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What does this thread have in common?
People who own property.
People who own property.
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I keep telling the wife we should sell out and become renters again!What does this thread have in common?
People who own property.
but as should be obvious to property owners, you not only build equity by paying down the principle, in many markets you also build equity by appreciation (if you are careful, buy at the right price and buy something with intrinsic value).
In short, you pay taxes whether you rent or buy (a portion of your rent goes towards taxes), but when you buy a portion of your monthly payment goes towards equity.
I am sure you have all heard this before.
A lot depends on timing.In nine years here we are a little over break even I'm guessing. My last house we nearly doubled our money though.
It's always a bit of a gamble.
Went up $200 because the economy is so good
Already paid over 40k in income taxes. Probably still not my "fair share".
There are a few big problems associated with basing all gov funding on a sales tax only. Such as;
- it is a tax that hits the lower income earners the most as they often need every penny they earn to provide a roof, clothing and food for their family so they pay say 15% of their whole income. The well-off pay the 15% on a smaller percentage of their income.
Rents go up when taxes go up, you will pay no matter where you live on land. Try a boat.
That may be true. However, tell me how the "well-off" became responsible for the "lower income earners"?
I was once a "low income earner" - the first 10 years of my adult life - while trying to support a wife and my young daughter - I made less, usually much less, than the "poverty line". I never felt, much less said, that anyone was responsible for my welfare - and no one was or is. Whether I suffer illness, bad circumstances, or just plain consequences of my own poor choices - I accepted that responsibility and never laid it on anybody else.
Yes, I asked for and accepted help from my family - but I never demanded it and I never tried to tell anybody that they owed me help. I have never said that anyone, especially strangers, should have their hard earned income taken from them and given to me, just because they earned more and I earned less.
I worked hard and I tried to make wiser decisions over the years. Eventually that paid off. I was fortunate - I had a decent family, and I was intelligent enough to that I eventually got paid well putting my brains to work for others.
That doesn't always work out for everybody, and it isn't always their fault when it doesn't. Sometimes they get sick. Sometimes bad things happen to them that aren't their fault. Sometimes they don't get the opportunities others do.
But that isn't my fault, and it isn't the fault of others who do well while some don't.
"Fair" means paying your fair share - which in turn means that you pay the same for groceries, for gas, for other goods and services as everybody else. It doesn't mean you pay more because you make more, and pay less because you make less.
This applies to taxes too.
Taxes pay for government services. Law enforcement. The justice system. The Military. Infrastructure such as highways.
The purpose of government is to protect our rights, to make sure we are all equal under the law - not to make sure that everyone is able to provide for their families - the latter is each person's responsibility, not the responsibility of all the other taxpayers.
And, they tax you if the property is sold and you make a profit.
It's a win/win for the government.