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[quote=”sweikert925″][quote=”imxploring”]
People keep throwing out numbers telling us how long the trust fund is secure for and able to continue making it’s promised payments to those that paid in. But keep in mind that’s ONLY if Uncle Sam can make good on the IOUs the fund is full of.
[/quote]What you don’;t understand is that the trust fund is invested in treasury bills that are bought periodically, those bonds mature and are then redeemed and new ones issued. It is NOT like a collection of IOUs that someday have to be redeemed all at once. This has been going on for decades. There has never yet been a case where treasury bills issued by the federal treasury go unsold. Is it possible that someday that will happen? Well, yes, I suppose, but it is also true that someday I may win the Powerball jackpot.
Read more about how SS funds are administered here:
http://www.ssa.gov/oact/progdata/fundFAQ.html#n6
[/quote]There is a good chance that those bonds will go unsold. With the reckless governance and a unwillingness to make difficult decisions it is very possible that you won’t find a buyer. Forget powerball, the odds of winning are to great, no buyers for bonds many times more likely.
What is the cost for a US citizen? Fire,police, medical education, roads, etc. Should we not expect each of us to make our own way. If you have children should you not pay their way. Sure there are individuals with special needs and I support their keep but is the government the answer to those that have given up or are lazy or feel they should be supported by government purely because they exist. The expression “life is hard” and we need to encourage people to be self-reliant. Life is not fair or easy but show some intestinal fortitude. I do support the help to individuals with special needs and would spread the cost across the populous
[quote=”kwhite1″][quote=”jmcbuilder”][quote=”kwhite1″][quote=”jmcbuilder”][quote=”sweikert925″][quote=”jmcbuilder”]
Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years.[/quote]And one more thing, if a 3.8% tax on the sale of your home amounts to a tax of $50,000 it must mean that your home is worth $1.3 million. Lucky you!![/quote]
This 3.8 percent tax on your home came from News media sources. I hope your correct. My capital gains will exceed $200,000 sounds like a tax for me.
The value of my home is high. This was not luck, but a lifetime of hard work. There wasn’t any programs for me to get in your pocket at the time. Obama has proposed a program to help unqualified individuals home ownership, seems to me that was what started the mess to begin with. Would you like to have my $9600 property tax bill. Home for sale!![/quote]
JMC, I just want to make sure that you pay your fair share my friend, don’t try to weasel out of the taxes you owe!
I think it is glorious that if you have worked harder or just been plan luckier in life, that you should have to pay more. I love the flat tax concept, albeit it needs some fine tuning, if you make $1,000,000 US then you pay $150,000, if you make $100,000, you pay $15,000, and so on.
[/quote]Taxes are fine as long as they are reasonable with everyone and I mean everyone carrying their share of the load. Today my hands hurt from manual labor, this is where my capital gains are coming from not a stock market investment but from the sweat of my brow. I’m looking forward to paying lots of taxes in Costa Rica, maybe they will use the money more wisely.[/quote]
That has been my complaint all along, why should I pay more than my neighbor is did not take the risk of starting HIS own business. The answer lies in “everyone gets a trophy”.
Think about that phrase, everyone gets a trophy. When you played little league or high school ball (back in the day), I spent the 1st 2 seasons playing left bench, why? Because I sucked!! The ones who worked harder got the play time. The ones who did not play as well got less play time, I was forced to work harder and get better if I wanted field time.
When my daughter was 6, I coached the soccer team, I was cautioned by the league because I was too concerned about the score, I was told that we don’t keep score, it just about the experience. At the end of the year, every player got the same sized trophy as the team that crushed everyone. That taught all those kiddos that you really don’t need to try, you’ll get a trophy even if you lose….umm welfare anyone? Ohhh!! American Idol is on!! (plus I learned that I suck as a soccer coach).[/quote]
Kwhite, I’m a big fan of those that went out on their own, took the risk, paid their dues, paid their taxes, fought off legal attack, complied with all of big brothers rules, only to put in long hours for some financial gain and I think of all those that went for it and failed still deserving respect. Shame on the rest that only wish a penalty on those folks and didn’t have the guts to do it themselves.
[quote=”kwhite1″][quote=”jmcbuilder”][quote=”sweikert925″][quote=”jmcbuilder”]
Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years.[/quote]And one more thing, if a 3.8% tax on the sale of your home amounts to a tax of $50,000 it must mean that your home is worth $1.3 million. Lucky you!![/quote]
This 3.8 percent tax on your home came from News media sources. I hope your correct. My capital gains will exceed $200,000 sounds like a tax for me.
The value of my home is high. This was not luck, but a lifetime of hard work. There wasn’t any programs for me to get in your pocket at the time. Obama has proposed a program to help unqualified individuals home ownership, seems to me that was what started the mess to begin with. Would you like to have my $9600 property tax bill. Home for sale!![/quote]
JMC, I just want to make sure that you pay your fair share my friend, don’t try to weasel out of the taxes you owe!
I think it is glorious that if you have worked harder or just been plan luckier in life, that you should have to pay more. I love the flat tax concept, albeit it needs some fine tuning, if you make $1,000,000 US then you pay $150,000, if you make $100,000, you pay $15,000, and so on.
