Docs from gov office show crisis of elderly on fixed income about to lose their homes
3,404 Views |
43 Replies |
Last: 1 yr ago by Kenneth_2003
I am okay with looking at other forms of taxation....however I have always had a problem with the term
"Fixed income"
Everyone is on a fixed income whether ur retired or not. And if u are retired you can always work part time as long as ur physically able.
Plan for ur retirement appropriately.
Too many boomers imagined falsely that they had been promised social security
Would take care of them completely in retirement.
That promise was never made.
As someone who will likely not even see what I pit into social security and is having to plan accordingly, I have very little sympathy.
I would be on board with a consumption tax.
And there are ways to defer ur property taxes and/or get relief if ur retired.
"Fixed income"
Everyone is on a fixed income whether ur retired or not. And if u are retired you can always work part time as long as ur physically able.
Plan for ur retirement appropriately.
Too many boomers imagined falsely that they had been promised social security
Would take care of them completely in retirement.
That promise was never made.
As someone who will likely not even see what I pit into social security and is having to plan accordingly, I have very little sympathy.
I would be on board with a consumption tax.
And there are ways to defer ur property taxes and/or get relief if ur retired.
need to be fixed. Dems won't do anything but make it worse, however would be a winning issue for them if they pushed it.
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Manhattan said:
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Notice I said physically able.
Also see my points about proper retirement planning.
There are alot of 70 years who could do SOMETHING to supplement their income if they were so inclined. There are so many side hustles now it's crazy.
And not all are physical labor. In fact, most are not.
The crisis isn't the low income folks who rolled onto the SS rolls at retirement. Their income is replaced at a high %, and they get COLAs. Double plus for folks with DFAS and/or FERS on top of SS.
What worries me is the pensioners without COLA. Teachers, many city/county employees, firefighters, cops, industrial companies (i.e. Lockheed Martin). Many of them retire entirely too early without good advice, without a plan, and without assets to pull from to make up for loss of purchasing power.
What worries me is the pensioners without COLA. Teachers, many city/county employees, firefighters, cops, industrial companies (i.e. Lockheed Martin). Many of them retire entirely too early without good advice, without a plan, and without assets to pull from to make up for loss of purchasing power.
Please do me a favor and list out the types of jobs you want 70 year olds.Ags4DaWin said:Manhattan said:
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Notice I said physically able.
Also see my points about proper retirement planning.
There are alot of 70 years who could do SOMETHING to supplement their income if they were so inclined. There are so many side hustles now it's crazy.
And not all are physical labor. In fact, most are not.
Many of these people have substantial medical issues, are not technologically inclined, and aren't able to drive themselves, safely, to and from work each day (or even have a car at all).
If this is not addressed by the State GOP --- it will be used as a bludgeon by the TX Democrats in 2024 election.2012heisman said:
https://texasscorecard.com/state/exclusive-records-reveal-texans-are-fed-up-with-property-taxes/
Property taxes should be LOCKED in place for a minimum of 10 years. They can be decreased during that time, but NEVER increased, even if the value of homes goes up.
We need to rework the public lands funding too - the funds from the PUF should be used to provide property relief to all home/property owners in Texas rather than making UT and TAMU rich. Will be unpopular here I know... It would take amending the State Constitution to do it.
--
"The Kingdom is for HE that can TAKE IT!" - Alexander
"The Kingdom is for HE that can TAKE IT!" - Alexander
crowman2010 said:Please do me a favor and list out the types of jobs you want 70 year olds.Ags4DaWin said:Manhattan said:
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Notice I said physically able.
Also see my points about proper retirement planning.
There are alot of 70 years who could do SOMETHING to supplement their income if they were so inclined. There are so many side hustles now it's crazy.
And not all are physical labor. In fact, most are not.
Many of these people have substantial medical issues, are not technologically inclined, and aren't able to drive themselves, safely, to and from work each day (or even have a car at all).
Hell, that's me on any given Tuesday. And I'm 35. They'll be 'ight!
Have property taxes end once the house is paid off. That'd be a good start.
I hate property taxes as much as the next person, but this makes no sense.TefIon Don said:
Have property taxes end once the house is paid off. That'd be a good start.
Tying it to a totally separate, optional loan product?
So cash buyers never have to pay property taxes but those that require a mortgage do?
