shah269 0 #26 February 1, 2012 I live in NJ and I make no joke $1 more than $100k. So go from there.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
Gravitymaster 0 #27 February 1, 2012 QuoteI live in NJ and I make no joke $1 more than $100k. So go from there. Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Quote Share this post Link to post Share on other sites
shah269 0 #28 February 1, 2012 Quote Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Northern NJ is nuts! Average home today still costs $400k. It is not a cheap place to live at all! But for now it's home, even though my property tax is $6kLife through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
kelpdiver 2 #29 February 1, 2012 Quote That's your real problem. You need to move somewhere cheaper. If he does that, his salary will go down as well. Go somewhere cheaper only works if your income is derived from investments or pensions, or if you're basically working minimum wage. Quote Share this post Link to post Share on other sites
kelpdiver 2 #30 February 1, 2012 QuoteI live in NJ and I make no joke $1 more than $100k. So go from there. Sure. 100k in income, single (presumed was true by year end), 270k mortgage@6%, 6k property tax, and presuming 6k contribution to retirement accounts. Federal deductions Ballpark estimate of 16k in interest payments on mortgage. 6k property tax ballpark estimate of 3500 in NJ taxes on adjusted income in 70s 3700 personal exemption 6000 in 401k/ira - you should be doing more than this ------- adjusted income of 65k this would give you a federal tax bill around 12,500, plus 3500 for NJ = 16,000, or 16%. Quote Share this post Link to post Share on other sites
Gravitymaster 0 #31 February 1, 2012 Maybe you could get a job as a parachute packer on the weekends. You definitely need to start producing more income. Quote Share this post Link to post Share on other sites
shah269 0 #32 February 2, 2012 QuoteQuote That's your real problem. You need to move somewhere cheaper. If he does that, his salary will go down as well. Go somewhere cheaper only works if your income is derived from investments or pensions, or if you're basically working minimum wage. Yes it's a catch 22. And yeah when you round up yeah give or take 20% of my income is taxed. If i were to get rid fo the condo and rent for say $2k my tax would then shoot up to a little over 30%. Either way you cut it...look these guys have found a loop hole that was designed for ensuring middle class folks would invest in the country and when they retired they could have extra funds to live on besides their savings and social security. The intentions were all good.....but how these bastards got hole of this and fucked it....well what can you do? They found another hole to rape in our society and are going to rape the shit out of it until it's dead or we are dead. Communism takes all the nations wealth and gives it to the few and kill off others. Capitalism....as it is practiced today...a few take all of the nations wealthy away and make the rest of us think we have a chance.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 3,119 #33 February 2, 2012 >The intentions were all good.....but how these bastards got hole of this and fucked >it....well what can you do? They found another hole to rape in our society and are >going to rape the shit out of it until it's dead or we are dead. As I recall you found a loophole you were going to use to fuck the country and rape the shit out of society. Were you going to do it until the country is dead? Quote Share this post Link to post Share on other sites
diverborg 0 #34 February 3, 2012 I don't know your circumstances, but judging from your posts, I would sincerely recommend you relocate and find a different job. It might take some time and its a short term PITA to say the least, but life really isn't that bad out there in the rest of the country. I make what you make in a podunk town in south Mississippi where you can buy a recent 2000 sq ft home for 150,000. If you're as educated as you claim, you should be able to find a job anywhere in this country making what you make. I have plenty to pay the bills every month, have fun, donate to charity, and enough left over to invest in retirement of that income. I'm not super wealthy, but I still have money to invest and I want that money to grow and I don't want to pay anymore on taxes on it than I have to. You can be in those same shoes. Seriously though, finding people qualified to do white collar work and upper end blue collar work around here is tough, and if you're a hard worker and qualified, the sky's the limit my friend. My wife has only a 2 yr degree and within two weeks of hiring on as a sales manager at a retail store, they offered her the general manager position over 20 people that have been working there way before she ever moved to town. Consider it. If you hate your job and circumstances it will completely destroy the way you view the world. Time to change. Quote Share this post Link to post Share on other sites
