Running over the Fiscal Cliff

First of all, I think you drink booze too much

Second, this thread is about potential tax liability, not where the most wealthy people lives.

Jiro said:
Post #196.
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diehardbiker said:
First of all, I think you drink booze too much

Second, this thread is about potential tax liability, not where the most wealthy people lives.
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I don't drink. perhaps a good night sleep will do you good.
 
Jiro said:
compared to other states, NY and NJ pay the most to federal taxes.
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How can it be? Federal taxes apply to everyone in America regardless of what state you live in. If you were talking about New Yorkers and New Jerseyans paying more state taxes than others, I understand completely.
Jiro said:
I have tons of friends making that much and they certainly do not have 3 BMWs and 1 million dollars homes.
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TONS of friends? Who the fuck are you?
 
Exactly, your thinking right. Since NJ and New Yorker pays more taxes to state and local, which enables them to write off local taxes on federal tax filing resulting less taxes paid to Federal than anywhere else except California and Wyoming.

CrazyPaul said:
How can it be? Federal taxes apply to everyone in America regardless of what state you live in. If you were talking about New Yorkers and New Jerseyans paying more state taxes than others, I understand completely.

TONS of friends? Who the fuck are you?
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CrazyPaul said:
How can it be? Federal taxes apply to everyone in America regardless of what state you live in. If you were talking about New Yorkers and New Jerseyans paying more state taxes than others, I understand completely.
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because we have the most population especially higher incomes.

Chris Christie drops bomb on GOP leaders - CNN.com
Christie also accurately pointed out that Northeast states such as New Jersey and New York send more to the federal government in taxes than they get back in federal aid, unlike many of the red states represented by conservatives in Congress. The "makers versus takers" narratives fall apart fast when confronted with reality.
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CrazyPaul said:
TONS of friends? Who the fuck are you?
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yes. investors. doctors. businessmen. restaurant owners. store owners. lawyers. list goes on. I've posted a pix of me having a dinner with a group of my friends in AD pix thread and I was the only one in the group without "Dr." prefix :lol:

I get free dental checkup because my ex is a dentist and owns her own office just 15 min away. her sister is a doctor too.

*shrug* nothing special. if you live around here, chance is you'd know several people like that. *shrug* it's common. nothing new.
 
CrazyPaul said:
Bullshit!
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why don't you do the math?

it simply does not add up. how can a person making $250,000 a year afford a million dollars house and 3 BMWs estimated valued at $120,000 total? beside... why 3 BMWs anyway?

how can a thousandaire lives like a millionaire? absolutely makes no sense at all unless he's planning to pull a Ponzi Scheme. I guess it's why you're called CrazyPaul....
 
Foxrac said:
$250,000 per year will be $20,833 per month, so if you use 30 years mortgage so will going be $5,000 per month for $1 million house.
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he certainly won't be able to afford to pay for property tax.

btw - it's not $20,833 a month. you forget that government will withhold a portion of his income. quite a chunk of it.
 
Jiro said:
why don't you do the math?

it simply does not add up. how can a person making $250,000 a year afford a million dollars house and 3 BMWs estimated valued at $120,000 total? beside... why 3 BMWs anyway?

how can a thousandaire lives like a millionaire? absolutely makes no sense at all. I guess it's why you're called CrazyPaul....
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Foxrac did the math in post #209. Kudos to him.
 
Jiro said:
he certainly won't be able to afford to pay for property tax.

btw - it's not $20,833 a month. you forget that government will withhold a portion of his income. quite a chunk of it.
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Who told you?
 
Jiro said:
he certainly won't be able to afford to pay for property tax.

btw - it's not $20,833 a month. you forget that government will withhold a portion of his income. quite a chunk of it.
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That's true for NYC and NJ, but the property tax isn't high in LA due to Prop 13 that cap on property tax.

Oh damn, I forgot about tax.

If FICA + federal tax combined at 40% so it will be $100,000.

$250,000 - $100,000 = $150,000.

It will be $12,500 per month, but I think you need have income that 3 times greater than mortgage payment.
 
CrazyPaul said:
Where? BTW, my wife's uncle is a retired doctor and has a million dollar home in Southern Calif.
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because he most likely has a good retirement investment paying for it. must have done a very good job at it.

My retirement portfolio is valued at around $xx,xxx in just less than 4 years... ten times the amount I put in with my own cash. it's a pitiful amount but it's just an example of how much you can make your honey pot grows in short time if you're very good at money.

anybody can do this. my brother works for one of the largest banks and his 401k is bigger than mine in just short time.
 
Foxrac said:
That's true for NYC and NJ, but the property tax isn't high in LA due to Prop 13 that cap on property tax.

Oh damn, I forgot about tax.

If FICA + federal tax combined at 40% so it will be $100,000.

$250,000 - $100,000 = $150,000.

It will be $12,500 per month, but I think you need have income that 3 times greater than mortgage payment.
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you forget state tax, social security tax, etc. so if you're making $250,000... it's possibly estimated at around $8,500 a month into your own pocket.

so I don't see how can a person possibly afford a $1 million house and 3 BMWs. it's not impossible and he can do it but to do so... it would be stupidly irresponsible... as what TXGolfer said.
 
Jiro said:
because he most likely has a good retirement investment paying for it. must have done a very good job at it.

My retirement portfolio is valued at around $xx,xxx in just less than 4 years... ten times the amount I put in with my own cash. it's a pitiful amount but it's just an example of how much you can make your honey pot grows in short time if you're very good at money.

anybody can do this. my brother works for one of the largest banks and his 401k is bigger than mine in just short time.
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No, he already bought the house while he worked.
 
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