getting is good.
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