Posted on 09/19/2011 4:40:38 AM PDT by Kaslin
This plan creates a new definition of NIMBY.
Remember- you will be taxing your Granny in her house which she long ago paid for & is living on the railroad pension Grandpa left her.
IF assets are going to be taxed, then you are back to ASSESSORS on everything.
Do I just have an old dresser set or do I now have an ANTIQUE that they can inflate the value of? Do I have a valuable ring or do I have a small seed pearl/opal ring that belonged to my grandmother?
Will local property tax values be used for such taxing or what?
My dad died in 1980. His Soc Sec was $252 a month. I paid for lots of his living expenses...including his property taxes. He obviously did not have any income taxes under the current tax codes.
Under this plan, he would have to pay $1500 a year for income taxes just on the assessed value of his house. His 11 year old car, his furniture, his watch & jewelry would add to that assessment. He had very little when he died. Bad enough I had to pay inheritance taxes.
This kind of a tax could put elderly people OUT of their homes, no matter how meager such homes might be.
There would have to be some sort of minimum asset value test.
Remember-—when your Granny dies—a tax on everything she & Grandpa accumulated in their lifetimes will be taxed & YOU will get to fork over the funds.
I make $12,468 on Soc Sec annually.
I have owned my own home since 1966, altho this is the third home I am in since then. I own all my vehicles, furniture, appliances, etc.
The newest car is a 1979 station wagon.
IF all my assets were declared to be $200,000 in value, that represents a lifetime of accumulation of books, clothes, furniture, kitchen goods, appliances, etc.
That tax would be $3000, which is almost 25% of my entire income. I cannot pay that. I do not think I am alone in this position.
You make good points, but keep in mind that Granny’s check is funded by unsustainable borrowing.
Maybe she owes it to future taxpayers to take our a reverse mortgage.
Clearly, you’re right about the assessor issue. Maybe I need to limit my plan to assets of the type that are already reported to the IRS, like investment accounts.
God bless you! I’m going through a rough time, too — really rough — but I’m not giving up. (I don’t have a church paying me a salary, I don’t believe in it.)
You are right about wealth taxes. If they start on the rich it won’t be long before they are targeted at everyone.
“The newest car is a 1979 station wagon.”
My car was a pale yellow 1979 Mercury Zephyr and I got it in 1993. Fond memories of that car.
Praying for you:
Father God, please help ridesthemiles and meet his/her needs (sorry, don’t know if you’re a man or woman by your freepname). Be with him/her and make a way for more income. Father, send ideas and open doors. Thank You, and praise You! In Jesus’ Name, Amen.
>>it was not a happy place.
The Utopia promised by their ilk never is.
He already has. He's agreed to give most of his fortune to the William & Melinda Gates Foundation.
A major supporter of abortion...
Planned Parenthood is going to get his money one way or the other...
Why doesn’t Buffett just pay his secretary MORE MONEY and pay her taxes for her if he is so concerned about it?! /s
Buffet could pay himself a 10 million dollar salary and get some skin in the tax game. Nah
Exactly!
That’s a WORTHY charity?
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