Ags4DaWin said:Manhattan said:
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Notice I said physically able.
Also see my points about proper retirement planning.
There are alot of 70 years who could do SOMETHING to supplement their income if they were so inclined. There are so many side hustles now it's crazy.
And not all are physical labor. In fact, most are not.
Most 70 year olds have marked cognitive and physical coordination decline as well. They may be employable in limited situations of particular experience, but TBH, the onset of age-related arthritis and brain aging do not make them ideal employees. The best solution is probably to index taxes as a percentage of income. This is what our local county tax assessor does and there is plenty of tax revenue. Kicking them out of their homes is the least desirable outcome for everybody.
It is better to light a flamethrower than to curse the darkness- Sir Terence Pratchett
“ III stooges si viveret et nos omnes ad quos etiam probabile est mittent custard pies”
“ III stooges si viveret et nos omnes ad quos etiam probabile est mittent custard pies”
I don't know how it happened, but my grandaddy who was a WWII veteran and followed Patton across Europe had property taxes of $0.00 the last years of his life. I lived in a very small East Texas town, and I suspect the tax assessor just respected him a lot and did not assess any taxes on him. Because as soon as my aunt, sister, and I inherited the property and house, we owed taxes!
JW said:
need to be fixed. Dems won't do anything but make it worse, however would be a winning issue for them if they pushed it.
Dems want New Jersey or Illinois model in TX. They will make it worse.
You sure they weren't just deferred? If you're over 65, you can defer property taxes until your deathRex Racer said:
I don't know how it happened, but my grandaddy who was a WWII veteran and followed Patton across Europe had property taxes of $0.00 the last years of his life. I lived in a very small East Texas town, and I suspect the tax assessor just respected him a lot and did not assess any taxes on him. Because as soon as my aunt, sister, and I inherited the property and house, we owed taxes!
So people whose house is paid off pay no property tax, and those with a mortgage are suddenly paying twice the amount they've been paying? Great idea.TefIon Don said:
Have property taxes end once the house is paid off. That'd be a good start.
The heart of the wise inclines to the right, but the heart of the fool to the left. Ecclesiastes 10:2
I agree. Screw 'em. If they didn't plan appropriately for their retirement or even if they did and experienced some kind of health crisis that are up their retirement, taxpayers shouldn't shoulder the burden.Ags4DaWin said:
I am okay with looking at other forms of taxation....however I have always had a problem with the term
"Fixed income"
Everyone is on a fixed income whether ur retired or not. And if u are retired you can always work part time as long as ur physically able.
Plan for ur retirement appropriately.
Too many boomers imagined falsely that they had been promised social security
Would take care of them completely in retirement.
That promise was never made.
As someone who will likely not even see what I pit into social security and is having to plan accordingly, I have very little sympathy.
I would be on board with a consumption tax.
And there are ways to defer ur property taxes and/or get relief if ur retired.
I know your keyboard can produce letters y and o. Heck, you even typed out "you" once.Ags4DaWin said:
I am okay with looking at other forms of taxation....however I have always had a problem with the term
"Fixed income"
Everyone is on a fixed income whether ur retired or not. And if u are retired you can always work part time as long as ur physically able.
Plan for ur retirement appropriately.
Too many boomers imagined falsely that they had been promised social security
Would take care of them completely in retirement.
That promise was never made.
As someone who will likely not even see what I pit into social security and is having to plan accordingly, I have very little sympathy.
I would be on board with a consumption tax.
And there are ways to defer ur property taxes and/or get relief if ur retired.
People literally getting taxed out of their homes and the answer is they should get a job and should have planned better - how our country's founders would not believe what's happened
Tax rates freeze on the ederly when at 65
So the person who worked and lived by the rules - PAID THEIR TAXES - should be robbed by the government that has through appraised values of their homes increased their taxes through the roof !
We should stop thinking it's normal to have to pay a tax for rent to the government to actually live in our homes !
Tax rates freeze on the ederly when at 65
So the person who worked and lived by the rules - PAID THEIR TAXES - should be robbed by the government that has through appraised values of their homes increased their taxes through the roof !
We should stop thinking it's normal to have to pay a tax for rent to the government to actually live in our homes !