rehmwa 2 #35 February 3, 2012 Quote a loop hole that was designed for ensuring middle class folks would invest in the country and when they retired they could have extra funds to live on besides their savings and social security. The intentions were all good..... key point - the Government (either with good intentions or to just garner more votes) and designed a law that played favorites to a special group instead of useful for all citizens (one could argue this is beneficial for all citizens that choose to use it - Kallend would correctly argue, that those with more discretionary income have a great increased ability to use it). So - lessons learned - if a law is issued that is SPECIFICALLY DESIGNED TO FAVOR A TARGET GROUP - then it's wrong (unless that target group = law abiding citizens over law breakers) ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
carmenc 0 #36 February 3, 2012 QuoteQuote Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Northern NJ is nuts! Average home today still costs $400k. It is not a cheap place to live at all! But for now it's home, even though my property tax is $6k Luck you. Mine's $9k. Quote Share this post Link to post Share on other sites
shah269 0 #37 February 3, 2012 QuoteQuoteQuote Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Northern NJ is nuts! Average home today still costs $400k. It is not a cheap place to live at all! But for now it's home, even though my property tax is $6k Luck you. Mine's $9k. Brother I feel your pain, I hope you at least have some grass to lay on in the middle of the summer and relax. I don't even have that. Brothers, yes i know...NJ is nuts! But it is where my job is and at an unemployment rate of well over 8% i highly doubht any company will want me enough to buy me out of my condo which is underwater by a solid $100k. So yes I agree with you 100% but there is not much I can do. That said.... http://outfront.blogs.cnn.com/2012/02/02/will-mitt-romney-speak-out-on-the-legal-loophole-known-as-the-carry/?hpt=hp_t2 Can we all agree that this loop hole needs to be closed? If so then let's close it such that the world is a better place for us dorks in the middle class!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
weekender 0 #38 February 3, 2012 QuoteQuoteQuoteQuote Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Northern NJ is nuts! Average home today still costs $400k. It is not a cheap place to live at all! But for now it's home, even though my property tax is $6k Luck you. Mine's $9k. Brother I feel your pain, I hope you at least have some grass to lay on in the middle of the summer and relax. I don't even have that. Brothers, yes i know...NJ is nuts! But it is where my job is and at an unemployment rate of well over 8% i highly doubht any company will want me enough to buy me out of my condo which is underwater by a solid $100k. So yes I agree with you 100% but there is not much I can do. That said.... http://outfront.blogs.cnn.com/2012/02/02/will-mitt-romney-speak-out-on-the-legal-loophole-known-as-the-carry/?hpt=hp_t2 Can we all agree that this loop hole needs to be closed? If so then let's close it such that the world is a better place for us dorks in the middle class! What county do you live in? rental rates are at a near all time high and there are few vacancies. Many cannot afford to buy but want to live in a good town. I'm in Bergen County for the record, so know a bit about high taxes. Have you seriously considered renting? I do mean seriously, like spoke to brokers or friends who rent. I own a condo and have no problem renting it. Recently, raised the rent because i knew i could. Its a nice place in a great location. Renters didnt even complain because they checked around and it was inline with the market. Where do you work(location, not firm)? Rent your North Jersey condo and move to an affortable apartment more south or west on a train line. then commute to work like most people who make as little as you do. (i say that smiling b/c 100k is not much in suburban NYC)"The point is, I'm weird, but I never felt weird." John Frusciante Quote Share this post Link to post Share on other sites
shah269 0 #39 February 3, 2012 Yes Sir, at $100k/year I am lower lower middle class. And Yes I am looking at renting to turn the property into an investment property. My mortgage + condo fee is about $3k/ month but the most I could rent the place for right now is only $2k however if i can refi then yes I'll be able to. I'm working on this guys! I appreciate your support....hate to tell you and sure as shit you don't want to hear this but...I'm grateful and thank you!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
nanook 1 #40 February 4, 2012 Just make sure you scrutinize your contract thoroughly before you rent out. Depending on what type of bond your mortgage is packaged in, you may not be able to. Don't refinance through any institution that uses tax exempt bonds, for example._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #41 February 4, 2012 QuoteQuote Have you considered getting a part time job or starting your own small company? I don't know how anyone could survive on such a pittance in NJ. Northern NJ is nuts! Average home today still costs $400k. It is not a cheap place to live at all! But for now it's home, even though my property tax is $6k I live in Sunnyvale, CA and pay $400 (two zeros, not a typo) a year. Quote Share this post Link to post Share on other sites
