Who pays taxes in the U.S.?

[Guest web_norah]

thats why i didnt respond, that post read like the largest crock of shit ever.........

mortage banking or banking for that matter dont equate understanding of how tax brackets work, esp when you think 200K isnt rich.

[Guest JMT]

so pose this question

you've got an MBA. you're over 30. what the hell are you going to do with more education?

you're handicapped, you cant be available for all sorts of industries, you're educated with a bachelors. you have student loans. what the hell are you going to gain from education at this point?

more importantly. how are you going to pay rent and eat food?

answer this for me.

the truth is, the market was already on a downslide from Clintons administration and it sunk even lower during Bush's administration. then the country went to war - - not as a last resource, i might add..........

each day across this country there are 1000s of classified sections full of employment opportunities.

Bush inherited the start of a recession from Bubba. the worst tragedy IN THE HISTORY of the country occured, 1 million jobs lost in 1st month alone. yet the avg rate of unemployment is only .3% than it was under Clinton.

there is simply no way to spin that stat. its a remarkable fact.

[Guest slamminshaun]

thats why i didnt respond, that post read like the largest crock of shit ever.........

mortage banking or banking for that matter dont equate understanding of how tax brackets work, esp when you think 200K isnt rich.

Actually, my quote was meant for Tech. He said, more or less, that the banks are wrong for making the money available to people to buy houses, cars, etc. I say, wrong!!

[Guest JMT]

thats why i didnt respond, that post read like the largest crock of shit ever.........

mortage banking or banking for that matter dont equate understanding of how tax brackets work, esp when you think 200K isnt rich.

who are you talking to? bc he wasnt responding to me.

200k is NOTHING compared to the top 1%. and 200k in earnings in a partnership business is EVEN LESS.

[Guest slamminshaun]

I don't know if I should start a new thread for this or not, but if charging interest is eeeeeeeevil, how would banks stay in business? Actually, the whole concept of banking seems to be contrary to some beliefs on this thread, so what is the alternative to banks? How would grocery stores be built? Gas stations be built? Where would people keep their money? Where would the money in the economy flow in and out of? I'm just curious as to how we'd possibly have an economy without banks.

[Guest JMT]

money in a mattress.

[Guest web_norah]

no shit Sherlock, if you're Puff Daddy 200K is change to you - however, that doesnt mean that making or claiming earnings of 200 K is poor either.........get real. honestly.

and for those 1000 classified ads, why are people still complaining about certain markets and filing for unemployment? if you say Clinton messed it up, fine, then Bush didnt help matters ...

[tgibson]

no shit Sherlock, if you're Puff Daddy 200K is change to you - however, that doesnt mean that making or claiming earnings of 200 K is poor either.........get real. honestly.

and for those 1000 classified ads, why are people still complaining about certain markets and filing for unemployment? if you say Clinton messed it up, fine, then Bush didnt help matters ...

Where has anyone said that $200k is poor?

[Guest JMT]

no shit Sherlock, if you're Puff Daddy 200K is change to you - however, that doesnt mean that making or claiming earnings of 200 K is poor either.........get real. honestly.

and for those 1000 classified ads, why are people still complaining about certain markets and filing for unemployment? if you say Clinton messed it up, fine, then Bush didnt help matters ...

so you just pick and choose with parts to read?

COMPARED TO THE TOP 1% PUFFY IS WORKING AT MCDONALDS. damn youre pretty clueless here. when you are in a equal partership all parters split the net profit.

wtf dont you understand? only 0.3% higher unemployment and 9/11 occured!

[Guest endymion]

Thank you Mr. Banker? The bank can't put you in any capital gain situation.....only what you buy and sell along with the IRS's codes can.

Uh no, I'm happy about the capital gain part. The mortgage is what lets me create a capital gain for myself. The good rates that I get are the only reason why I am able to do that. I get good rates because I have money in the first place, you should see what having zero debt does to your credit rating.

So back to my point, the system is structured so that I get richer but a poorer person gets poorer for purchasing the same property. If that poor person bought something cheaper then he can't necessarily swing it any better because he could still get stuck with a crappy mortgage simply for being poor in the first place. The rich are getting richer and the poor are getting poorer off of the same deals in the same neighborhoods with the same banks.