They weren't. And we did not owe any back taxes when he died.txyaloo said:You sure they weren't just deferred? If you're over 65, you can defer property taxes until your deathRex Racer said:
I don't know how it happened, but my grandaddy who was a WWII veteran and followed Patton across Europe had property taxes of $0.00 the last years of his life. I lived in a very small East Texas town, and I suspect the tax assessor just respected him a lot and did not assess any taxes on him. Because as soon as my aunt, sister, and I inherited the property and house, we owed taxes!
This is a small county with a very low population, and he was 93 when he died and very well respected in the area. For years, he could go into Brookshire Bros. and get a biscuit with gravy and a coffee free of charge. The last time I was there with him, he had to pay, and I said, "I thought you were told you didn't have to pay as long as you live!" He just chuckled and said, "I outlived that offer."
sure feels like we are pushing the elderly towards Attestupa
The tax rate doesn't freeze, the actual tax freezes. Valuation will continue to be adjusted every year, but whatever your actual taxes were the year you turned 65 is what the actual tax will remain until you sell, die, or move out.AGHouston11 said:
People literally getting taxed out of their homes and the answer is they should get a job and should have planned better - how our country's founders would not believe what's happened
Tax rates freeze on the ederly when at 65
So the person who worked and lived by the rules - PAID THEIR TAXES - should be robbed by the government that has through appraised values of their homes increased their taxes through the roof !
We should stop thinking it's normal to have to pay a tax for rent to the government to actually live in our homes !
State law makes this mandatory on school taxes. Cities and counties have the option to adopt the freeze, but it's not mandated. Many cities and counties have not enacted the 65 freeze.
The heart of the wise inclines to the right, but the heart of the fool to the left. Ecclesiastes 10:2
Guys…
I'm 68… Wife is 64 (Rule 1 Exemption)…
Worked hard and saved all our life… Put 2 boys through A&M without loans…. Built up a nice retirement just like we were "supposed to"… Live relatively frugally.. Want to leave something to our kids and grandkids…
However, I can see the day where our property taxes will become a no-win situation…
We didn't buy a million dollar appreciating asset… We bought a HOME to live in, instead of renting and making a landlord rich… I don't care if it's worth $100k or $100MM… It's our house, not a bankable asset for sale or gain…
This is the fallacy of property taxes…
The best solution IMHO is to set property taxes at the original selling price as long as you live there, and assess a one-time "sale tax", based on the gain you make when it sells…
I'm 68… Wife is 64 (Rule 1 Exemption)…
Worked hard and saved all our life… Put 2 boys through A&M without loans…. Built up a nice retirement just like we were "supposed to"… Live relatively frugally.. Want to leave something to our kids and grandkids…
However, I can see the day where our property taxes will become a no-win situation…
We didn't buy a million dollar appreciating asset… We bought a HOME to live in, instead of renting and making a landlord rich… I don't care if it's worth $100k or $100MM… It's our house, not a bankable asset for sale or gain…
This is the fallacy of property taxes…
The best solution IMHO is to set property taxes at the original selling price as long as you live there, and assess a one-time "sale tax", based on the gain you make when it sells…
They shouldn't be able to go up after 65... or maybe once you start drawing on SS.TefIon Don said:
Have property taxes end once the house is paid off. That'd be a good start.
Property tax keeps land productive. It's tough out there, but without it, a small group of rich people will own the land and we will all be renting.
Ags4DaWin said:
I am okay with looking at other forms of taxation....however I have always had a problem with the term
"Fixed income"
Everyone is on a fixed income whether ur retired or not. And if u are retired you can always work part time as long as ur physically able.
Plan for ur retirement appropriately.
Too many boomers imagined falsely that they had been promised social security
Would take care of them completely in retirement.
That promise was never made.
As someone who will likely not even see what I pit into social security and is having to plan accordingly, I have very little sympathy.
I would be on board with a consumption tax.
And there are ways to defer ur property taxes and/or get relief if ur retired.
The problem as I see it is that the boomer generation created the welfare state to their advantage and are fully expecting it to float them. Government always has and they expect it to continue.
The second issue is that for the majority of 65+ they are a completely invalid work force. The world has changed and they didn't change with it. Zero technology skills.
I beg to differ. Exactly what technology skills are they lacking?Quote:
The second issue is that for the majority of 65+ they are a completely invalid work force. The world has changed and they didn't change with it. Zero technology skills.
