Re: Mortgage interest ignorance
[Re: QuietButDeadly]
#6725122
01/11/20 07:59 PM
01/11/20 07:59 PM
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Joined: Aug 2016
Posts: 546 Pennsylvania
Claypool313
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Joined: Aug 2016
Posts: 546
Pennsylvania
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A personal finance course should be required for high school graduation. It should cover interest, simple and compound, simple stuff like managing your bank accounts and filling out routine personal tax returns. It is not rocket science but there is certainly no shortage of ignorance about managing ones personal finances. We had in out school. It was called Business Math. Elective. I think i took it in 8th grade. Remember goofing off a lot a seeing how many spit wads i could get to stick to the clock.
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Re: Mortgage interest ignorance
[Re: midlander]
#6725192
01/11/20 08:59 PM
01/11/20 08:59 PM
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Joined: Dec 2015
Posts: 6,350 se South Dakota
NonPCfed
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I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages. There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district.
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
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Re: Mortgage interest ignorance
[Re: NonPCfed]
#6725567
01/12/20 01:17 AM
01/12/20 01:17 AM
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Joined: Sep 2013
Posts: 10,404 Northeast Oklahoma
Mike in A-town
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I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages. There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district. So you're telling me South Dakota had no schools, roads, and bridges before someone came up with the idea to tax everyone and pay county employees to spend it on schools, roads, and bridges for you? Mike
One man with a gun may control 100 others who have none.
Vladimir Lenin
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Re: Mortgage interest ignorance
[Re: Diggerman]
#6725706
01/12/20 08:07 AM
01/12/20 08:07 AM
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Joined: Jan 2007
Posts: 2,172 B61-12 vicinity, MO
TreedaBlackdog
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I believe there is a difference between "personal' debt and "business" debt. I agree that personal debt should be limited and payed up as soon as possible, business debt should be looked at totally different. Just another reason to have a second home based business of which the mortgage becomes another partial cost of doing business. The tax code is set up for small businesses, farmers etc....not the working man who goes out and works, earns a paycheck, pays taxes and goes on. I encourage everyone to have a second business to build up net worth. My old tractors, rakes, balers, cows may not be much - but they are mine and can be sold if need be. If I pay 10k in taxes a year - what do I have.
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Re: Mortgage interest ignorance
[Re: TreedaBlackdog]
#6725724
01/12/20 08:31 AM
01/12/20 08:31 AM
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Joined: Dec 2012
Posts: 6,527 Wi.
Diggerman
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I believe there is a difference between "personal' debt and "business" debt. I agree that personal debt should be limited and payed up as soon as possible, business debt should be looked at totally different. Just another reason to have a second home based business of which the mortgage becomes another partial cost of doing business. The tax code is set up for small businesses, farmers etc....not the working man who goes out and works, earns a paycheck, pays taxes and goes on. I encourage everyone to have a second business to build up net worth. My old tractors, rakes, balers, cows may not be much - but they are mine and can be sold if need be. If I pay 10k in taxes a year - what do I have. This is so correct. Anything that can be "written off "is like getting a 30% rebate. If you have a farm, no matter how small, clothing, dog food, %of your house expenses, vehicles, insurance, etc. etc.
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Re: Mortgage interest ignorance
[Re: gryhkl]
#6725729
01/12/20 08:34 AM
01/12/20 08:34 AM
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Joined: Nov 2007
Posts: 9,851 St. Cloud, MN
trapperkeck
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When it comes to business expenses, why can't college tuition, or at least the interest on loans be written off? My son got a very well paying job right out of college, but he also has pretty big loan payments which he cannot write off. A friend of his bought some heavy equipment and runs a small excavating business. He can write the cost of the equipment off because he needs it to make his money, just as my son needs his masters degree in order to be allowed to practice his profession. If one is working in a profession for which the degree he eared is required, it should be considered a business expense. IMHO I'm pretty sure tuition and education loan interest are both tax deductible. I have always been able to write off continuing education expenses and loan interest on education debt.
"The voice of reason!"
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Re: Mortgage interest ignorance
[Re: midlander]
#6725909
01/12/20 11:28 AM
01/12/20 11:28 AM
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Joined: Dec 2015
Posts: 6,350 se South Dakota
NonPCfed
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Originally Posted by NonPCfed Quote I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages.
There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district.
So you're telling me South Dakota had no schools, roads, and bridges before someone came up with the idea to tax everyone and pay county employees to spend it on schools, roads, and bridges for you?
Mike Mike, you're asking me to dive back into the history of SD state government which rather bores me to tears and certainly isn't want I want to do on a Sunday morning, but yes, it appears that a property tax in this state has been going on since at least 1906 (see the link to the SD state constitution). The founders of this state set up counties very quickly, even when the state was a territory. Why set up county organizations if you're not going to fund them somehow...? South Dakota became a state in 1889 and I don't know how it funded local governments (including school boards) the 15+ years before the state constitution appears to have been amended. maybe they were trying other methods and they weren't working. How do YOU think they funded local governments without a property tax...?? https://ballotpedia.org/Article_XI,_South_Dakota_Constitution
"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground". Genesis 1:26
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Re: Mortgage interest ignorance
[Re: midlander]
#6725988
01/12/20 12:33 PM
01/12/20 12:33 PM
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Joined: Sep 2013
Posts: 10,404 Northeast Oklahoma
Mike in A-town
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PCFed, my local landscape is dotted with old one room schools that were paid for by the early residents of the area... Everyone paid what they could and built the school building and hired a teacher. So in effect, a tax. But not compulsory and the county didn't get your farm if you didn't pay.
Probably a little tougher to do today. However, my sister pulled my nephews out of public school and put them in home school with online classes... When you do that the state takes the money earmarked per student and pays it to the home school organization. It seems the money goes quite a bit further since there's not a building, maintenance, buses, superintendents, principals, vice principals, councilors, physical textbooks, lockers, and all the other added costs and infrastructure that go along with public schools.
And I don't buy into the "socialization" argument against home schooling... If I had it to do all over again I'm not sure I would want my kids exposed to the "socialization" social engineering going on in public schools today... My nephews know which bathroom to use.
Now, I realize not every mother can afford to stay home and monitor their kids in home school. But if people weren't paying tens of thousands of dollars a year in property taxes maybe a lot more moms could afford to stay home.
I'm not necessarily calling for the entire system to be scrapped. But we could definitely use an overhaul and it wouldn't hurt to take a serious look at how we can get more for our money.
Anyhow, I've drug this way off track from the original topic... My apologies to the OP.
Mike
One man with a gun may control 100 others who have none.
Vladimir Lenin
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