How is that a fair system? It isn't, it isn't supposed to be a fair system. It's supposed to be a system that allows people who have money to make more money by charging people who have less money a penalty for being poor. Progressive taxes on the rich are a countermeasure to that effect.

[Guest JMT]

Thank you Mr. Banker? The bank can't put you in any capital gain situation.....only what you buy and sell along with the IRS's codes can.

So back to my point, the system is structured so that I get richer but a poorer person gets poorer for purchasing the same property. If that poor person bought something cheaper then he can't necessarily swing it any better because he could still get stuck with a crappy mortgage simply for being poor in the first place. The rich are getting richer and the poor are getting poorer off of the same deals in the same neighborhoods with the same banks.

a "poor" person shouldnt be buying the same property as you to begin with, it should be relevant to their finances. and there are plenty of loans out there that cater to all kinds of options, no income verification, no asset, etc.

like i said, this issue is really based on financial stupidity. not wealth.

[Guest slamminshaun]

Thank you Mr. Banker? The bank can't put you in any capital gain situation.....only what you buy and sell along with the IRS's codes can.

I get good rates because I have money in the first place, you should see what having zero debt does to your credit rating.

First, that's absolutely incorrect. Assets have nothing to do with rates on loans. Most banks offer ONE rate to everybody when it comes to mortgages, so this notion of different rates for different people is just plain wrong. Now, on to the other myth....Just because you have a 750 FICO score, does not mean you have more money then someone with a 650 FICO score. Rates are generally determined by FICO. Having debt does not necessarily hurt your FICO. It is when you CHOOSE not to pay your debt, that your FICO suffers. You can get a FICO above 700 before the age of 19 easily, thus qualifying you for the prime rates that banks offer on auto loans, assuming you have the income to afford it. Auto loans are the only loans I know of, where pricing is based on FICO scores. If you qualify for a loan at a bank, whether you earn $1,000,000 a year or work the Mackey D's drive-thru, you get the SAME RATES!! Name one bank that charges rich people less interest for the same loan.

[Guest endymion]

Sure and it's in the best interest of rich people to encourage poor people to over-extend their ability to pay, forcing them further and further into debt. In a capitalist society rich people are not obligated to look out for the interests of poor people. Mortgage lenders don't look after consumers, mortgage lenders look after mortgage lenders. Credit card companies look after credit card companies. Car dealerships with predatory financing plans only look out for themselves.

All of these vultures circle over poor people, not rich people. Banks are happy to loan me money but they aren't nearly as happy to loan me money at 5% as they are to loan some poor guy the same money at 15%. More money to be made off of the poor people because they pay more to borrow less.

[Guest JMT]

"poor" has nothing to do with interest rates. bad financial decsion-making DO.

this is an issue of financial stupidity, not weath.

a better justice to the "poor" would be to hold free seminars on how to manage your money.

[Guest web_norah]

so there isnt such a thing as being born poor? or losing your money, car, house due to divorce, bad investments, debt, losing the job, recession, etc....?

[Guest slamminshaun]

All of these vultures circle over poor people, not rich people. Banks are happy to loan me money but they aren't nearly as happy to loan me money at 5% as they are to loan some poor guy the same money at 15%. More money to be made off of the poor people because they pay more to borrow less.

My point again, is that income is not a consideration of loan rates. FICO scores aren't based on income levels either. Regular people pay LESS interest then rich people!!! Banks would rather loan to rich people because their 5% per year is worth more then the regular guys' 5% per year, b/c you're dealing with larger loan volume It a matter of common sense. Why would a VIP in a club sell a table to someone wanting to buy one bottle, when there's someone beggin to sit there and buy 10 bottles?

[Guest web_norah]

JMT seems to be a caring citizen, maybe you should hold seminars to teach people in Liberty City on how to manage their money.

[Guest endymion]

a better justice to the "poor" would be to hold free seminars on how to manage your money.

Yay great idea. But see you would be competing against predatory lenders trying to lead people into debt slavery. Rich people have lots of money for marketing and the temptations of vehicle and home ownership are hard to resist. Losing battle.