[/quote]Taxes are fine as long as they are reasonable with everyone and I mean everyone carrying their share of the load. Today my hands hurt from manual labor, this is where my capital gains are coming from not a stock market investment but from the sweat of my brow. I’m looking forward to paying lots of taxes in Costa Rica, maybe they will use the money more wisely.
[quote=”DavidCMurray”]Soylent Green was a 1973 science fiction movie. You can read about it here:
http://en.wikipedia.org/wiki/Soylent_Green
My take on it is that Victoria won’t have the technology available to convert the neighborhood children to soylent green and will, instead, simply develop the techniques to fatten, harvest and prepare them using conventional means.
Remember, you read it here first.
[/quote]What wine do you recommend? The cannibals say we taste like pork. hahaha
[quote=”sweikert925″][quote=”jmcbuilder”]
Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years.[/quote]And one more thing, if a 3.8% tax on the sale of your home amounts to a tax of $50,000 it must mean that your home is worth $1.3 million. Lucky you!![/quote]
This 3.8 percent tax on your home came from News media sources. I hope your correct. My capital gains will exceed $200,000 sounds like a tax for me.
The value of my home is high. This was not luck, but a lifetime of hard work. There wasn’t any programs for me to get in your pocket at the time. Obama has proposed a program to help unqualified individuals home ownership, seems to me that was what started the mess to begin with. Would you like to have my $9600 property tax bill. Home for sale!!
[quote=”kwhite1″][quote=”DavidCMurray”]Here’s my take . . .
The “chained CPI” will be adopted by Congress and approved by the President. Its effect will be much more devastating on seniors than anyone has suggested. And the impact will be felt much sooner than anyone will admit.
The premise behind the chained CPI is that as one thing becomes more expensive, people will opt for less expensive alternatives. So, for instance, if beef becomes prohibitively expensive, people will move to pork, then chicken, then fish and then eggs. Eventually, of course, people will exhaust all the affordable options.
As a result, people in remote areas (think the Lake Arenal area) will be the first to resort to kidnapping young children from local families and fattening them in carefully concealed outdoor pens before butchering in an effort to meet their protein needs. The movement to subsist on human flesh will be led worldwide by well meaning women who follow VictoriaLST’s initiative.
Unlikely? No, you read it on the Internet.
[/quote]David, I knew you would see the big picture, there is hope for you yet. I could not have laid out a better example![/quote]
This sounds like Soilent Green. The truth is stranger than fiction. Does anyone know where that expression comes from, being a philistine and all?
[quote=”DavidCMurray”][quote=”jmcbuilder”]
David, foolish insult.[/quote]jmc, I intended no insult. If you perceived one, please accept my apology.
[/quote]
David, no insult taken. I have spent a lifetime building a small future for myself. There has been many hardships in my life, like everyone else. My hard work should have some value, my charity has some value, I choose my destiny, and no government owns me. Remember I’m the product of the great generation!
[quote=”DavidCMurray”][quote=”jmcbuilder”]The groundwork is being laid for the taxation of US citizens abroad. Sorry I’m two steps ahead in thinking!![/quote]
Sorry, jmc, but you are at least two steps behind, not ahead. The IRS Code has, for decades, provided for universal taxation of the income of U.S. citizens. It ain’t nuthin’ new. You can ask anyone who actually lives outside the U.S.
And while you can slog through the process of renouncing your U.S. citizenship, you will continue to be liable for U.S. income taxes for something like ten years after your renunciation, so that will provide you little shelter.
Too, income derived in the U.S., regardless of the citizenship of the recipient, is subject to taxation by the IRS. So if, for example, you renounce your citizenship but make taxable withdrawals from an IRA, receive Social Security, have residual income from royalties, rents, etc, you still have to pay U.S. federal income taxes.[/quote]
David, foolish insult. Me denounce my citizenship. I have never said that was my intention. Personally take it all, just leave me alone. One of my German friends for sure does not have this problem. I’m not or never will be the slave of the US. You must think me simple!! By the way I have lived outside the US, and perhaps longer than you. When my second cousin ran for president of the US I can’t remember the corruption being so intense. Since you live abroad perhaps the intense feeling I have you can’t understand.
[quote=”DavidCMurray”][quote=”jmcbuilder”] Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. [/quote]
As long as we’re fantasizing, let’s say that the U.S. decides to tax the rise in the value of your domestic (U.S.) home on a yearly basis. So how would living in Costa Rica be any different? And who do you suppose would administer this levy?
And suppose they decided that the depreciation on your car was tax deductible, too.
And suppose they came for our guns, our Bibles, our Torahs and our Korans.
And suppose they round us all up and inter us all (I mean everyone) in the FEMA camps we suppose they’re building (but which no one can find).
And suppose . . .
And suppose . . .
And suppose . . .(ad nauseam).
Of course, no one has proposed any of this, but let’s just let our imaginations run wild (and sound more and more like (you know who)).
