[quote=no_such_reality][quote=CA renter]FWIW, we paid over $18,000 in taxes last year, and will be paying ~$650/month in property taxes every month on top of that (which is the primary revenue source for those wretched public pensions).
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As much as it often seems we are not, we actually are quite similar. I too pay roughly $650/month in property tax. I don’t recall if your house was transfered from your parents or if it’s a outright buy. From a tax roll perspective, we live in houses of roughly equivalent value. Probably similar socio-economic neighborhoods.
We aspire to the same things for our families. We want similar opportunities for our State and it’s people. We have differing views on how to accomplish that.
I have another 15 years or so to go (on top of the 25 ish already working) before ‘retiring’. At that time, I’ll be able to generate a sustained income from my ‘investments’ that will provide in income, that will roughly equivalent to the income today that would generate a $18K tax bill.
There is one major difference, our income tax, it is several mulitples of yours. That doesn’t include the FICA taxes or others, just income.
In the need for more taxes discussions, all the proposals are about increasing my taxes.
Doesn’t that seem incongruent?[/quote]
If your income tax is that high, you should get down on your knees and thank God that you are one of the most fortunate people on this planet, by far.
Part of our income (the part that I earn — in some years, it’s much more than half) is investment income, so our taxes would go up as well. I have no problem having “unearned income” taxed at the same rate as earned income. As a matter of fact, I think that unearned income should be taxed at a higher rate, but I know that will never happen because capital writes the rules, especially now.
