[quote=SD Realtor]My biggest concern is that certain regimes may target the tax benefits of rental property owners in the not to far future. The hungrier the political party in power is for tax revenues, the more fearful I become. It will not surprise me a bit if in the next 4 years many of these benefits get hammered.[/quote]
In all honesty, I don’t think there will be any kind of asset class in which the government doesn’t utterly fvck it up for most of us moving forward.. Not just rental property, but every possible type of passive income.
All folks tucking money in to a Roth IRA… Good luck there… You really think it’s not going to be taxed??? Sure they won’t call it a tax. It will be called a “maintenance fee” or some B.S. like that.
Ultimately, our tax system and taxation will be so rampant, the only way folks will be able to make it is by cheating on their taxes by taking investments under the table and overseas in countries that have no deal with the U.S. government… You know, what currently only really really rich people and corporations do right now….Heck, I don’t blame small businesses for shutting off their registers for a few hours each week and emptying out the cash registers. It’s pretty funny because I talk to a few small biz owners, and while on paper my W2 looks a lot bigger than their income, effectively what they take home is a lot larger for doing just that…. And I mean a lot…So it’s funny when uncle sam wants me to report 18.40 interest income on a 0.001% savings account, so it can take 20% or so of that, when you have folks that don’t even both to pay their fair share.
Since our public welfare/helpfare for retiring older people AKA safetynet won’t be there anymore, our government will ultimately give the rest of us the middle finger to those who are trying to create our own safetynets and taxing the hell out of us so that rather than being able to retire in our older age (since we clearly won’t be as productive as our younger/self-entitled generation), they’d rather us slave away as a forever W2 employee, assuming that U.S. corporations would even hire us because of our old age and propensity to seek cheaper more efficient workers overseas…
Welcome to the new America. Where it really sucks to have documented income. Thank you bailout. thank you social security. thank you medicare. thank you ridiculous military spending. Thank you leftists. Thank you rightists. Thank you banks. Thank you Fannie and Freddie. Thak you government unions and pensions. Thank you croynism…Thank you tax repatriation rules. We’ve done a pretty good job fvcking up this country collectively.
