(Lake Martin Specific)
111,183 messages
Updated 6/9/2024 1:00:09 PM
Lakes Online Forum
83,663 messages
Updated 6/10/2024 6:28:47 PM
Lakes Online Forum
5,197 messages
Updated 6/10/2024 5:39:11 AM
(Lake Martin Specific)
4,171 messages
Updated 5/29/2024 10:51:34 PM
Lakes Online Forum
4,170 messages
Updated 6/10/2024 6:29:37 PM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,977 messages
Updated 6/10/2024 6:30:23 PM
(Lake Martin Specific)
169 messages
Updated 5/31/2023 1:39:35 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
| Name: |
Yankee06
- 
|
|
| Subject: |
Tax Credit? - for Archy
|
|
Date:
|
11/1/2009 1:08:43 PM
|
Archy,
-Glad to see you back. I miss your side of the discussions when you're gone. Especially since GF has started this "play nice" tactic with MM and WW. What's an independant like me to do if he doesn't have two opposing views to dither between?
-However, I do have a question to ask you. In a below thread you talk about the $8,000 tax credit and about a client of yours who makes $300,000 a year and is "...gladly claiming his $8,000..." on an $800,000 first home you designed for him. hmmmm, I think you better get your caash from this guy soon because he may end up in the big house instead of your house.
-This "tax credit", like most wealth transfers, is not really a credit against paid taxes but rather a bribe to buy a house. It is not for your $300,000 client. It is for the other end of the pay scale.
-Here is a FAQ excerpt from the government web page for this $8,000 program:
"Are there any income limits for claiming the tax credit?
Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts."
-So like I said, get your money from this guy now; cuz he may end up in the Big House, ...not your house!
|
| Name: |
architect
-
|
|
| Subject: |
MAGI
|
|
Date:
|
11/2/2009 7:33:35 AM
|
is the operative "word". I don't actually know my client's income but do know where he is employed and his position and am guessing his income. I also would expect he is wise enough to shelter a lot of his income. He is recently married. He informs me that his accountant has said he qualifies for the credit. Now back to MAGI. I myself am thankful and amazed each year when I see how much less my MAGI is than what I actually make.
|
I think you got caught in a fib ... :)
Lets face it the "first time home buyer credit", with "income limitations" is just another redistribution of wealth.
|
| Name: |
MartiniMan
-
|
|
| Subject: |
Archie makes it up
|
|
Date:
|
11/2/2009 1:22:03 PM
|
as he goes along. Yankee, you have to remember that Archie operates in a fact free zone. He reminds me of Tom Daschle that used to make up friends and stories to make a point. I have a friend who makes $300K per year and is buying his "first home". Yeah right! And I have some beachfront property in Arizona to sell....
When he gets caught its almost funny... but mostly sad.....
|
| Name: |
Yankee06
-
|
|
| Subject: |
MAGI? Archy
|
|
Date:
|
11/2/2009 8:49:43 PM
|
Archy,
-Reference your "MAGI" post above, ....now I'm really confused.
-I haven't been on this forum all that long, but up to this point, I kind of got the idea that you lean a little to the left, and are "OK" with taxing the upper middle and upper classes in order to insure economic fairness for those less fortunate.
-But in your MAGI post above, you wrote: "... I also would expect he is wise enough to shelter a lot of his income. ....I myself am thankful and amazed each year when I see how much less my MAGI is than what I actually make..."
-Hmmmm, am I understanding you to say that you are "OK" with taxing the wealthy, ..and that you are "OK" with weath transfer, .....but only as believed by the Geitner-Daschle school of economics which apparently says that it is only "OK" to excessively tax conservatives, who, paradoxically, don't believe in excessive taxes; ..but it is "NOT OK" to excessively tax liberals, who, paradoxically, "DO" believe in excessive taxation.
- h-m-m-m-m-m--mmmmmmmmm, do you see how I might be confused?
|
| Name: |
rude evin
-
|
|
| Subject: |
MAGI? Archy
|
|
Date:
|
11/2/2009 9:47:06 PM
|
Looks like he mighta got hoisted on his own petard.........
|
| Name: |
water_watcher
-
|
|
| Subject: |
Shame on you Archy
|
|
Date:
|
11/3/2009 6:11:26 AM
|
A typical liberal ... tax him more and not me.
|
| Name: |
MartiniMan
-
|
|
| Subject: |
Crickets are chirping
|
|
Date:
|
11/5/2009 4:29:27 PM
|
and that's all you will hear from Archie. He only stops by on occasion anymore, especially after his series of "Let them eat cake" posts telling everyone how swimmingly he is doing while millions lose their jobs, their homes, etc. To quote Joseph Welch, "Have you no decency, sir?"
|
|
|
New Post
Search
Off-Topic Forum
Reply
»
Alabama Lakes
»
Lake Martin
Login
|
Home
