View Tax???

[MJM]

Originally Posted by secondcurve

Pineneedles:

I think you have an old fashion, run of the mill family problem. It is nothing to do about taxes in my opinion. If taxes were low, there would likely be other issues amongst the various generations. It is difficult to own property with relatives due to the differing agendas you note. Good Luck and when negotiating remember that you only have one family, despite how wrong they are on the cottage issues!

I agree it's an old fashioned issue, but the degree of the inherent challenges has changed dramatically, because the property value have increased so dramatically.

In the past, it was possible for the average family members to be able to handle the maintenance costs, taxes, etc., and could also often offset much of those costs by renting the place for periods of time if need be. Now, with the values so high, and therefore the taxes so high, keeping up with the costs is out of reach for many.

Don't get me wrong - people should feel very fortunate to have this "problem", but it is indeed sad when a family place has to be sold due to this type of situation.

And I couldn't agree more on the note that there could be other issues anyway.

[dpg]

My parents have neighbors that lay out on their porch every summer in their bikinis for hours. Wonder what that does to their tax bill? Worth the fee whatever it is.

[RI Swamp Yankee]

Originally Posted by dpg

.... Worth the fee whatever it is.

Maybe .....
.
.

[phoenix]

the issue of the view tax has surfaced not because of water front but the back land that has views. The waterfront people have always paid more but it was easier to relate to increased property value with other views it can be more difficult. I also lived in Cal for three years and saw the reason for prop 13. Many of the state mandates were funded by local taxes and towns focused on the rate not total spending and were increasing spending whenever they increased property values. I think you have a similar problem in Nh and could get worst depending on how the education problem gets solved. Jarvis felt the only way to get local taxes under control was a cap. It has allowed people on fixed incomes to manage their taxes by not selling their home. All spending in the end can't fall on one base. Sometimes one has to put constraints on the "pols"

[Skip]

The good folks in Concord did not buy the Tommy Thompson argument on the so called "view tax".

Read about it here in tonight's on-line UNION LEADER!

[fatlazyless]

Cutting the spending is just not going to happen. Too many teachers, police, fire, and municipal employees show up in strength at the local voting polls and vote, as is their right.

Good for the 'ax the view tax' crowd. At least they tried. Better to try and fail. With each and every subsequent six-month property tax bill, more and more property owners with views will get taxed and will be financially stressed. Eventually, the legislature will say:" we really do not want to do this but feel we have no choice, and find it necessary to pass a 3.33% income tax! Cheers for the 'ax the view tax' crowd.....at least they tried!

[Skip]

Originally Posted by fatlazyless

Cutting the spending is just not going to happen. Too many teachers, police, fire, and municipal employees show up in strength at the local voting polls and vote, as is their right.

Good for the 'ax the view tax crowd.' At least they tried. Better to try and fail. With each and every subsequent six-month property tax bill, more and more property owners with views will get taxed and will be financially stressed. Eventually, the legislature will say:" we really do not want to do this but feel we have no choice, and find it necessary to pass a 3.33% income tax! Cheers for the 'ax the view tax' crowd.....at least they tried!

Oh, I don't think you'll see an income tax any time soon. You see the majority of today's Democrats including our hugely popular Governor were elected on the new "Democratic Advantage" .....no sales or income tax!

Yep, these newly elected Democrats and their leader are keeping to the promise that got them elected to power this time around....no new broad based taxes. Yep, when it comes to the no new broad base tax issues in this State both parties have finally found an issue that they truly can be bipartisan in!

Ain't politics strange!!!!

[fatlazyless]

Yes, as a new source of income maybe Meredith should hire Judd Gregg to buy Powerball tickets for the town.

For years and years, the local NH property tax system worked well because the prop tax was relatively low. Well, it is not so low anymore and property tax payers are getting stressed. Witness the big Democratic win in the last election.

How about mandatory $33.33 purchases at the Rt 93 state liquor stores for all vehicles otherwise they get routed onto the old Daniel Webster highway or a tax on leaves that fall off trees. For every fallen leaf, you must pay the local town two cents. Yes, it's the two-cent leaf tax and it will bail out the whole state......just my opinion.......two-cents!

Question of the day. If a municipality like Meredith were to actually play the Powerball with municipal money with their intention to fund their local government, would their winning be exempt from federal taxes? I do not know the answer.

[SIKSUKR]

Originally Posted by fatlazyless

Yes, as a new source of income maybe Meredith should hire Judd Gregg to buy Powerball tickets for the town.

It's time to give the powerball thing a rest!

Originally Posted by FLL

For years and years, the local NH property tax system worked well because the prop tax was relatively low. Well, it is not so low anymore and property tax payers are getting stressed. Witness the big Democratic win in the last election.

So the Democrats won because NH has high property taxes?That's laughable.I think it had a lot more to do with a certain war in Iraq.

Originally Posted by FLL

Question of the day. If a municipality like Meredith were to actually play the Powerball with municipal money with their intention to fund their local government, would their winning be exempt from federal taxes? I do not know the answer.

I'm sure it would be exempt just like it would for you FLL.Oh,but that's right,if you won you would rather pay more tax on your winnings to the state right?Please,your arguments start to lose credibility after a while when you beat a dead horse with this lottery thing.

