Reconsidering the wisdom of home ownership

[Frank Lee]

Whatever the percentage- which I think too high- I don't like dropping thousands of dollars for stuff that doesn't even remotely benefit me when I don't even drop thousands of dollars ON MYSELF!

[toc]

I hear you Frank.

Governments in many nations waste so much money on pointless programs that deliver little to no good, or even increase tax requirements through mismanagement or poor implementation.

I see words like 'feasibility study' used by our own Ronald McDonald headed government and wonder what on earth is to study. But, the price tag on the study is the real annoyance - $100 million. $50 million. $x million.

It either is, or is not, feasible, and it sure as heck does not ever take anywhere near $1 million of someone's time to determine the feasibility of such an idea.

You can't argue about investing in schools though, there will forever be a need to invest in the future of our kids, and the dynamic world they will grow up in. I can see the need for updating materials and teachers, and in some cases significantly dated buildings.

Our multiple layers of excess government really are where the fat could easily be trimmed. I think that easily relates to the USA as well? Federal and State governments all sitting at the tax bank account making withdrawals without second thought..?

This annoys me just as much as http://www.thingswelovetohate.com/20...ed-demand.html

[user removed]

Taxes are intentionally hidden by the gubmint as other charges. The FICA Medicare tax is 15.3% total for the self employed. That applies to the first dollar you make, even if you worked a year to earn that dollar.

Anyone who thinks the employer matching contribution is not a part of your total compensation is delusional, and any calculation that does not include the total is just wrong.

Around here meals are taxed at close to 11%. Delaware used to have a max state income at 16%. New Your City even has an income tax, above the state and Federal income taxes.

They have dribbled us to death with increased taxes. In WW2 the Fica rate was 1% employee and 1% employer. Do you think an employer does not consider his FICA payment as a part of your compensation? Try being an employer for a while and see how that works for you.

If you purchase any item from a store or manufacturer you are paying for all the taxes they accumulated in providing that product to you.

As I said earlier it would take some serious work to just get a decent estimate of all the taxes you pay. The fought the revolution to stop taxation on taxation. Today's best example is a pack of cigarettes, which in VA you pay sales tax on the total cost per pack which is probably 87% tax already. A bottle of booze costs about $1 to produce, all the rest of the money you pay is tax. Christ (haven't heard anything from Him lately) in a restaurant today they are charging $2 for a glass of soda. The tax on that is 20 cents, probably more than the soda cost the restaurant in bulk dispensers.

Never forget we live in a country that is run so stupidly that they loose money manufacturing money itself. A penny costs more to make than it is worth. They should not exist in today's economy, just another gubmnt boondoggle.

regards
Mech

[jamesqf]

Originally Posted by Old Mechanic

Anyone who thinks the employer matching contribution is not a part of your total compensation is delusional...

Especially if you're self-employed, and have to fill out that Form 1040SSE every year.

Which reminds me: I need to mail off the quarterly estimated tax check today :-(

[FastPlastic]

Originally Posted by jamesqf

Especially if you're self-employed, and have to fill out that Form 1040SSE every year.

Which reminds me: I need to mail off the quarterly estimated tax check today :-(

Just sent mine in yesterday, don't you love the fact that the dates are spaced irregularly? 4months here, 2months there. Wouldn't it be nice if it was just every 3 months?

[Arragonis]

This is a merkin thread, so I will bale out now.

[NachtRitter]

Originally Posted by Frank Lee

Whatever the percentage- which I think too high- I don't like dropping thousands of dollars for stuff that doesn't even remotely benefit me when I don't even drop thousands of dollars ON MYSELF!

Agreed! If I am being forced to pay, then I'd at least like to be able to choose where most (if not all) goes, even at a macro level... There are certainly some "defense" related programs that don't deserve any of my $$

[Thymeclock]

Originally Posted by Arragonis

This is a merkin thread, so I will bale out now.

I don't mind that you bale out if you so desire, but if you use words that are of dubious meaning like "merkin" I will ask for an explanation.

[Thymeclock]

Originally Posted by Old Mechanic

As I said earlier it would take some serious work to just get a decent estimate of all the taxes you pay. The fought the revolution to stop taxation on taxation. Today's best example is a pack of cigarettes, which in VA you pay sales tax on the total cost per pack which is probably 87% tax already. A bottle of booze costs about $1 to produce, all the rest of the money you pay is tax. Christ (haven't heard anything from Him lately) in a restaurant today they are charging $2 for a glass of soda. The tax on that is 20 cents, probably more than the soda cost the restaurant in bulk dispensers.

Never forget we live in a country that is run so stupidly that they loose money manufacturing money itself. A penny costs more to make than it is worth. They should not exist in today's economy, just another gubmnt boondoggle.

regards
Mech

Here's a better example of the rate of taxation, taken directly from my latest phone bill:

Monthly charge for dial tone 15.80
Verizon local calls 2.88
Current charges subtotal $18.68

Taxes, Fees and Other Charges
Federal Excise Tax .80
NY State and Local Sales Tax 2.44
911 Surcharge 1.00

Verizon Surcharges and Other Charges and Credits
Federal Universal Service Fee .92
NY State and Local Tax Surcharges 1.52
FCC Line Charge 6.38

Total Taxes, Fees and Other Charges $13.06

Total Charges... $31.74

I am paying $13.06 in tax on a bill of $18.68. Do you realize what percentage of the entire bill is tax?

If not, use your calculator and tell us the rate of tax levied on this bill.

[user removed]

Originally Posted by Thymeclock

I don't mind that you bale out if you so desire, but if you use words that are of dubious meaning like "merkin" I will ask for an explanation.

It's Ebonics .

I was watching a tv show one night and they were talking about property taxes on $500 k homes. In one state it was 6 percent. That's $30k, after you pay all the other taxes before you get a paycheck to pay the property taxes.

regards
Mech