[/quote]
Sure, all conjecture. I think it important to evaluate current conditions and make judgements accordingly. The bs about no new taxes on people making less than 250k a year at the time the healthcare bill was being passed. Turns out there is a 3.8% tax on the sale of my personal home in the obamanation healthcare bill. That represents over 50k tax on me and I haven’t earned over 50k a year for the last 6 years. The groundwork is being laid for the taxation of US citizens abroad. Sorry I’m two steps ahead in thinking!!
[quote=”kwhite1″]
Kwhite… I can’t think of a more interesting neighbor than David, great fun I’m sure. I think that travel won’t be so difficult but the removal of assets will be the problem. What’s your take on Costa Rica signing the tax compliance agreement. What constitutes tax evasion and is that a moving target? One minute in compliance and the next in violation.[/quote]
I don’t blame CR for signing it, they were pressured and the ramifications would cause haovic amongst the expats, thus resulting in less expats moving there in fear of being hassled by the gubment. Less expats = less $.
Tax evasion is illegal and I would never condone illegal acts, tax avoidance, however, is legal, and I am a big advocate of utilizing the tax laws in effect and minimizing the taxes paid via the very laws written to tax you!
And I agree David would be a great neighbor! I like David, I was just ribbing him by my tag line (my sense of humor is very dry and twisted sometimes, keeps me in trouble)[/quote]
I was thinking in terms of the rules being changed on us in the future. The US is going to chase us everywhere in the world because we have some assets and I believe they will take from us because we are citizens with the help of foreign governments. Not only will the foreign governments help the US identify holdings in their countries but help in the collections process. Cyprus on steroids.
Every year we have to file tax returns with the value of foreign holdings. Let’s say that the US decides to tax the rise in value of your foreign home on a yearly basis. You say that can’t happen, we have constitutional equal protections, They could not do this to a small group. I say what about the rich and their equal protections, what is their fair share.[quote=”kwhite1″][quote=”jmcbuilder”][quote=”kwhite1″][quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).[/quote]
That’s my plan also. We better hurry before the gang in Washington try to stop us.[/quote]
JMC….it’s too late SS won’t be there for us, just have to grind it out before they restrict travel out of the US (which is coming unless you are politically connected).
Target date of early 2014 for me, I think 2015 will be too late.[/quote]
Kwhite… I can’t think of a more interesting neighbor than David, great fun I’m sure. I think that travel won’t be so difficult but the removal of assets will be the problem. What’s your take on Costa Rica signing the tax compliance agreement. What constitutes tax evasion and is that a moving target? One minute in compliance and the next in violation.
[quote=”kwhite1″][quote=”Scott”]This would the “inversionista” (investor) residency status ….
The quote below taken from: [url=https://www.welovecostarica.com/members/580.cfm]Costa Rica Residency Categories Explained[/url] – New Immigration Law update.
“Another Temporary Residency Category is the “Inversionista” or Investor Residency Category. This Category requires a minimum of a $200,000.00 U.S. investment in Costa Rica, in property, corporate shares, securities, production projects, or projects of a National interest.”
I filmed some video interviews with Attorney Rick Philps yesterday which will be edited and ready in a few weeks …
Scott
[/quote]
Thanks Scott, good info to know, looks like the rentista is my route as I am not old enough for SS (and doubt it will be there when I am of age).[/quote]
That’s my plan also. We better hurry before the gang in Washington try to stop us.
The US is completely corrupt and until this is stopped nothing will make sense. By the way after the war in Iraq Canada bought 10 million dollars worth of yellow cake from Iraq. Granted that’s a long way from a weapon. It was reported yesterday that JPMorgan is one of several corps that are administering food stamps, taking fees and expanding the rolls. Funny how another gift is presented to the banks.
[quote=”kwhite1″]
On occasion I enjoy shooting and hunting. There is something about the science of ballistics that I find challenging. Taking a rifle system and making it perform to its best and trying to keep my natural sloppy thinking out of the way brings me enjoyment. Our weather is improving so I went to buy some reloading supplies. Shocking, the shelves were empty and I mean nothing on them!!![/quote]
I hear ya!! It has been a quest of mine over the past 2 years on buying ammo. I would buy the common sizes, 9, 7.62, 30-30, .223, .308 and 12 gauge (all my favorites), and have quite a little stockpile, some would think I was the village nut job, I called it being prepared. All my buddies are singing a different tune nowadays. They tell me now they wished they had listed to me when I was telling them to buy when I was. Now I have 10’s of 1,000’s of $’s sitting waiting for buyers to come. Way better investment than any stocks I have ever owned. 100% return, even better than my silver investments.
Anyway, I used to go to the range every weekend, not anymore, I have trouble shooting all my toys at $1 a round, can’t justify it, especially when it is so hard to get now.
It will not ease up anytime soon, expect an ammo shortage for the next 4-5 years atleast. Ammo shortage = gun control without the removal of actual guns. More than one way to skin a cat huh?[/quote]
A couple of cargo containers of ammo purchased a year ago would sure turn a big profit today. I’m still ok with several hundred rounds but I wish I had more. A little shortsighted in my ammo purchase. I guess I’ll have to find a different hobby.
