It's reverse Christmas

Mr. Darcy · 2012-10-22 13:40:00

My property tax statements just came in the mail. $3,650 due by November 15.

Oddly enough, for me this is a worse day than April 15.

Imipolex G · 2012-10-22 13:41:40

sucks man

Obā-san · 2012-10-22 13:50:55

Justice4243 · 2012-10-22 13:52:34

House ownership definitely seems like a double-edged sword. I want to own one at some point, but I'm not looking forward to more complex taxes.

Mr. Darcy · 2012-10-22 13:57:18

^ I can't recommend enough owning your primary residence to anyone who has the savings to buy when the market is bad. The taxes are actually very simple on your own residence. Additional houses interact with your federal income taxes, which is where all the complexity lies.

Obā-san · 2012-10-22 13:58:36

Given that everybody has to do them, I wouldn't think that taxes would be that complicated...

Justice4243 · 2012-10-22 14:00:35

My Taxes aren't that bad right now. Sounds like house ownership would have something of an impact, but not much.

Unless I started owning more than one property and started renting, that is.

Mr. Darcy · 2012-10-22 14:02:18

In fact, a weak economy often drives up demand for rented housing without increasing supply, so you can be better off buying low, selling high and moving to a rented home at the peak of the market.

"Unless I started owning more than one property and started renting, that is."

Bingo. :)

The opportunity costs of being a landlord are a disincentive for anyone earning high wages. Unless real estate becomes hands-down the best investment in its risk class, you really just want a house, as it beats paying rent in several ways.

Mr. Darcy · 2012-10-22 14:24:12

"buying low, selling high and moving to a rented home at the peak of the market."

To follow up, doing the opposite is exactly what hurt so many Americans. They switched from being renters to loan-financed owners during a bubble.

Hexartes · 2012-10-23 19:47:59

I've noticed that the Fair Tax is rarely mentioned, but from what I've heard it's actually a good idea. What's so bad about it?

Ace Rimmer · 2012-10-25 11:59:52

Mr. Truant said:
Given that everybody has to do them, I wouldn't think that taxes would be that complicated...

The new tax rules for the financial year 2012-2013 came out in June and its 689 pages long

I've noticed that the Fair Tax is rarely mentioned, but from what I've
heard it's actually a good idea. What's so bad about it?

Its regressive

King_Friday · 2012-10-25 12:32:33

On the plus side, it's thanks to the fact that the property market is so poor at the moment that we're able to rent our current home. Our landlord doesn't want to sell until the market improves else he'd be selling at a loss. Then again our landlord's full of shit.

Sredni Vashtar · 2012-10-25 12:33:48

Ace Rimmer said:

Mr. Truant said:
I've noticed that the Fair Tax is rarely mentioned, but from what I've
heard it's actually a good idea. What's so bad about it?
Its regressive

What she said.

Hexartes · 2012-10-25 14:28:35

Not necessarily. There are special government something-or-anothers that bring the tax down to 11% for poor people.

It just kind of bothers me that it's never even considered.

Ace Rimmer · 2012-10-25 14:30:53

Not necessarily. There are special government something-or-anothers that bring the tax down to 11% for poor people.

Its still regressive as the middle class pay more than the upper class

Kexruct said:

It just kind of bothers me that it's never even considered.

Because its political suicide?

Hexartes · 2012-10-25 14:31:52

Ace Rimmer said:Not necessarily. There are special government something-or-anothers that bring the tax down to 11% for poor people.
Its still regressive as the middle class pay more than the upper class
Kexruct said:

It just kind of bothers me that it's never even considered.

Because its political suicide?

And that's what I was wondering. Why is it political suicide?

Obviously because it's regressive, but why can't that just be fixed?

Ace Rimmer · 2012-10-25 14:35:55

And that's what I was wondering. Why is it political suicide?

Because FairTax is a consumption tax and upper class people use less of their income on consuming than middle and lower class people.

Hexartes · 2012-10-25 14:39:43

I don't know about Europe, but at least in the United States our current tax system is such a mess that just about anything would be an improvement.

Ace Rimmer · 2012-10-25 14:42:49

Kexruct said:
I don't know about Europe, but at least in the United States our current tax system is such a mess that just about anything would be an improvement.

It still doesn't change the fact that what you're suggesting is tax breaks for rich people and tax hikes for everyone else.

Hexartes · 2012-10-25 14:44:02

Not necessarily. I dunno, I just think that with the way things are making things work is more important than improving them. The current tax system is almost impossible to improve because of how ridiculously complicated it is.

Ace Rimmer · 2012-10-25 14:52:42

Kexruct said:
Not necessarily. I dunno, I just think that with the way things are making things work is more important than improving them. The current tax system is almost impossible to improve because of how ridiculously complicated it is.

The reason the tax system is complicated is because morally ambiguous accountants believe its okay to tax avoid and this gives us honest accountants a bad name

Hexartes · 2012-10-25 14:54:54

Two things I'd like to state, though:

1. I don't believe in regressive taxation. I'm fairly moderate, but I tend to lean towards socialism.

2. I'm not trying to demonize accountants.

Ace Rimmer · 2012-10-25 15:07:50

I see

Misery · 2012-10-25 16:17:32

nooooooooooooooooooooooooooooooo

not reverse christmas

It's reverse Christmas

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