Politics

[Brent in Az]

Sounds like there's a rat in the DOD wood pile.

BREAKING: Karoline Leavitt Says FBI Investigating Leaker of 'Top Secret' Intel Assessment About US's Strikes on Iranian Nuclear Sites | The Gateway Pundit | by Cristina Laila

The FBI is investigating the leaker of the ‘top secret’ intel assessment report on the US’s strikes on Iranian nuclear sites.

www.thegatewaypundit.com

 

[mdwest]

there are only 5 states that recieve more from the Fed Govt than they pay in historically...

New Mexico, West Virginia, Alaska, Mississippi, and Montana.. these are all low population states by the way..

Every other state in the Union (including NJ) pays either about what they use or more than they use into the Fed Govt..

Your double tax issue is a state level issue.. and shouldn't be the concern of any other state..


So no, 70% of the country doesn't live on your dime.. NJ contributes a whopping 3% of the US national GDP.... and NJ represents about 3% of the total US population.. NJ contributes just under 4% of the US tax revenue (again if you look at the inputs that creat the 4% output its high wages driven by high cost of living)..

you don't have the population base to contribute anything close to your claims, despite how horribly you're taxed (again, a state issue) and how high your cost of living is (again, a state created issue)...

Texas on the other hand contributes 9% of the National GDP.. which is in line with it having about 9% of the US population in its borders (similar to NJ) and pays right at 9% of the US federal tax base..... CA contributes 14% of the US GDP despite only having about 11.5% of the US population.. CA pays right at 12% of the US tax base.. (so like TX, pretty much in line with its population).. TX and CA are paying their own way.. as are most states... NJ isn't carrying anyone to any measurable amount..

you are in wealth management and claim to have some accounting skills/knowledge.. how exactly did you determine that $40K is a "fair" number?

much like "middle class" is a relative term.. "cost of living" when compared/contrasted to "standard of living" is also relative..

Is $40K an equal value to a NJ resident as it is a CA resident? or a NY resident? or a VA resident? when everyone's cost of living and standard of living is different? and where everyone's median wages for different career fields is different?

 

[Russ16]

thats absolutely true... I lived in NoVA for a while myself..

but those outrageous housing costs are the result of outrageous state and local policies, programs, and taxes.. get rid of those policies, programs, and taxes involved with the design, build, maintenance, and ownership of private property.. and get rid of the insane policies related to labor and wages, and suddenly those housing values decrease by HUGE numbers..

I was there during the GWOT housing boom when DC's population exploded (thanks to an irresponsible Federal Govt) and watched housing values more than double in less than a 3 year period of time..

NoVA is sitting on a false real estate bubble that will one day break (its already suffered several fissures and cracks).. when it does there is going to be a real problem in the DC metro area..

You struck the real issue here. Housing prices are high because of the federal government not because of state policies. Almost no one would live here except for the federal government. But now we are punished for the feds driving up prices by the feds not allow g us to deduct the tax.

And I’m in favor of limiting the mortgage interest deduction as part of comprehensive reform. It contributes to higher housing prices at the higher end.

 

[mdwest]

NoVA and Maryland and a little slice of PA are all in a unique situation...

The Fed Govt exploded between 2001 and about 2005 and there simply wasn't enough housing available for all the people that flooded into the area.. both rents and mortgages went crazy in the area..

I had a guy that worked for me that bought a nice little 1600 sq ft condo in Reston for $180K around 2000... He sold it in late 2006 for right at $400K (over doubled his money in 5 years) quit his job, and moved to Florida where he took a job paying about 60% of what I was paying him, but he was able to pay cash for a very nice 2500sq ft home and his cost of living was much, much cheaper.. so he was actually living significantly better even though he took a 40% pay cut to do it (brilliant move on his part)..

The housing market has tried to adjust a few times between about 2008 and now in NoVA/DC.. but even with the big sell off earlier this year with the Trump buy out plan happening, from what I can tell housing is still inflated and a lot of those houses that were put on the market arent selling at the prices that people need to get to not be upside down on their next place..

 

[Wishfulthinker580]

 

[HookMeUpII]

you are in wealth management and claim to have some accounting skills/knowledge.. how exactly did you determine that $40K is a "fair" number?

much like "middle class" is a relative term.. "cost of living" when compared/contrasted to "standard of living" is also relative..

Is $40K an equal value to a NJ resident as it is a CA resident? or a NY resident? or a VA resident? when everyone's cost of living and standard of living is different? and where everyone's median wages for different career fields is different?

I explained that in my previous posts, but I'll go over it once again. Beginning to wonder if anyone knows how this works.

The standard deduction is roughly $30k for a married couple filing jointly.

You can either itemize or take the standard.

If you choose to itemize, under the current proposal, $40k of SALT can be deducted.

