Tax Overhaul = New Housing Bubble Burst?

[heydaralon]

A lot of state and federal budget issues could be fixed by a simple garage sale tax. Most of the time, people accept cash at garage sales and do not report it to the IRS. Predictably this has led to enormous problems and allowed China to own 89% of our debt. By closing this loophole, we could fill our treasury back up. Many babysitters are paid in cash as well, and they are usually less than honest on their tax forms. Cracking down on this would be a massive windfall for America's financial future. Shit, even Ron Paul is getting behind this.

[SilverEagle]

Middle class is most definitely not 100k, here in the Midwest. As a national average though, that sounds about right.

$100k household (not individual) is middle class in the midwest. Maybe upper middle, but still middle class.

I was referring to the lower boundary of “middle class”. Yeah, 100k would be upper-middle here

GCF if you're referring to Ohio then $100k would not be upper middle class. That would be lower middle class IMO. $125 would be right in the middle and $150k and up would be upper middle class for Ohio.

[Zlaxer]

Why would the state have any legitimate interest in the price of real property?

The burden is on you if you think there is any legitimate interest of the state in what owning or possessing real property costs.

Lay it on me, broheims, as always I'm all ears.

Grand Lists - that why.....

Fed don't care so much....but state and local government? absolutely...

[Zlaxer]

ProTip: Tax rates will never, ever go down. They only appear to.

No - they'll go down....when the system finally collapses...its simple...taxes either go down...or the middle class becomes extinct....and then taxes go down because the new lower class wont be paying any.....

[Martin Hash]

ProTip: Tax rates will never, ever go down. They only appear to.

No - they'll go down....when the system finally collapses...its simple...taxes either go down...or the middle class becomes extinct....and then taxes go down because the new lower class wont be paying any.....

Taxation is so emotional. Taxes are cheap considering the benefit. Unfortunately, there's this weird "fairness" issue that obscures the math: only people who have lots of money should be paying taxes, and I mean all federal withholding. If you make under $50K, your salary shouldn't be touched, then progressively climb from there. At $500K, the rates should be stratospheric.

[Zlaxer]

ProTip: Tax rates will never, ever go down. They only appear to.

No - they'll go down....when the system finally collapses...its simple...taxes either go down...or the middle class becomes extinct....and then taxes go down because the new lower class wont be paying any.....

Taxation is so emotional. Taxes are cheap considering the benefit. Unfortunately, there's this weird "fairness" issue that obscures the math: only people who have lots of money should be paying taxes, and I mean all federal withholding. If you make under $50K, your salary shouldn't be touched, then progressively climb from there. At $500K, the rates should be stratospheric.

Taxes are a great benefit for the price? Not buying that - Bailing out the big banks was an awesome benefit....Everyone also knows how efficient the DoD contractors are at pumping out carriers and 5th gen aircraft...Or how about how great our public schools are? You know, the ones where we spend about 30-60K per year per student to graduate illiterates?

[Martin Hash]

Time to travel for a little perspective. Even as a history buff you should know what the alternative is.

As you identified in a previous post, we have to make it easier to get into the Middle Class. I don't care if it's harder to get uber rich, as long as you still can. I'd give those high tax rate people the option of reinvesting their money.

[The Conservative]

Taxes suck, if we were taxed straight on what we spent instead of what we earned I'd be happier about it... because the fact Is if I came home with a full paycheck instead of what the government deems taxable I would have moved already, been in a new house, and my family would be all set financially off of a single income...

I take home 1,900 every two weeks, 1/3 of my paycheck goes to taxes, you do the math... if I had that extra 1/3 of my paycheck I would have been able to pay off my debt, work on my credit, and already have over $20,000 in saved money to put towards a down payment on a house.

So to say that we get our money back from the taxes we give is utter bullshit.

[Speaker to Animals]

Taxes suck, if we were taxed straight on what we spent instead of what we earned I'd be happier about it... because the fact Is if I came home with a full paycheck instead of what the government deems taxable I would have moved already, been in a new house, and my family would be all set financially off of a single income...

I take home 1,900 every two weeks, 1/3 of my paycheck goes to taxes, you do the math... if I had that extra 1/3 of my paycheck I would have been able to pay off my debt, work on my credit, and already have over $20,000 in saved money to put towards a down payment on a house.

So to say that we get our money back from the taxes we give is utter bullshit.

That's not enough for where you live at all, dude. You need to get out of there.

[The Conservative]

Taxes suck, if we were taxed straight on what we spent instead of what we earned I'd be happier about it... because the fact Is if I came home with a full paycheck instead of what the government deems taxable I would have moved already, been in a new house, and my family would be all set financially off of a single income...

I take home 1,900 every two weeks, 1/3 of my paycheck goes to taxes, you do the math... if I had that extra 1/3 of my paycheck I would have been able to pay off my debt, work on my credit, and already have over $20,000 in saved money to put towards a down payment on a house.

So to say that we get our money back from the taxes we give is utter bullshit.

That's not enough for where you live at all, dude. You need to get out of there.

I'm doing my two/three years here as a Director of IT/Infrastructure, then looking for greener pastures...unless they decide to pay me what the position is really worth in Boston. Trust me I've made living here work with 50% less than I was making before now with state help, and I hated it. The point is that if taxes were on what we spent instead of what we earned I believe it would be fairer to all.

The reason we don't go that route is that the US Government and all of its social programs would be starved of money in a year's time.