Im bowing out

[LuketheDog]

I’ve been told that jet skis are the key to happiness

Only 0%-down jet skis, or ski boats, or UTVs...Like the one parked at my folks' house for an acquaintance right now-big red Yamaha ski boat, nice and barely used, purchased new in 2006 for $40K with nearly zero down payment and crazy high interest rate, and still owe $16K+ on it!!!!. They're probably happy though, in the middle of a divorce now and selling the boat...

 

[Deleted member 28227]

Only 0%-down jet skis, or ski boats, or UTVs...Like the one parked at my folks' house for an acquaintance right now-big red Yamaha ski boat, nice and barely used, purchased new in 2006 for $40K with nearly zero down payment and crazy high interest rate, and still owe $16K+ on it!!!!. They're probably happy though, in the middle of a divorce now and selling the boat...

How much for the boat?

 

[SAJ-99]

I find the majority of Americans willing to rise up and do great things when asked.

I think @Cheesehead summarized it best. I am speaking of collective sacrifice. Most of the examples you gave seem more individual or small groups within the context of their employment. the only thing I question is the statement above. We simply asked Americans to wear mask in the middle of pandemic and for 50% of them it was an affront to Freedom and Liberty.

Maybe I am just thinking of politicians running only promising what they will give and never asking for people to sacrifice anything. That has been the situation for my whole life - probably why problems never get solved. Can you image a political saying that if elected Taxes will increase by 2% but we will fix the debt problem? Good luck to that individual. No chance in hell of winning. Everyone cashes the checks, but ask them to pay it back and they act like they have to kill their first born.

I think maybe I am just dreaming of a time that never existed. I'm sure there were some Americans against WWII or against sending a man to the moon or whatever. But people smarter than me will study this time period for decades to come. Analyze why we fight over the stupidest things like masks, why the deterioration in mental health and jump in suicide and drug use - So many 'Whys' I can't even count. I am still optimistic for America, but it seems to get harder every day.

 

[SAJ-99]

Wouldn't it be easier to cut some of that spending instead of raise taxes. Less government subsidies sounds better than higher taxes. We pay enough.

Sure. Great idea. Wonder why no one ever came up with it before? Google me a chart showing me the breakdown of government expenditures and tell me where you want to cut. Typically when I hear this, it comes from someone with no understanding of where the government spends money.

 

[Treeshark]

Defense, Social Security and Medical (Medicare, Medicare, marketplace subsidies) gobbles up most of it. I’d start with the first two, personally.

 

[nontyp]

Sure. Great idea. Wonder why no one ever came up with it before? Google me a chart showing me the breakdown of government expenditures and tell me where you want to cut. Typically when I hear this, it comes from someone with no understanding of where the government spends money.

Across the board x% like maybe 20. That way its fair and everybody is equally pissed off. . Yeah as we all know cutting spending doesn’t get you re-elected unless everyone is in agreement.

 

[Nick87]

Sure. Great idea. Wonder why no one ever came up with it before? Google me a chart showing me the breakdown of government expenditures and tell me where you want to cut. Typically when I hear this, it comes from someone with no understanding of where the government spends money.

Can you Google me the chart where a tax hike has resulted in paying down the national debt?

 

[DouglasR]

Sure. Great idea. Wonder why no one ever came up with it before? Google me a chart showing me the breakdown of government expenditures and tell me where you want to cut. Typically when I hear this, it comes from someone with no understanding of where the government spends money.

SS?

 

[SAJ-99]

Across the board x% like maybe 20. That way its fair and everybody is equally pissed off. . Yeah as we all know cutting spending doesn’t get you re-elected unless everyone is in agreement.

Great. All for it. Let’s eliminate the tax deductibility of mortgage interest too. Let’s piss off everyone and see how much of a sacrifice they want to make for the good of the collective whole. My point is made when the answer is zero.

Social security is called the third rail of politics. Float the idea of reducing benefits in FL and AZ and the response you get.

 

[Cheesehead]

Child tax credit for non-impoverished people. I want government to stop incentivizing population. This from the guy that’s waving his hands at 2.1 replacement rate vs US 1.7 something

 

[Cheesehead]

Arguably social security is one of the few things that is a collective sacrifice. You don’t pay in you don’t get $ out. One of the most successful us policies ever. I heard recently that the SS legislation was 15 pages whereas the ACA was over 15,000 and likely no single human has read all of it.

This is progress

 

[Nick87]

Child tax credit for non-impoverished people. I want government to stop incentivizing population. This from the guy that’s waving his hands at 2.1 replacement rate vs US 1.7 something

Totally for that and I have three kids. Planned on paying for them myself when I made them (actually only made two of them one is my step son buy I count him as my own).

 

[Pucky Freak]

Imagine if it was Feb 2020 again and the government shared the following: “there is very likely a worldwide pandemic about to explode a la the Spanish Flu all over again. The virus spreads by breathing the air of infected persons. We encourage everyone to follow public health guidance regarding COVID as we learn more about the disease.”

Then, nothing. No shut downs, no mask mandates, no stimulus payments, no extended unemployment, no supply chain bottlenecks, no refundable child tax credits. Nothing.

Let the citizenry make their own decisions about their health, work, etc. Send the message that it’s everyone’s personal responsibility to be prepared to weather a crisis, and the government is not here to take care of you or bail you out.