[ITD]

There must be a way, or maybe the new politicians should devise a way for citizens such as FLL who champion new taxes to VOLUNTARILY contribute money to the state coffers. I'm sure Less would willingly contribute 5.3% of his income to New Hampshire. Here in Massachusetts there is a place on the state tax return to pay extra. Not many people do so, although many do complain taxes need to be HIGHER. I call hypocrisy, what these people really mean is higher for other people.

Edit: Upon rereading this I want to make it clear, I'm not calling FLL a hypocrite, I'm talking about the vocal minority here in Mass. that cry for more taxes yet when presented with the opportunity to put their money where their mouth is they disappear.

I just don't know FLL well enough to determine anything other than he is colorful and persistent and perhaps travels a little (lot?) left of the beaten path.

[Skip]

Originally Posted by ITD

There must be a way, or maybe the new politicians should devise a way for citizens such as FLL who champion new taxes to VOLUNTARILY contribute money to the state coffers. I'm sure Less would willingly contribute 5.3% of his income to New Hampshire. Here in Massachusetts there is a place on the state tax return to pay extra. Not many people do so, although many do complain taxes need to be HIGHER. I call hypocrisy, what these people really mean is higher for other people.

Once again FLL's rant on former Governor Gregg reminds me of that old adage...

The only fair tax is the tax the other guy pays!

[vrrooom]

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

[ITD]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

Sorry Vrrooom, but your alum is either a liar or a cheat or both. If he is making a 7 figure income he is in at least the top 10% of earners and he should be paying at least an "effective" tax rate of 28% http://www.cbo.gov/ftpdocs/57xx/doc5...edTaxRates.pdf

which would amount to about $280,000 for $1,000,000 earned. I'm not an accountant but diverted means he hasn't been paid the money yet and will be taxed when he receives the money. This perception that higher income people don't pay taxes is bogus and it is very easy to find the numbers from the IRS if you are not convinced. Of course there are many crooks who think they can get away without paying taxes but eventually they get caught and end up in jail.

[Skip]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are...most of the people with 7 figure incomes pay little or no income tax... Most of the income tax burden falls on the "middle class"...

Wow, you are probably going to take a beating for those statements. Of course there are litterally hundreds of easily accessible websites that will show over & over again that the very top wage earners in the country with extremely high incomes and still unbelievable cash at their fingertips after tax time pay the the bulk of the income tax base.

Take a few minutes and google income tax statistics.

One quick fact, the lower 50% of the income payers in the United States only contribute 3.3% of the total income tax base. I'll let you find the other interesting stats on your own, but I believe it may be a real eye opener for some of those "uninformed taxpayers".

[vrrooom]

Without saying much, lets ponder some points. Many large corporations have tax consutlants and departments, whose sole purpose is to minimimze the taxes paid by the corportation. Why then should we be surprised that very high income/net worth individuals have the same advisors with the same goal. Is their value, and compensation based on how much they get their clients to pay in taxes or how much they avoid using all the legal loop holes. I know how my alum did not pay much in taxes, it was all legal. We have all sorts of loopholes in the tax code. Personally I would prefer a flat tax, everone pays, no filing, no deductions, no tax preparers anon. Some simple examples: if you control a company, you can buy origional art with all your profits to decorate the offices. No profit is shown for taxation, the art is expensed and accumulates to be enjoyed. A very interesting place are the Jersey Isles, If you know about them, you know why.

[Resident 2B]

vrrooom,

With the Alternative Minimum Tax, the myth of those making a lot of money and paying nothing is long past. In addition, if you are a citizen of the US, you have to pay taxes on all your income, whereever it is made. Bermuda has no income tax, but even if you live there, if you are a US citizen, you file in the US.

With the lack of indexing, the AMT is now impacting more and more people. You really need to fill out both tax forms if you earn over $75K now days.

Skip is totally correct. If someone is earning 7 figures and is only paying $25K in taxes, they have to be breaking the law big time. Those in the upper 50% of income and paying over 95% of the nation's taxes.

R2B

[Merrymeeting]

Vrroom, some educational reading material for you.

http://www.taxfoundation.org/files/sr151.pdf

I absolutely agree that it's time to dump this whole mess and go to a simple flat tax system.

[jeffk]

A flat tax is great
1) the rate is set as a constitutional value or at a minimum requires a super majority to be increased
2) the income tax is abolished (revoke the amendment)
3) a balanced federal budget is required
4) pigs are required to have wings

[SIKSUKR]

Originally Posted by vrrooom

It always amazes me how uninfromed majority of taxpayers are, most of the people with 7 figure incomes pay little or no income tax. I remember a meeting I had in college with a alum from San Marino, Ca. With a 7 figure annual income, his total income tax was under 25K, everything else was diverted or sheltered. Most of the income tax burden falls on the "middle class" those of us who work for wages and don't have the ability to shift income to non taxable streams or sources (I just watched one $38M non taxable perk G-V fly into Laconia. The Chairman of course is not allowed to use commercial transportation for Security reasons HA HA).

Locally we really need a tax cap (limiting spending growth to inflation + new homes added to the tax roles) to control local spending.

My 2 centavos

WOW,talk about uniformed.I guess I have to talk to my accountant.I'm paying waaay too much tax.Where do people come up with these theories?Most companies are not cheating when sheltering.It's called the tax laws.If you don't take advantage of the shelters,then you are cheating yourself.I'm sure you or your accountant use the simplest of deductions even if your in the lowest tax bracket.
Now as far controlling spending,I'm all with you on that one.