[Coronita]

FLU you didn't have to qualify your statement and I could not agree with you more. My analogy to your statement would be if I am gonna take in in the -ss with my taxes at least uncle sam can give me a reach around right? We are in the same boat my friend so a program that will help me is at least more palatable then all those that do not.

 

Exactly. Except, they'll probably come up with some clever way to disqualify people like me. For example, you will qualify under the conforming loan of $700k only IF the IRS considers you to have an AGI of X separate or Y joint, with those levels being artificially low….LOL that would make my day.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU you didn't have to qualify your statement and I could not agree with you more. My analogy to your statement would be if I am gonna take in in the -ss with my taxes at least uncle sam can give me a reach around right? We are in the same boat my friend so a program that will help me is at least more palatable then all those that do not.

 

Exactly. Except, they'll probably come up with some clever way to disqualify people like me. For example, you will qualify under the conforming loan of $700k only IF the IRS considers you to have an AGI of X separate or Y joint, with those levels being artificially low….LOL that would make my day.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU you didn't have to qualify your statement and I could not agree with you more. My analogy to your statement would be if I am gonna take in in the -ss with my taxes at least uncle sam can give me a reach around right? We are in the same boat my friend so a program that will help me is at least more palatable then all those that do not.

 

Exactly. Except, they'll probably come up with some clever way to disqualify people like me. For example, you will qualify under the conforming loan of $700k only IF the IRS considers you to have an AGI of X separate or Y joint, with those levels being artificially low….LOL that would make my day.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU you didn't have to qualify your statement and I could not agree with you more. My analogy to your statement would be if I am gonna take in in the -ss with my taxes at least uncle sam can give me a reach around right? We are in the same boat my friend so a program that will help me is at least more palatable then all those that do not.

 

Exactly. Except, they'll probably come up with some clever way to disqualify people like me. For example, you will qualify under the conforming loan of $700k only IF the IRS considers you to have an AGI of X separate or Y joint, with those levels being artificially low….LOL that would make my day.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

FLU you didn't have to qualify your statement and I could not agree with you more. My analogy to your statement would be if I am gonna take in in the -ss with my taxes at least uncle sam can give me a reach around right? We are in the same boat my friend so a program that will help me is at least more palatable then all those that do not.

 

Exactly. Except, they'll probably come up with some clever way to disqualify people like me. For example, you will qualify under the conforming loan of $700k only IF the IRS considers you to have an AGI of X separate or Y joint, with those levels being artificially low….LOL that would make my day.

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Really rich people don't get hit with taxes.

Actually they do. In fact they get reamed. I already posted the tax schedule for single in another thread. That the rich are not paying their share of taxes is a common theme that politicians like to play out when looking at more taxes. They either have to fight 80 to 90% of the population on raising taxes or they fight 20 – 10% of the population(so called rich) to raise taxes.

This is from a 2005 tax table for single.

0 – 7299 10% marginal rate, 10% total.
7300 – 29699 15% marginal rate (additional dollars over 7300 taxed at 15% on top of the 10% on under 7300)
29700 – 71949 25% marginal rate.
71950 – 150149 28% marginal rate.
150150 – 326449 33% marginal rate
326450+ 35% marginal rate.

Add in the fact that deductions start being eliminated for incomes over 146,000(single) due to AMT. So where is it that the rich are not paying taxes? 35% of your income gone to fed taxes? Add in CA state and you are looking at 44% of your income gone to taxes. Looks like it is almost better to sit around and let the gov take care of you..

 

just imho…You're equating taxable earnings to the definition rich. I don't….In fact, in my mind, really rich people don't actively depend on a income that the IRS can tax at 35% (typically salaries,wages,etc)…..A $300k,$400k,or even $500k salaried income might sound all sweet. But if that's all you are depending on, imho you're not really "rich".

Take a CEO like Steve Jobs with that $1 annual salary. He doesn't make money off of a salary, he's rich off of all the assets and passive income that generates from it. And assets/passive income have so many more variables to play with. I seriously doubt someone like him pays the 35% tax rate, or sweats on which direction the government's tax rules blows any given day.

Also, take true RE investors with real RE portfolios, with multi-million dollar assets yielding passive income. I once worked with my financial advisor, who was sort of comparing my family situation to one of his other clients. Our family gross income was 1/2 the size of his other client (according to him). BUT, taxwise, we paid about the same amount of taxes. The other client (which the advisor maintained their anonymity obviously) had paid one of the lowest % tax per "income", through accounting trickery and asset shelters that are apparently available to a select few wealthy people.