kelpdiver 2 #42 February 4, 2012 Quote I live in Sunnyvale, CA and pay $400 (two zeros, not a typo) a year. But only due to having lived there for a *considerably long time* - since 70s when prop 13 passed? Or does a direct family inheritance avoid a step up in tax basis? Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #43 February 4, 2012 QuoteQuote I live in Sunnyvale, CA and pay $400 (two zeros, not a typo) a year. But only due to having lived there for a *considerably long time* - since 70s when prop 13 passed? Or does a direct family inheritance avoid a step up in tax basis? Last year I bought myself a fine double wide in a nice mobile home park and under California law I'm only taxed on the legally defined depreciated value of the building. They don't consider the fraction of my purchase price for the option to rent my perimeter space with a yard because the land is owned by a corporation. The corporation in turn is taxed at a 1.25% rate on no more than 210% of the land value in 1975 due to proposition 13 (although each 1975 dollar is worth $4.01 in 2010 dollars). I owned a home in Colorado, sold it and bought a place when I moved to Washington State in 2006, and was lucky enough to sell that for only a $10K loss six months later. I was renting as real-estate prices returned to normal but California house prices where I'd like to live were still out of line with incomes with ownership costs sometimes doubling rent (in other words I expect them to drop farther), rent was getting excessive (not something you'd want to eat while waiting for prices to revert to the mean), and for a lot less money (cash flow is $600 - $1400/month better than the adjacent 1-2 bedroom apartments) I got my 3 bedrooms, 2 baths, central heat/air, 1990s construction, nice deck/garden, and no common walls with neighbors. Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #44 February 4, 2012 Quote Brothers, yes i know...NJ is nuts! But it is where my job is and at an unemployment rate of well over 8% That's only relevant when you have an average chance of not having attended college, average chance of being an arts and parties major if you went to school, average chance of being a young person with no experience, average chance of being an old person perceived to be too expensive, are an average employee... There are some engineering positions where we can't hire enough people and are ecstatic to fill positions after six months of interviewing. Quote i highly doubht any company will want me enough to buy me out of my condo which is underwater by a solid $100k. You would be surprised at what people can negotiate. I was briefly working at a job where my project status was questionable, co-workers quitting weren't getting replaced, and the guy I signed on to work with got promoted where they told me I'd need to reimburse them for $xx,xxx in relocation costs if I left before my year was up. I was pretty pissed about getting dragged halfway across the country and hit with that news, interviewed with another company, brought that up when we started talking numbers, and got a signing bonus big enough to cover it. Getting your problems covered and relocation costs might be a bit much, but those are very manageable when you get a small company instead of paying some mega company with semi trucks $x a pound + $x a pound for temporary storage. Quote That said.... http://outfront.blogs.cnn.com/2012/02/02/will-mitt-romney-speak-out-on-the-legal-loophole-known-as-the-carry/?hpt=hp_t2 Can we all agree that this loop hole needs to be closed? If so then let's close it such that the world is a better place for us dorks in the middle class! That's the wrong attitude. We don't loose less if Mitt's tax rate goes up. Prior to 1913 there was no federal income tax. The 1913 income tax law allowed a $3000 exemption for single people ($65,331 in 2010 dollars) and $4000 for married couples ($87,108). The next $20,000 ($435,544) was taxed at 1%. Robber barons raking in $500,000 a year ($10,888,595) paid the top tax rate of 7%. The current standard deduction plus personal exemptions are $9650 for singles and $19300 for couples, which are off by a factor of 6.8 and 4.5. The lowest tax bracket is 10% capped at $8500 and $17000 so the rate there is off by a factor of 10 and bracket end off by factors of 51 and 26 for single and married people. The highest tax bracket is 35% starting at $379,151 with a rate off by a factor of 5 and minimum income a factor of 29. The right question is why cant we share Mitt's (still double the historic robber barons') rate or at least get things like higher education and health insurance thrown in when our state + local + federal rates add up to those in "socialist" countries that include such things. Quote Share this post Link to post Share on other sites
nanook 1 #45 February 5, 2012 QuoteQuote I live in Sunnyvale, CA and pay $400 (two zeros, not a typo) a year. But only due to having lived there for a *considerably long time* - since 70s when prop 13 passed? Or does a direct family inheritance avoid a step up in tax basis? Prop 58 protects reassessment of primary homes and the first 1M of secondary or other homes. We only pay $600 a year on a home we inherited in OB._____________________________ "The trouble with quotes on the internet is that you can never know if they are genuine" - Abraham Lincoln Quote Share this post Link to post Share on other sites