But, not going to happen. People are scared, worried, insecure. They turn to the government and politicians to take care of them. Politicians are concerned about reelection, so they print money to delay an inevitable recession caused by COVID. Americans suffer from the virus AND politicians’ tinkering. I’m not sure which is worse. I’m not trying to be glib; I have friends killed by COVID.

Who benefits the most from 0% FED interest rate and 7.5% inflation? Persons with the highest credit, income, and assets. The wealthiest are not simply leveraging their finances to enjoy upgrades in luxuries. They’re just creating free wealth courtesy of Capitol Hill and whomever we elected president.

Personally, my family is in at least the top quartile for pretty much every financial metric. I cashed in big on the wacky economic landscape over the last 24 months, but probably only half of what I could have done. I’m annoyed as to why these opportunities exist, but I’m not going to sit out in protest either.

At the end of the day, I chose not to let short-term economic variables dictate my decisions, whether it’s a pandemic, supply chain shortages, interest rates, inflation, housing prices etc. I’m sticking to the fundamentals of low/no debt, sufficient emergency fund, invest in mutual funds, sufficient insurance, etc. They work well over the long-term in a variety of economic conditions. I haven’t gambled enough to potentially lose more than I feel comfortable with. My needs are met, I’m blessed, I’m content. Likely no longer going to purchase a recreational property anymore but that’s OK.

 

[Mudranger1]

Great. All for it. Let’s eliminate the tax deductibility of mortgage interest too. Let’s piss off everyone and see how much of a sacrifice they want to make for the good of the collective whole. My point is made when the answer is zero.

Social security is called the third rail of politics. Float the idea of reducing benefits in FL and AZ and the response you get.

Just a real ? Here how many people are deducting mortgage interest? It doesn't even get us into a ballpark of the standard deduction amount. I realize some people do have itemized deduction amounts that exceed the standard but we haven't been close to that in years

 

[SAJ-99]

Just a real ? Here how many people are deducting mortgage interest? It doesn't even get us into a ballpark of the standard deduction amount. I realize some people do have itemized deduction amounts that exceed the standard but we haven't been close to that in years

I hope everyone with a mortgage. Cost estimates are in the $50-100B range. Chump change really (most of the things we discuss are), but giving it up is a collective sacrifice for all but the super rich. And I believe you get to deduct interest for second homes, too. Seriously. Second homes. Is that necessary?

 

[BigHornRam]

Just a real ? Here how many people are deducting mortgage interest? It doesn't even get us into a ballpark of the standard deduction amount. I realize some people do have itemized deduction amounts that exceed the standard but we haven't been close to that in years

Most don't itemize now. No deduction for million dollar mortgages either.

https://money.usnews.com/money/personal-finance/taxes/articles/tax-deductions-that-disappeared-this-year

"The amount of people who are eligible for (itemized) deductions has really dropped," says Timothy McGrath, managing partner for Chicago-based Riverpoint Wealth Management. Unless someone is a homeowner with significant mortgage interest, a standard deduction will likely result in greater tax savings compared to itemizing."

"Another change that disproportionately affects those living in states such as California and New York is the restriction on the amount of mortgage interest that can be deducted. In 2017, married taxpayers could deduct interest on a mortgage of up to $1 million. Starting with the 2018 tax year, only interest on mortgage values of up to $750,000 are now deductible."

 

[SAJ-99]

Most don't itemize now. No deduction for million dollar mortgages either.

https://money.usnews.com/money/personal-finance/taxes/articles/tax-deductions-that-disappeared-this-year

"The amount of people who are eligible for (itemized) deductions has really dropped," says Timothy McGrath, managing partner for Chicago-based Riverpoint Wealth Management. Unless someone is a homeowner with significant mortgage interest, a standard deduction will likely result in greater tax savings compared to itemizing."

Get rid of standard deductions.
I think we are missing my claim. As a collective, Americans are not willing to sacrifice (particularly with money) to fix the problems we all agree exist.

Imagine if it was Feb 2020 again and the government shared the following: “there is very likely a worldwide pandemic about to explode a la the Spanish Flu all over again. The virus spreads by breathing the air of infected persons. We encourage everyone to follow public health guidance regarding COVID as we learn more about the disease.”

They didn't know those details. The problem is they didn't want to admit they didn't know. The flaw in government regardless of who is running it, is they think you and I can't bear to hear the truth.

 

[Mudranger1]

Most don't itemize now. No deduction for million dollar mortgages either.

https://money.usnews.com/money/personal-finance/taxes/articles/tax-deductions-that-disappeared-this-year

"The amount of people who are eligible for (itemized) deductions has really dropped," says Timothy McGrath, managing partner for Chicago-based Riverpoint Wealth Management. Unless someone is a homeowner with significant mortgage interest, a standard deduction will likely result in greater tax savings compared to itemizing."

"Another change that disproportionately affects those living in states such as California and New York is the restriction on the amount of mortgage interest that can be deducted. In 2017, married taxpayers could deduct interest on a mortgage of up to $1 million. Starting with the 2018 tax year, only interest on mortgage values of up to $750,000 are now deductible."

This is my point. You would have to have so many other deductions to get past the standard

 

[BigHornRam]

Get rid of standard deductions.
I think we are missing my claim. As a collective, Americans are not willing to sacrifice (particularly with money) to fix the problems we all agree exist.


They didn't know those details. The problem is they didn't want to admit they didn't know. The flaw in government regardless of who is running it, is they think you and I can't bear to hear the truth.

Sounds like you need to run for office.

 

[Bigjay73]

How much for the boat?

What does the wife look like is the real question