Bottom line, really rich people have plenty of smart accountants, cpa, advisors, to figure ways around the system (legally, and sometimes illegally). Doesn't matter which political party is in office, what new IRS rules there are. IRS defined middle class and below don't pay the majority of the taxes either. It's everyone in between. Always has and always will be.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Really rich people don't get hit with taxes.

Actually they do. In fact they get reamed. I already posted the tax schedule for single in another thread. That the rich are not paying their share of taxes is a common theme that politicians like to play out when looking at more taxes. They either have to fight 80 to 90% of the population on raising taxes or they fight 20 – 10% of the population(so called rich) to raise taxes.

This is from a 2005 tax table for single.

0 – 7299 10% marginal rate, 10% total.
7300 – 29699 15% marginal rate (additional dollars over 7300 taxed at 15% on top of the 10% on under 7300)
29700 – 71949 25% marginal rate.
71950 – 150149 28% marginal rate.
150150 – 326449 33% marginal rate
326450+ 35% marginal rate.

Add in the fact that deductions start being eliminated for incomes over 146,000(single) due to AMT. So where is it that the rich are not paying taxes? 35% of your income gone to fed taxes? Add in CA state and you are looking at 44% of your income gone to taxes. Looks like it is almost better to sit around and let the gov take care of you..

 

just imho…You're equating taxable earnings to the definition rich. I don't….In fact, in my mind, really rich people don't actively depend on a income that the IRS can tax at 35% (typically salaries,wages,etc)…..A $300k,$400k,or even $500k salaried income might sound all sweet. But if that's all you are depending on, imho you're not really "rich".

Take a CEO like Steve Jobs with that $1 annual salary. He doesn't make money off of a salary, he's rich off of all the assets and passive income that generates from it. And assets/passive income have so many more variables to play with. I seriously doubt someone like him pays the 35% tax rate, or sweats on which direction the government's tax rules blows any given day.

Also, take true RE investors with real RE portfolios, with multi-million dollar assets yielding passive income. I once worked with my financial advisor, who was sort of comparing my family situation to one of his other clients. Our family gross income was 1/2 the size of his other client (according to him). BUT, taxwise, we paid about the same amount of taxes. The other client (which the advisor maintained their anonymity obviously) had paid one of the lowest % tax per "income", through accounting trickery and asset shelters that are apparently available to a select few wealthy people.

Bottom line, really rich people have plenty of smart accountants, cpa, advisors, to figure ways around the system (legally, and sometimes illegally). Doesn't matter which political party is in office, what new IRS rules there are. IRS defined middle class and below don't pay the majority of the taxes either. It's everyone in between. Always has and always will be.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Really rich people don't get hit with taxes.

Actually they do. In fact they get reamed. I already posted the tax schedule for single in another thread. That the rich are not paying their share of taxes is a common theme that politicians like to play out when looking at more taxes. They either have to fight 80 to 90% of the population on raising taxes or they fight 20 – 10% of the population(so called rich) to raise taxes.

This is from a 2005 tax table for single.

0 – 7299 10% marginal rate, 10% total.
7300 – 29699 15% marginal rate (additional dollars over 7300 taxed at 15% on top of the 10% on under 7300)
29700 – 71949 25% marginal rate.
71950 – 150149 28% marginal rate.
150150 – 326449 33% marginal rate
326450+ 35% marginal rate.

Add in the fact that deductions start being eliminated for incomes over 146,000(single) due to AMT. So where is it that the rich are not paying taxes? 35% of your income gone to fed taxes? Add in CA state and you are looking at 44% of your income gone to taxes. Looks like it is almost better to sit around and let the gov take care of you..

 

just imho…You're equating taxable earnings to the definition rich. I don't….In fact, in my mind, really rich people don't actively depend on a income that the IRS can tax at 35% (typically salaries,wages,etc)…..A $300k,$400k,or even $500k salaried income might sound all sweet. But if that's all you are depending on, imho you're not really "rich".

Take a CEO like Steve Jobs with that $1 annual salary. He doesn't make money off of a salary, he's rich off of all the assets and passive income that generates from it. And assets/passive income have so many more variables to play with. I seriously doubt someone like him pays the 35% tax rate, or sweats on which direction the government's tax rules blows any given day.

Also, take true RE investors with real RE portfolios, with multi-million dollar assets yielding passive income. I once worked with my financial advisor, who was sort of comparing my family situation to one of his other clients. Our family gross income was 1/2 the size of his other client (according to him). BUT, taxwise, we paid about the same amount of taxes. The other client (which the advisor maintained their anonymity obviously) had paid one of the lowest % tax per "income", through accounting trickery and asset shelters that are apparently available to a select few wealthy people.

