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Pilot killing taxes?

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Pilot killing taxes?

Old 02-19-2019, 10:37 AM
  #31  
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Originally Posted by at6d View Post
But no State tax
NV has no income tax and low property taxes.

Originally Posted by guppie View Post
My prop taxes are 3K on my 115K house. it’s all about the valuation.
What are you getting for 115K? My swimming pool cost me ~$80K.
I have a hard time imagining how much house could even be built for $115K.
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Old 02-19-2019, 10:40 AM
  #32  
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Originally Posted by Andy View Post
You have to be careful about that article and stats on that kind of stuff. It's all statistics and if you've ever taken a class in stats, the teacher likely stated on day one that figures don't lie but liars can figure.
Depending on how you slice and dice federal spending, the various studies will either count or not count things like military bases, national parks, social security payments, and other items where there's federal spending but isn't the same as providing food stamps, welfare, Medicaid, etc.

Basically, tell me what you want to prove and I'll make the numbers 'work out' by counting/not counting items that aren't necessarily pertinent to the discussion.

Should we count the $3.5 Billion federal grant to California for their [s]SFO-LA[/] Merced-Bakersfield HSR MSR Low Speed Rail? Should we count payments made to states to build/maintain roads and airports?
Side note: I will be curious to see what it costs CA taxpayers annually to subsidize the operation of the rail to nowhere - I will not be surprised to see the entire project mothballed within a few years of completion.

If you just count everything, it distorts the numbers. If you totally cherry pick what you include, it distorts the numbers.
I totally agree but his argument was on payroll taxes paid. It's indisputable that the high tax states are the high income states. Because he lives in a low tax state but earns a high income doesn't mean the majority of the state is like that.

Here is another one with similar numbers:

https://www.money-rates.com/federal-...-by-state.html
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Old 02-19-2019, 10:41 AM
  #33  
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Originally Posted by Andy View Post
NV has no income tax and low property taxes.



What are you getting for 115K? My swimming pool cost me ~$80K.
I have a hard time imagining how much house could even be built for $115K.
He probably bought a long time ago. Or just lives very frugally. A CA I fly with lives in a small home outside Atlanta he paid around $100k for in a small town. Not all pilots have $80k pools or a Mercedes in the driveway, even though we could afford it. I buy stock instead of cars and pools with my money .
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Old 02-19-2019, 10:55 AM
  #34  
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Originally Posted by Name User View Post
He probably bought a long time ago. Or just lives very frugally. A CA I fly with lives in a small home outside Atlanta he paid around $100k for in a small town. Not all pilots have $80k pools or a Mercedes in the driveway, even though we could afford it. I buy stock instead of cars and pools with my money .
I have lived frugally almost all of my life; same with my wife. A couple of years ago, the numbers indicated that our money would not only outlive us, but it would also continue to accumulate.
As it is, our kids will each get more than enough to blow after we're dead. … and the average number of generations for large inheritances is two before it's all spent.

So we're now spending some of our money. We still max out our 401ks and IRAs, but we're not saving extra anymore.
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Old 02-19-2019, 11:04 AM
  #35  
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I'm single and live in California.

Effective tax rate was 15.75% Federal and 6.0% State.

My refund was noticeably lower this year and the reduced deductions definitely hurt since I still itemized and had more than the standard deduction.
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Old 02-19-2019, 11:19 AM
  #36  
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Originally Posted by Andy View Post
I have lived frugally almost all of my life; same with my wife. A couple of years ago, the numbers indicated that our money would not only outlive us, but it would also continue to accumulate.
As it is, our kids will each get more than enough to blow after we're dead. … and the average number of generations for large inheritances is two before it's all spent.

So we're now spending some of our money. We still max out our 401ks and IRAs, but we're not saving extra anymore.
Yeah at some point it's time to enjoy some of it, there are many ways to do that aside from flashy possessions. My kids are already most-likely multi-millionaires, and besides if you try to leave them too much I'm pretty sure the government is going to figure out how to appropriate it eventually.
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Old 02-19-2019, 11:51 AM
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Originally Posted by jrmyl View Post
I ended up getting back about 9000 less than I would have with the old system. There is no way I made 9000 more in my paychecks this year. So yeah, I'm not happy with the loss of all those deductions.
Why don’t you look at what your tax liability was instead of looking at your refund
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Old 02-19-2019, 03:28 PM
  #38  
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Originally Posted by jcountry View Post
I’ve never seen a study, but I would think the taxes far outstrip income in those states.

Many people in NY and NJ and Cali would pay 5x as much in property taxes for a house like mine.....

The problem is certain states have just become incredibly bureaucratic and inefficient. Those states don’t provide any goods or services to justify anywhere near that cost
Sure they do. They provide a regular paycheck, pension and healthcare for life for that fat bottomed DMV clerk that ****ed you off last year, and the state tax clerks that calculate how much you should pay to support them both.
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Old 02-19-2019, 03:41 PM
  #39  
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Originally Posted by Name User View Post
Ok so you've never actually looked it up but just repeat the rhetoric.

For starters:

https://apnews.com/2f83c72de1bd440d92cdbc0d3b6bc08c

Just because you earn a lot in a low tax state doesn't mean most in your state do. In fact, it's quite the opposite.

Due to the the progressive nature of income taxes the income earned and taxes paid aren't linear. In a lot of "low tax" states the MFJ deduction with kids credit takes care of the vast majority of their tax burden!

Part of the reason those states have higher taxes is because of the cost of living. Here in NC, we start our cops off around $35k a year rising to $60k. Try to find someone on Long Island to put their life on the line for $35k!!!
That’s just about the dumbest article I have ever seen.

So much BS.

Just look at the last sentence-small example of an error. (There are many.....) It points out how much more states get back from DC than what was sent.....

And blames that number for our deficit.

I’m trying to not be insulting, but there is one hell of a lot more going on with the deficit than just federal spending on state stuff.

What passes for journalism these days is disgusting.
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Old 02-19-2019, 05:05 PM
  #40  
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Originally Posted by TheRaven View Post
Why don’t you look at what your tax liability was instead of looking at your refund
So I did a little math.

Taxes withheld for the year as a percentage of my income went from 11.89% in 2017 to 10.20% in 2018. So a slight gain in my favor.

However...

My tax liability after deductions went from 2.2% in 2017 to 6.6% in 2018. So a huge decrease for me.

I do the foreign residence exclusion. This year none of my housing costs were deductible. None of the business expenses were deductible. None of my housing interest was deductible. All in all I lost $11,234 in deductions when compared with 2017.

I like it that the standard deduction went up, but it would have been nice if they would have still allowed the options of having those other deductions.
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