$30k (standard) - $40k (itemized) = -$10k (difference). Essentially, with SALT at $40k, you can only save an additional amount on $10k deducted (vs the unlimited amount pre-2017).

Oh, AND...it's phased out at $500k in AGI.

Furthermore, all of the GOP in the house are OK with this. I don't love it, but I am too, OK with it.

Once again, the GOP is going to shoot themselves in the foot. Then in 2028 we will go back to another democratic president. What's funny is even Trump knows the $40k SALT cap is fair, if anything, a "mere pittance." Lose VA in the 2028 election? Lose other marginal SALT states? All because you don't want to give $10k in deductions to a very minimal population set, in a specific income corridor? It actually makes me wonder if the senators voting on it actually even know how it works lol.

Now on the other hand, someone can go out and deduct $750,000 in mortgage interest. Many people could argue: "Well, do you you really need a $750,000 mortgage?" It's YOUR decision to live in that big of a house. Mortgage interest at 6.75% on $750,000 balance is about $40k-$50k in the first year.

 

[Russ16]

NoVA and Maryland and a little slice of PA are all in a unique situation...

The Fed Govt exploded between 2001 and about 2005 and there simply wasn't enough housing available for all the people that flooded into the area.. both rents and mortgages went crazy in the area..

I had a guy that worked for me that bought a nice little 1600 sq ft condo in Reston for $180K around 2000... He sold it in late 2006 for right at $400K (over doubled his money in 5 years) quit his job, and moved to Florida where he took a job paying about 60% of what I was paying him, but he was able to pay cash for a very nice 2500sq ft home and his cost of living was much, much cheaper.. so he was actually living significantly better even though he took a 40% pay cut to do it (brilliant move on his part)..

The housing market has tried to adjust a few times between about 2008 and now in NoVA/DC.. but even with the big sell off earlier this year with the Trump buy out plan happening, from what I can tell housing is still inflated and a lot of those houses that were put on the market arent selling at the prices that people need to get to not be upside down on their next place..

Houses in my neighborhood sell in an average of about 5 days. Prices have been flat for about a year but still up over the last 5. I bought at near peak before the housing crisis (didn’t really have a choice due to some job and marriage issues) and have never been worse than slightly up. Never had may value go down in a single year.

All that is great except for paying the property tax.

 

[HookMeUpII]

Houses in my neighborhood sell in an average of about 5 days. Prices have been flat for about a year but still up over the last 5. I bought at near peak before the housing crisis (didn’t really have a choice due to some job and marriage issues) and have never been worse than slightly up. Never had may value go down in a single year.

All that is great except for paying the property tax.

It's not changing, which is both good and bad for you and I. I am in NJ which is a similar market.

The house across the street from me (basically identical), back in October, was listed for $550k. Sold for $615k in 4 days, waived home inspection, appraisal, and any concessions. My neighbor was awestruck.

I've been told it's even crazier now.

There will be some sort of correction but with that being said, the general trend is up. Markets like yours, mine, and similar are not going down. No one wants to live in NYC anymore and they want anything they can find in NJ. Same with DC and VA/MD.

God willing, we are going up market in 2026 and that will be the last house I have till I retire.

 

[mdwest]

I explained that in my previous posts, but I'll go over it once again. Beginning to wonder if anyone knows how this works.

The standard deduction is roughly $30k for a married couple filing jointly.

You can either itemize or take the standard.

If you choose to itemize, under the current proposal, $40k of SALT can be deducted.

$30k (standard) - $40k (itemized) = -$10k (difference). Essentially, with SALT at $40k, you can only save an additional amount on $10k deducted (vs the unlimited amount pre-2017).

Oh, AND...it's phased out at $500k in AGI.

Furthermore, all of the GOP in the house are OK with this. I don't love it, but I am too, OK with it.

Once again, the GOP is going to shoot themselves in the foot. Then in 2028 we will go back to another democratic president. What's funny is even Trump knows the $40k SALT cap is fair, if anything, a "mere pittance." Lose VA in the 2028 election? Lose other marginal SALT states? All because you don't want to give $10k in deductions to a very minimal population set, in a specific income corridor? It actually makes me wonder if the senators voting on it actually even know how it works lol.

Now on the other hand, someone can go out and deduct $750,000 in mortgage interest. Many people could argue: "Well, do you you really need a $750,000 mortgage?" It's YOUR decision to live in that big of a house. Mortgage interest at 6.75% on $750,000 balance is about $40k-$50k in the first year.

I understand how it works... I didnt need an explanation... For what its worth my wife is an executive accountant with 30+ years of experience and Ive managed investment accounts and tax liabilities for companies with 9 figure revenue streams and 8 figures in cash assets.. Ive got a pretty good hold on how tax deductions work both corporately and individually..

How it works doesn't answer the question that you quoted...