This made me laugh. Boomers didn't create the welfare state. The Greatest Generation did that. And Boomers invented the technology revolution.CrackerJackAg said:
The problem as I see it is that the boomer generation created the welfare state to their advantage and are fully expecting it to float them. Government always has and they expect it to continue.
The second issue is that for the majority of 65+ they are a completely invalid work force. The world has changed and they didn't change with it. Zero technology skills.
The heart of the wise inclines to the right, but the heart of the fool to the left. Ecclesiastes 10:2
The problem there is the cost of police, fire, and other city services itself isn't fixed at the same costs as when you first buy your home.maroonthrunthru said:
Guys…
I'm 68… Wife is 64 (Rule 1 Exemption)…
Worked hard and saved all our life… Put 2 boys through A&M without loans…. Built up a nice retirement just like we were "supposed to"… Live relatively frugally.. Want to leave something to our kids and grandkids…
However, I can see the day where our property taxes will become a no-win situation…
We didn't buy a million dollar appreciating asset… We bought a HOME to live in, instead of renting and making a landlord rich… I don't care if it's worth $100k or $100MM… It's our house, not a bankable asset for sale or gain…
This is the fallacy of property taxes…
The best solution IMHO is to set property taxes at the original selling price as long as you live there, and assess a one-time "sale tax", based on the gain you make when it sells…
The answer is that those of us of working age take on that additional burden. I'm not sure what the point of taxation, or even having a civilization, if the solution is to make the elderly homeless so that more productive taxpayer can better contribute to civil services. The whole point of having those civil services is to protect us, most essentially when we are old and vulnerable.
Detmersdislocatedshoulder
Joined:
Mar 30, 2020
Posts:
11,536
How long do you want to ignore this user?
crowman2010 said:Please do me a favor and list out the types of jobs you want 70 year olds.Ags4DaWin said:Manhattan said:
I am not on a fixed income, I could go get a more demanding job and make more money tomorrow. A 70 year old is not in the same boat.
Notice I said physically able.
Also see my points about proper retirement planning.
There are alot of 70 years who could do SOMETHING to supplement their income if they were so inclined. There are so many side hustles now it's crazy.
And not all are physical labor. In fact, most are not.
Many of these people have substantial medical issues, are not technologically inclined, and aren't able to drive themselves, safely, to and from work each day (or even have a car at all).
i guess my father is the anomaly. he is a 72 yr
old who works out three times a week, practices dentistry 3 days a week, and drives himself to work. not to say some 70 ur olds aren't struggling but man some of them are still going strong. i say this as a dude who marvels at both his parents.
That seems like a decent idea. Current homeowner is protected from the tax hit of increasing value, but the state/county get their share of appreciation when it transfers ownership.maroonthrunthru said:
The best solution IMHO is to set property taxes at the original selling price as long as you live there, and assess a one-time "sale tax", based on the gain you make when it sells…
Well, you could try Florida's approach. If you're a homesteader (a legal Florida resident for at least one year), you can get up to $50K knocked off of your assessment. Plus, any increase in the assessed value of your (see why I did there?actually spelled it out?) property is capped at 2% per year. Doesn't fix everything, but helps mitigate the increase for those on a FI.
The weird thing is that, over time, adjacent properties that are almost identical can be paying dramatically different property taxes depending on who owns them and for how long.
The weird thing is that, over time, adjacent properties that are almost identical can be paying dramatically different property taxes depending on who owns them and for how long.
maroonthrunthru said:
Guys…
I'm 68… Wife is 64 (Rule 1 Exemption)…
Worked hard and saved all our life… Put 2 boys through A&M without loans…. Built up a nice retirement just like we were "supposed to"… Live relatively frugally.. Want to leave something to our kids and grandkids…
However, I can see the day where our property taxes will become a no-win situation…
We didn't buy a million dollar appreciating asset… We bought a HOME to live in, instead of renting and making a landlord rich… I don't care if it's worth $100k or $100MM… It's our house, not a bankable asset for sale or gain…
This is the fallacy of property taxes…
The best solution IMHO is to set property taxes at the original selling price as long as you live there, and assess a one-time "sale tax", based on the gain you make when it sells…
Good Poster
Pitt LB Solomon DeShields Visiting Texas A&M This Weekend
in Billy Liucci's TexAgs Premium
32