C’mon buyinghouse. You know what we’re arguing here. You’ve argued the same thing about your section 8 neighbor–you work your butt off while he sits there drinking beer and causing trouble in your neighborhood living off money that you worked for and the government took a chunk of.
Thanks Terri for being so educated to address the topic. Are your kids out of school?
I am stuck with my daughter at home. I just sent my mother back to Guatemala, almost 4 months at home, barely leaving if not to present some business ideas to other people.
Of course I have cried over these real freeloaders. So far, the ones in my hood are real, real freeloaders without any appreciation for their luck and not behaving like neighbors, but like tyrant SOBs.
But, it has been my opinion that we all get a handout from the government if we reach certain requirements, you can backtrack my arguments in the old defunct Redfin forum. It has been my position every time.
What happens here is that we all see each other as a saint because we may own a home or two, so we are exempt from be identified as a freeloaders.
What I am trying to make everybody understand is that by definition, we shouldn’t call the real estate market a free market. Nothing out there is a free market. There are out there those things called “tax incentives” “tax deductions” “tax deferral” yada, yada, yada, you name the thingy to make you be above others. Without them, you won’t move a finger, you need uncle Sam’s programs to help you out. Look at Amazon not moving into a city if they don’t get a handout in the name of tax deductions or tax incentives.
Try to sell a home, pay the taxes right away like anybody else does with other activities, then buy another one. You wouldn’t do it, would you? Oh! There it is! A handout in the name of a tax code!
Got my point? Not yet? A handout is something you wouldn’t get with the help of your own initiative. You need somebody to approve that “help” considering your “special” circumstances.
OK. Say you sell a house. You get a $500K deduction from the government because you are married, plus the base price, the rest you get capital gains. See the “help, free handout”?
In other countries, like my ex, good luck! You buy, and you sell, no breaks, you pay the taxes right away. Period!
Peter has a business. He makes a gross income of $3M. Taxes are going to be huge! Well, not anymore. I came to him and told him how to grab 10% of that gross income, up to $2.3M and put it in a special account, double if 2 owners. That is deducted from their gross income, they keep it there for a year and then pull it back into circulation the following year. What is that called?
Now, don’t we all wish to sell something on the market and never report the profits to the IRS, or postpone paying those taxes if we buy another similar item and expect to sell it some day? Somebody is profiting from those unpaid taxes, that money doesn’t belong to him anymore. Why?
Don’t you wish never pay taxes, or pay them in 40 years?
So, after the above, we need to ask questions about this:
Are all home owners allowed to depreciate, cost segregations, and 1031 if they don’t buy a second home but sell their primary?
My point is that if you need a tax code to be above anybody else, you are receiving a handout from the government one way or the other.
We did that when we bought our house. So, what’s so “I can’t say the word” here when everybody feels insulted? I am calling myself a freeloader, what’s wrong with that? Jesus! So infantile!
What about farmers getting $12 billions from the government? Who are they? What is going on? Why that handout? Why is anybody so quiet about that? They should have their own reinsurance and not depend from taxpayer’s money, that is you and I.
Nobody is going to answer that because it doesn’t fit their agenda. I bet you 100% they won’t!
It’s that entitlement, that attitude of being above anybody else, as if owning a first or second or more homes takes them off of my list. No way! Like somebody said here, their chit stinks too! So, why insulting other underprivileged Americans that really deserved to be helped?
The difference between investors like others here and the freeloaders is that the former are being helped by uncle Sam with tax codes. The latter can’t afford them or don’t qualify to use them. Hint= Help.
And that’s another point. If you so much hate them freeloaders, why renting your units to them? None the less, renting them, and never looking back to check upon the disasters they create in our hoods.
The people here worked for the money they invested. A tax “break” is just a rule on how much they have to give to the government. Unless that tax break actually puts $$ back into their pockets so that they started with $1M and ended up with $1.2M, then they’re not getting a handout. If it does, then they are.
If you believe that the government already owns our money and taking less of it is a handout, no one here will ever agree with you. That’s the difference between the entitlement attitude and the work ethic attitude.
I don’t go around the bushes, I have said it enough times. This is not a capitalist environment, or a free market when you, contrary to the rest of the population “need uncle Sam” to achieve your goals. I am a willing participant of this type of “capitalist society” when we got our home through a low income program.
What happens here is the entitlement attitude of those who, working real hard, luckily or brilliantly have achieved certain success and now they feel that the help they got from uncle Sam allows them to put others in the line of production down as dogs with rabies.
Specially those Americans who “hate the government” but are so happy to use its tax loopholes.
Did you say “entitlement attitude”?
Do these farmers deserve this welfare?
Why are they “dependent” on the government as some poster said it above?
What happened to the rest of business owners hurt by this petulant child man?
How about some mercy for those poor laid off workers from the GM or any other industry?
Because they are poor, they don’t qualify for a “welfare package” as the one above?