Bottom line, really rich people have plenty of smart accountants, cpa, advisors, to figure ways around the system (legally, and sometimes illegally). Doesn't matter which political party is in office, what new IRS rules there are. IRS defined middle class and below don't pay the majority of the taxes either. It's everyone in between. Always has and always will be.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Really rich people don't get hit with taxes.

Actually they do. In fact they get reamed. I already posted the tax schedule for single in another thread. That the rich are not paying their share of taxes is a common theme that politicians like to play out when looking at more taxes. They either have to fight 80 to 90% of the population on raising taxes or they fight 20 – 10% of the population(so called rich) to raise taxes.

This is from a 2005 tax table for single.

0 – 7299 10% marginal rate, 10% total.
7300 – 29699 15% marginal rate (additional dollars over 7300 taxed at 15% on top of the 10% on under 7300)
29700 – 71949 25% marginal rate.
71950 – 150149 28% marginal rate.
150150 – 326449 33% marginal rate
326450+ 35% marginal rate.

Add in the fact that deductions start being eliminated for incomes over 146,000(single) due to AMT. So where is it that the rich are not paying taxes? 35% of your income gone to fed taxes? Add in CA state and you are looking at 44% of your income gone to taxes. Looks like it is almost better to sit around and let the gov take care of you..

 

just imho…You're equating taxable earnings to the definition rich. I don't….In fact, in my mind, really rich people don't actively depend on a income that the IRS can tax at 35% (typically salaries,wages,etc)…..A $300k,$400k,or even $500k salaried income might sound all sweet. But if that's all you are depending on, imho you're not really "rich".

Take a CEO like Steve Jobs with that $1 annual salary. He doesn't make money off of a salary, he's rich off of all the assets and passive income that generates from it. And assets/passive income have so many more variables to play with. I seriously doubt someone like him pays the 35% tax rate, or sweats on which direction the government's tax rules blows any given day.

Also, take true RE investors with real RE portfolios, with multi-million dollar assets yielding passive income. I once worked with my financial advisor, who was sort of comparing my family situation to one of his other clients. Our family gross income was 1/2 the size of his other client (according to him). BUT, taxwise, we paid about the same amount of taxes. The other client (which the advisor maintained their anonymity obviously) had paid one of the lowest % tax per "income", through accounting trickery and asset shelters that are apparently available to a select few wealthy people.

Bottom line, really rich people have plenty of smart accountants, cpa, advisors, to figure ways around the system (legally, and sometimes illegally). Doesn't matter which political party is in office, what new IRS rules there are. IRS defined middle class and below don't pay the majority of the taxes either. It's everyone in between. Always has and always will be.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Really rich people don't get hit with taxes.

Actually they do. In fact they get reamed. I already posted the tax schedule for single in another thread. That the rich are not paying their share of taxes is a common theme that politicians like to play out when looking at more taxes. They either have to fight 80 to 90% of the population on raising taxes or they fight 20 – 10% of the population(so called rich) to raise taxes.

This is from a 2005 tax table for single.

0 – 7299 10% marginal rate, 10% total.
7300 – 29699 15% marginal rate (additional dollars over 7300 taxed at 15% on top of the 10% on under 7300)
29700 – 71949 25% marginal rate.
71950 – 150149 28% marginal rate.
150150 – 326449 33% marginal rate
326450+ 35% marginal rate.

Add in the fact that deductions start being eliminated for incomes over 146,000(single) due to AMT. So where is it that the rich are not paying taxes? 35% of your income gone to fed taxes? Add in CA state and you are looking at 44% of your income gone to taxes. Looks like it is almost better to sit around and let the gov take care of you..

 

just imho…You're equating taxable earnings to the definition rich. I don't….In fact, in my mind, really rich people don't actively depend on a income that the IRS can tax at 35% (typically salaries,wages,etc)…..A $300k,$400k,or even $500k salaried income might sound all sweet. But if that's all you are depending on, imho you're not really "rich".

Take a CEO like Steve Jobs with that $1 annual salary. He doesn't make money off of a salary, he's rich off of all the assets and passive income that generates from it. And assets/passive income have so many more variables to play with. I seriously doubt someone like him pays the 35% tax rate, or sweats on which direction the government's tax rules blows any given day.