By your own admission middle class is a relative term.. what it means in one place isn't the same thing as somewhere else..

we've also established that cost of living and standard of living are two different things and that they are also different everywhere..

So how exactly is $40K a "fair" number for everyone?

You made a very specific statement.. $40K is fair..

don't explain how SALT works...

explain how $40K is equally fair for a San Fransisco resident making $253K a year living a "middle class" lifestyle as it is for a someone doing similar work in Chicago where middle class is pegged at $148K a year... as it is for someone in Dallas where middle class is pegged at $140K a year.. as it is for someone in Arlington Virginia where the magic number to be "middle class" is $251K? How is everyone getting fair and equitable relief from the same SALT dollar value?

$10K is $10K to everyone regardless of income levels ..

but a $10K as a % of a $250K income vs a $140K income is significantly different.. when considering tax brackets, standard of living, etc..etc..

I don't disagree that its a pittance and will actually have very limited impact on middle class families.. it certainly wont change anyone's quality of life.. it will merely put a few more discretionary dollars in a group of peoples pockets.. which is why I genuinely don't care if the number is $10K or $40K..


What I disagree with is your invalid arguments that you continue to make in support of your position/opinion...

No, NJ isn't carrying the rest of the country..

No, $40K isn't a fair number.. nothing is actually "fair" when it comes to taxation the way the code is constructed in the US... no specific number is "fair" for everyone..

No, you cant compare the population of a city with the population of a state and get a true apples to apples comparison..

etc..etc..etc..

you've made it pretty clear.. you are being selfish.. you want YOUR deduction.. you want what suits YOU best.. and could care less about what might be right for the majority of Americans... which I believe is problematic in and of itself..

 

[mdwest]

I want my break. Period.

 

[spike.t]

Wonder if illegal south Africans involved....

Eurostar services restored after severe delays due to huge cable theft in France

Engineers repair high-speed line after day of chaos for passengers, caused by 600m of cable being stolen or cut

www.theguardian.com

 

[spike.t]

Shame fkn gates and bezos etc don't help sponsor these people and cover their losses.....couple hours of jets running costs would probably easily cover a year.....or more..

Nairobi’s lions are almost encircled by the city. A Maasai community offers a key corridor out

Maasai pastoralists living by the national park in Kenya’s capital are helping wildlife with a crucial migratory route through their land – at great risk to their cherished cattle

www.theguardian.com

 

[Altitude sickness]

Isn’t it hilarious that one week ago CNN was saying Iran was still years out from having a Nuke weapon.

Then yesterday saying the U.S. strike on Iran failed and Iran was still a month out from having Nukes

 

[mdwest]

Clown News Network

 

[spike.t]

 

[steve white]

Particularly interested in supporting NYC if the new MUSLIM COMMUNIST mayor wants to borrow 70 billion for affordable housing, etc...
Maybe BB can do us all a favor and, rather than just take out Iranian leaders, cap that guy. Better than his support of "global intifada."

 

[barryk]

I used my abacus and confirm your calculation is correct

Iran's nuclear programme is damaged but is it destroyed?

Fordo probably is probably the most spied on place on the planet - and work to understand what is happening there is set to intensify further.

www.bbc.com

US strikes on Iran’s nuclear sites only set program back by months, Pentagon report says

Findings by Defense Intelligence Agency suggest Trump’s declaration that sites were ‘obliterated’ may be overstated

www.theguardian.com

Where does information like this come from? Was this initiated by a "leak" from the DIA? Logically, I can't believe the payload that was dropped on that site with only a few months delay in their program...this has to be B.S. Somebody needs their knees whacked for this report.....makes no sense to me.

 

[Hunt anything]

Particularly interested in supporting NYC if the new MUSLIM COMMUNIST mayor wants to borrow 70 billion for affordable housing, etc...
Maybe BB can do us all a favor and, rather than just take out Iranian leaders, cap that guy. Better than his support of "global intifada."

This guy also wants to arrest Netanyahu if he comes to New York. This would be interesting since he wants to replace the police with social workers. I would almost pay money to see how that would go over with the Israeli equivalent of the US Secret Service or Mossad!

 

[Brent in Az]

This guy also wants to arrest Netanyahu if he comes to New York. This would be interesting since he wants to replace the police with social workers. I would almost pay money to see how that would go over with the Israeli equivalent of the US Secret Service or Mossad!

NYC just completed it's final flush down the toilet. That city will get exactly what it deserves

 

[Aaron N]

Particularly interested in supporting NYC if the new MUSLIM COMMUNIST mayor wants to borrow 70 billion for affordable housing, etc...
Maybe BB can do us all a favor and, rather than just take out Iranian leaders, cap that guy. Better than his support of "global intifada."

So just to be clear, you support foreign governments assassinating elected American officials that you don’t agree with?