Even if your idea works it only works for people who are already middle class. If you're born poor as Norah mentions, you don't have the option of making sound financial decisions. You have to take on debt to stay alive whether you like it or not. Because you are poor and you live month-to-month you will never be able to save a down payment and you will always pay high rates. You will never pull yourself out of debt. You spend your whole life paying interest to rich people simply because you were born poor and they were born rich. That is not equal opportunity.

[Guest slamminshaun]

so there isnt such a thing as being born poor? or losing your money, car, house due to divorce, bad investments, debt, losing the job, recession, etc....?

Yes, people are born poor including me, and I explained how I escaped that using debt earlier in this thread. If one plans PROPERLY, ALL of the things you mentioned before are minor road blocks if they occur.

[Guest endymion]

Regular people pay LESS interest then rich people!!!

Regular people and poor people pay fewer dollars in total in interest but more interest per dollar of net value. That's a critical distinction.

[Guest slamminshaun]

a better justice to the "poor" would be to hold free seminars on how to manage your money.

If you're born poor as Norah mentions, you don't have the option of making sound financial decisions. You spend your whole life paying interest to rich people simply because you were born poor and they were born rich. That is not equal opportunity.

You don't mean the same poor people that wear $150 sneakers and have $2,500 rims on their car do you? I'd say their option was to save that money for something else, or try to be something they're not. Since when did banks become predatory lending vultures?

[Guest slamminshaun]

Regular people pay LESS interest then rich people!!!

Regular people and poor people pay fewer dollars in total in interest but more interest per dollar of net value. That's a critical distinction.

5% of one dollar is 5% of one dollar whether you're poor or rich.

[Guest endymion]

Regular people pay LESS interest then rich people!!!

Regular people and poor people pay fewer dollars in total in interest but more interest per dollar of net value. That's a critical distinction.

5% of one dollar is 5% of one dollar whether you're poor or rich.

What poor guy pays 5% APR on his life? Poor people are more likely to be paying off 18% credit card debts than they are to be paying 5% mortgages.

Poor people can't qualify for cheap mortgages in the first place because they are poor. If you have debt in the first place then your FICO score is lower. You don't get to an 820 by having debt on your books.

Another issue stacking the deck against poor people is that rich people have flexibility on when they buy and sell and they have more options on how. If you have one house and you're trying to make your way to the next then you have to sell and buy at the same time and you have fewer options. If you have a bunch of money and more than one residence then you can wait around to sell off the old residence until market values and interest rates are in your favor. You make money simply by being rich enough to create new options. Flexibility in selling is HUGE in terms of how much money you make in the end from buying and selling property. People are willing to pay higher sales prices when interest rates are low like they are right now. That means that rich people who wait until interest rates are low to sell off property at high purchase prices are making more money in the long run off of the poorer people who buy the property than they would when purchase prices are lower and interest rates are higher. To the indebted middle-class wage slave it's all the same because their monthly payments don't really change that much as you swing those two parameters around. To rich people looking at the property as an investment the purchase price is the only thing that matters.

This is just another example of how poor people and middle class people who are borrowing at the limits of their ability to pay, as banks encourage, lose money on the same deals that rich people are making money on. Rich people get richer, poor people get poorer. That is the overall trend with no artificial regulation by government.

[Guest JMT]

a better justice to the "poor" would be to hold free seminars on how to manage your money.

Yay great idea. But see you would be competing against predatory lenders trying to lead people into debt slavery. Rich people have lots of money for marketing and the temptations of vehicle and home ownership are hard to resist. Losing battle.

Even if your idea works it only works for people who are already middle class. If you're born poor as Norah mentions, you don't have the option of making sound financial decisions. You have to take on debt to stay alive whether you like it or not. Because you are poor and you live month-to-month you will never be able to save a down payment and you will always pay high rates. You will never pull yourself out of debt. You spend your whole life paying interest to rich people simply because you were born poor and they were born rich. That is not equal opportunity.

virtually every sentence in that post is opinion.

ive know orphans who are now accomplished financial advisors, managing money for Huizenga Holdings. and thats a fact.

[Guest endymion]

The trend in the US is that overall percentage of income going toward paying interest increases as net worth decreases. That isn't an opinion.