Also, take true RE investors with real RE portfolios, with multi-million dollar assets yielding passive income. I once worked with my financial advisor, who was sort of comparing my family situation to one of his other clients. Our family gross income was 1/2 the size of his other client (according to him). BUT, taxwise, we paid about the same amount of taxes. The other client (which the advisor maintained their anonymity obviously) had paid one of the lowest % tax per "income", through accounting trickery and asset shelters that are apparently available to a select few wealthy people.

Bottom line, really rich people have plenty of smart accountants, cpa, advisors, to figure ways around the system (legally, and sometimes illegally). Doesn't matter which political party is in office, what new IRS rules there are. IRS defined middle class and below don't pay the majority of the taxes either. It's everyone in between. Always has and always will be.

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Let's see….

Didn't someone recently make a comment about nationalization of housing?

If anyone thinks this is a good thing then I would heartily disagree. Those who keep thinking that nothing can be done to stop the depreciation cycle may be correct. Yet moves like this, political incentivization programs and the likes will indeed drag the cycle out a heck of alot longer.

Death by a thousand arrows guys.

*******

Like others, this would help me bigtime. The better rate I can get and lower payment I can get, all the better. I would take it in a minute. Yet to think that this is not anything but further subsidization of the market by our government is foolish. So basically in a roundabout manner, your taxes insure more and more crap and higher limits! Hooray!

 

I might have come across the wrong way on my previous post…..Frankly, I don't think this would be the "right" thing do or a "good" thing to do on a global scale. But frankly, seeing how things are going, I don't foresee our government doing the right thing on anything for a long long time… So  to reiterate, from a selfish perspective, it would be a "good/welcome" thing for my particular situation, as anything that helps me would be welcome. Yes, it's stinks for younger generations, and one can only hope that one day we(the nation) will wake up and realize we're a nation in deep debt.

The most frustrating aspect is I see handouts left and right…possibly for irresponsible people….. at my expense. Government encouraging arm holding arm rests, this rebate check refund, increased war spending, and so on so on. And now folks like Pelosi want to add even "more taxes" for "rich". Really rich people don't get hit with taxes. Wage slaves that make slightly above what government thinks as "middle class" but nevertheless actually have to work, pay the most taxes. So at this point, any break would be well received from a selfish perspective.  I know our tax bills are going to go up significantly post 2008. Not that I even mind paying higher taxes if it was actually going towards productive solutions…But I'm sick of the government playing robin hood.

 

 

 

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Let's see….

Didn't someone recently make a comment about nationalization of housing?

If anyone thinks this is a good thing then I would heartily disagree. Those who keep thinking that nothing can be done to stop the depreciation cycle may be correct. Yet moves like this, political incentivization programs and the likes will indeed drag the cycle out a heck of alot longer.

Death by a thousand arrows guys.

*******

Like others, this would help me bigtime. The better rate I can get and lower payment I can get, all the better. I would take it in a minute. Yet to think that this is not anything but further subsidization of the market by our government is foolish. So basically in a roundabout manner, your taxes insure more and more crap and higher limits! Hooray!

 

I might have come across the wrong way on my previous post…..Frankly, I don't think this would be the "right" thing do or a "good" thing to do on a global scale. But frankly, seeing how things are going, I don't foresee our government doing the right thing on anything for a long long time… So  to reiterate, from a selfish perspective, it would be a "good/welcome" thing for my particular situation, as anything that helps me would be welcome. Yes, it's stinks for younger generations, and one can only hope that one day we(the nation) will wake up and realize we're a nation in deep debt.

The most frustrating aspect is I see handouts left and right…possibly for irresponsible people….. at my expense. Government encouraging arm holding arm rests, this rebate check refund, increased war spending, and so on so on. And now folks like Pelosi want to add even "more taxes" for "rich". Really rich people don't get hit with taxes. Wage slaves that make slightly above what government thinks as "middle class" but nevertheless actually have to work, pay the most taxes. So at this point, any break would be well received from a selfish perspective.  I know our tax bills are going to go up significantly post 2008. Not that I even mind paying higher taxes if it was actually going towards productive solutions…But I'm sick of the government playing robin hood.

 

 

 

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Let's see….

Didn't someone recently make a comment about nationalization of housing?

If anyone thinks this is a good thing then I would heartily disagree. Those who keep thinking that nothing can be done to stop the depreciation cycle may be correct. Yet moves like this, political incentivization programs and the likes will indeed drag the cycle out a heck of alot longer.

Death by a thousand arrows guys.

*******

Like others, this would help me bigtime. The better rate I can get and lower payment I can get, all the better. I would take it in a minute. Yet to think that this is not anything but further subsidization of the market by our government is foolish. So basically in a roundabout manner, your taxes insure more and more crap and higher limits! Hooray!

