NutterButter
Footballguy
Not sure what that extra 15% gets us, but just another option towards solvency. Whatever the final solution, I'm pretty certain it will include some way of having the wealthy pay more.
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Personal Finance Advice and Education! (3 Viewers)
- Thread starter No. 16
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ConstruxBoy
Kate's Daddy
Sand
Footballguy
NutterButter
Footballguy
Yeah, that's what's being thrown out there. As long as you keep the payout the same, accomplishing the same thing from the opposite end.
-OZ-
Footballguy
There would be some push back from the high income earners for sure. But probably not a significant sway in voting.ShaqAttaq said:
Might even gain some votes if you're seen as a person who helped fix SS.
I'd sure prefer it to adding a fee on stock trading.
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I think they’ll end up doing that. It’s not a Trump thing but I could see it happen. It’s the easiest fix and is relatively the least painful. Someone making $1M has been paying 0.7% of their income while most everyone else pays 6.2%.ShaqAttaq said:
It’s annoying for me as I don’t make @Otis money but for most of my career I’ve had to pay an extra $200-300 every year for the increase. The limit keeps going up 3-4% so for the middle class the hit keeps going up but for the really high wage earners (who aren’t covered by hedge funds/capital gains where you don’t pay SS), it goes up by less than 1%.
If it’s a problem just rip the bandaid off and solve the problem. Medicare already doesn’t have a limit.
Sand
Footballguy
This fix is one of the few that makes logical sense. Lift the cap on payouts and the SS payroll tax cap limit. The people at the top end put in much more than they get out at that point, so it's accretive to the SS system. We just have to not be outraged that some lady in Albuquerque is getting a 10k SS check every month when she retires.NutterButter said:
I'd also argue that setting SS eligibility by using "average age of death - x years" instead of a set age also makes sense. As lifespans grow or shorten the risk to the SS trust fund gets much easier to predict and manage.
Instinctive
Footballguy
NutterButter
Footballguy
Has anyone seen any #'s on how far raising or removing the cap gets us towards solvency?
-OZ-
Footballguy
Asking for a friend...
What value / how do you decide how to value your personal property if you actually wanted an accurate assessment of net worth?
Home equity, cars, some other stuff is fairly straight forward, but what about all your furniture, clothing, etc?
I don't care all that much about NW, but the wife asked
for her friend...
Maybe it's time to start hiding money.
What value / how do you decide how to value your personal property if you actually wanted an accurate assessment of net worth?
Home equity, cars, some other stuff is fairly straight forward, but what about all your furniture, clothing, etc?
I don't care all that much about NW, but the wife asked
for her friend... Maybe it's time to start hiding money.
Probably depends on who exactly is getting the values. I think the easiest way would be to do replacement value. This will be higher than the actual value (new bedroom set is obviously more than a used bedroom set) but it's a start.Asking for a friend...
What value / how do you decide how to value your personal property if you actually wanted an accurate assessment of net worth?
Home equity, cars, some other stuff is fairly straight forward, but what about all your furniture, clothing, etc?
I don't care all that much about NW, but the wife asked
Maybe it's time to start hiding money.
If this was just for my personal assessment, I wouldn't sweat it too much.
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wilked
Footballguy
We tried to sell our table set. No one wanted it.Asking for a friend...
What value / how do you decide how to value your personal property if you actually wanted an accurate assessment of net worth?
Home equity, cars, some other stuff is fairly straight forward, but what about all your furniture, clothing, etc?
I don't care all that much about NW, but the wife asked
Maybe it's time to start hiding money.
im guessing the market for my clothing is not high.
assign a value of $-200 to hire movers to clear the stuff out of your house
Tom Hagen
Footballguy
Bob Sacamano
Footballguy
Let her know the value of a human body based around just the chemical elements is about $160.
-OZ-
Footballguy
Sand
Footballguy
Zero, unless it includes a Picasso or some big rocks in the jewelry box. Good tools may be worth something, but probably not enough to make an effort to account for.Asking for a friend...
What value / how do you decide how to value your personal property if you actually wanted an accurate assessment of net worth?
Home equity, cars, some other stuff is fairly straight forward, but what about all your furniture, clothing, etc?
I don't care all that much about NW, but the wife asked
Maybe it's time to start hiding money.
BeTheMatch
Footballguy
-OZ-
Footballguy
just a tour de France. 
KCitons
Footballguy
Freak Show
Footballguy
pollardsvision
Footballguy
Yeah, and really as Hagen mentioned with jewelry, it's only smaller stuff that may have value (like guns).
Anything that takes up space (furniture, appliances) can routinely be found for free for anyone willing to haul it off. Heck, most of the furniture and appliances in my house (which is comfortably furnished and has 4 fridges not counting the one I just gave away) were either free or came with the house.
One of these days I might upgrade the couch (which was free). My concern is not the cost of a new one. It's the PITA of getting rid of the current one.
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-OZ-
Footballguy
Where?
One nice thing I guess about living here, annual property taxes are less than our food budget for 2 months. Almost equal to one month's principal and interest for the mortgage.
ghostguy123
Footballguy
-OZ-
Footballguy
Gawain
Footballguy
I put about 35% down, but (Property + School) > Mortgage by about $50 a month.
We are transitioning from double income to single income over the next six weeks. Never had to really budget because there was more than enough.
That has to change.
RUSF18
Footballguy
There are NJ counties with property taxes that are easily triple, maybe up to 5x, taxes in eastern PA counties. Wages aren’t providing much of an offset in those situations.
ConstruxBoy
Kate's Daddy
NutterButter
Footballguy
I never had an issue paying high property taxes in NJ. In return we have some of the safest towns and best public schools; cops and teachers cost money. Other than payroll taxes which for the most part you're getting back, with 2 kids in school, I think property taxes give me the highest ROI of all the taxes I pay.
culdeus
Footballguy
-OZ-
Footballguy
$1500 on a $350k house. Schools rank 46 out of 10,768 public school districts nationwide.
But it's Alabama.
Bob Sacamano
Footballguy
culdeus
Footballguy
culdeus
Footballguy
My taxable value is higher than Zillow. Because Zillow can't seem to recognize when people are selling their lots vs their houses.
Bob Sacamano
Footballguy
Bob Sacamano
Footballguy
Bob Sacamano
Footballguy
Judge Smails
Footballguy
What city? I have friends in certain cities of Alabama (Mobile, etc) where public schools are a non-starter.
-OZ-
Footballguy
-OZ-
Footballguy
Chadstroma
Footballguy
The highest property taxes (at least back in 2012 when I put a lot of time an effort into studying it) is NJ counties, then mix in NY counties followed by Illinois... then it starts getting mixed up pretty well. But NJ easily lwad the nation in highest property taxes.