 

I might have come across the wrong way on my previous post…..Frankly, I don't think this would be the "right" thing do or a "good" thing to do on a global scale. But frankly, seeing how things are going, I don't foresee our government doing the right thing on anything for a long long time… So  to reiterate, from a selfish perspective, it would be a "good/welcome" thing for my particular situation, as anything that helps me would be welcome. Yes, it's stinks for younger generations, and one can only hope that one day we(the nation) will wake up and realize we're a nation in deep debt.

The most frustrating aspect is I see handouts left and right…possibly for irresponsible people….. at my expense. Government encouraging arm holding arm rests, this rebate check refund, increased war spending, and so on so on. And now folks like Pelosi want to add even "more taxes" for "rich". Really rich people don't get hit with taxes. Wage slaves that make slightly above what government thinks as "middle class" but nevertheless actually have to work, pay the most taxes. So at this point, any break would be well received from a selfish perspective.  I know our tax bills are going to go up significantly post 2008. Not that I even mind paying higher taxes if it was actually going towards productive solutions…But I'm sick of the government playing robin hood.

 

 

 

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Let's see….

Didn't someone recently make a comment about nationalization of housing?

If anyone thinks this is a good thing then I would heartily disagree. Those who keep thinking that nothing can be done to stop the depreciation cycle may be correct. Yet moves like this, political incentivization programs and the likes will indeed drag the cycle out a heck of alot longer.

Death by a thousand arrows guys.

*******

Like others, this would help me bigtime. The better rate I can get and lower payment I can get, all the better. I would take it in a minute. Yet to think that this is not anything but further subsidization of the market by our government is foolish. So basically in a roundabout manner, your taxes insure more and more crap and higher limits! Hooray!

 

I might have come across the wrong way on my previous post…..Frankly, I don't think this would be the "right" thing do or a "good" thing to do on a global scale. But frankly, seeing how things are going, I don't foresee our government doing the right thing on anything for a long long time… So  to reiterate, from a selfish perspective, it would be a "good/welcome" thing for my particular situation, as anything that helps me would be welcome. Yes, it's stinks for younger generations, and one can only hope that one day we(the nation) will wake up and realize we're a nation in deep debt.

The most frustrating aspect is I see handouts left and right…possibly for irresponsible people….. at my expense. Government encouraging arm holding arm rests, this rebate check refund, increased war spending, and so on so on. And now folks like Pelosi want to add even "more taxes" for "rich". Really rich people don't get hit with taxes. Wage slaves that make slightly above what government thinks as "middle class" but nevertheless actually have to work, pay the most taxes. So at this point, any break would be well received from a selfish perspective.  I know our tax bills are going to go up significantly post 2008. Not that I even mind paying higher taxes if it was actually going towards productive solutions…But I'm sick of the government playing robin hood.

 

 

 

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

Let's see….

Didn't someone recently make a comment about nationalization of housing?

If anyone thinks this is a good thing then I would heartily disagree. Those who keep thinking that nothing can be done to stop the depreciation cycle may be correct. Yet moves like this, political incentivization programs and the likes will indeed drag the cycle out a heck of alot longer.

Death by a thousand arrows guys.

*******

Like others, this would help me bigtime. The better rate I can get and lower payment I can get, all the better. I would take it in a minute. Yet to think that this is not anything but further subsidization of the market by our government is foolish. So basically in a roundabout manner, your taxes insure more and more crap and higher limits! Hooray!

 

I might have come across the wrong way on my previous post…..Frankly, I don't think this would be the "right" thing do or a "good" thing to do on a global scale. But frankly, seeing how things are going, I don't foresee our government doing the right thing on anything for a long long time… So  to reiterate, from a selfish perspective, it would be a "good/welcome" thing for my particular situation, as anything that helps me would be welcome. Yes, it's stinks for younger generations, and one can only hope that one day we(the nation) will wake up and realize we're a nation in deep debt.

The most frustrating aspect is I see handouts left and right…possibly for irresponsible people….. at my expense. Government encouraging arm holding arm rests, this rebate check refund, increased war spending, and so on so on. And now folks like Pelosi want to add even "more taxes" for "rich". Really rich people don't get hit with taxes. Wage slaves that make slightly above what government thinks as "middle class" but nevertheless actually have to work, pay the most taxes. So at this point, any break would be well received from a selfish perspective.  I know our tax bills are going to go up significantly post 2008. Not that I even mind paying higher taxes if it was actually going towards productive solutions…But I'm sick of the government playing robin hood.

 

 

 

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Author]

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