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HarryStotle
Guest
I suppose itās better than living in the pastā¦
You are living in another century.
ā¦ or in a utopian dream world.
The Immorality of Money Printing and Why It's Driving the World To Socialism
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ā¦ or in a utopian dream world.
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AlNg
Guest
When you bought your home, did you follow your own advice and pay in cash or did you go against your advice and go into debt by assuming a mortgage?
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Freddy
Guest
There no need to put āthe necessitiesā in scare quotes. Iām quoting you. But maybe it doesnāt sound so good if you say you were working two jobs sonthat you could retire comfortably.Freddy:
Iām a geezerā¦āThe necessitiesā included a mortgage at 11%, helping younger siblings get started, and saving and investing so that we could retire comfortably, young enough to enjoy retirement. Itās called ābeing responsibleā.
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boldlygo
Guest
Noā¦youāre paraphrasing meā¦
Again, itās called personal responsibility. Iāve volunteered at my parish food bank [two different parishes] for more than 35 years, and seen many seniors come in month after month to help make ends meet. Iād rather be in a position to help those in need, and since I was blessed with the ability to work two jobs, Iām able to do this. Are you familiar with the corporal works of mercy?
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Rau
Guest
Agreed. I donāt think the US is in any danger of reaching these limits. And in various overseas jurisdictions, it may be large foreign corporations that are undertaxed. I am surprised there has not been a greater move to introduce turnover taxes, rather than to continue to manage complex rules around profit shifting and the like.
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Theo520
Guest
You may be mixing up " Distributism" with āsubsidiarityā
Apples and Oranges.
Distributism is an economic theory. It may have been partially inspired by Catholic social teachings but it is not Catholic nor is it the economic theory pushed by the Church.
Itās also a theory thatās never been put into practice by any country.
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Socrates92
Guest
I prefer oranges.
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Theo520
Guest
The US has been the highest for corporate taxes, thatās confirmed and it does impact decision making.
Itās just an opinion that you feel other countries donāt tax enough, people and businesses will still migrate to the lower tax location. Itās healthy competition that keeps a check on governments.
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HarryStotle
Guest
I have never in my life held a mortgage.HarryStotle:
When you bought your home, did you follow your own advice and pay in cash or did you go against your advice and go into debt by assuming a mortgage?
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Rau
Guest
Migration of corporations is not on the table. Iām thinking of, say a google. Donāt know or care where they are domiciled, but their operation in āotherā countries sometimes attract minimal tax for complex reasons. An approach is for those foreign jurisdictions to avoid the traditional complexities and tax based on revenue earned from the customers in the foreign jurisdiction.
In the us, I was referring to personal taxes where the very wealthy are perhaps undertaxed.
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Rau
Guest
Itās a lucky man who can buy a house without the need to borrow!
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AlNg
Guest
Nice! Did you pay cash for your house and buy your house without the need to borrow any money at all?
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HarryStotle
Guest
My wife and I married in our late twenties and by then had each saved enough money to cover a good chunk of the price. It was a private sale where we saved real estate fees. The house was smallish, but we have added to it and renovated as we could afford. Remember that the average price of a home in 1980 was ~$50 000.
Back then (mid 1970s to 1985) Canada had what was called a RHOSP (registered home ownership saving plan) where the money was tax sheltered while saving and $1000 each year was tax deductible. That was a time when governments actually served the people by finding ways to support life goals, instead of bribing them with their own money.
Back then (mid 1970s to 1985) Canada had what was called a RHOSP (registered home ownership saving plan) where the money was tax sheltered while saving and $1000 each year was tax deductible. That was a time when governments actually served the people by finding ways to support life goals, instead of bribing them with their own money.
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HarryStotle
Guest
That depends on a lot of factors. When you add together property taxes, utilities, insurance costs, mortgage costs, interest rates, legal fees, current income, maintenance costs over time, property value trends, how long you are planning to stay in the location, job security, investment savvy, etc., it isnāt always the case that it is fiscally responsible to purchase.
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AlNg
Guest
One thing to keep in mind is that when you take out a 30 year fixed mortgage, your mortgage payments (principal and interest) to the bank remain constant over 30 years. It is true though that your insurance and property taxes can increase somewhat. However, generally, if you rent a place, your rent is going to increase quite a bit more over this period.
Suppose now that you had rented the house for 30 years. At the end of 30 years, you have your rental receipts AND you still have to pay monthly rent.
OTOH, if you had taken out a mortgage, at the end of 30 years, you donāt have to pay any more to the mortgage company and you have your house free and clear which you can sell at any time at a substantial price.
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HarryStotle
Guest
Depends on your mortgage. A fixed rate over thirty years will mean quite a substantial amount more goes into the interest costs. A $200 000 mortgage over 30 years (4.5%) would cost about $100 000 more in interest compared to 15 years. An adjustable rate open mortgage amortized over thirty years, but open on payments ā for example doubling up every month ā could save a great deal of money since doubling up payments, as often as possible, reduces the length of the mortgage. Fixed 30 year mortgages generally have the highest interest rates. So it depends on your capacity to make payments.HarryStotle:
One thing to keep in mind is that when you take out a 30 year fixed mortgage, your mortgage payments (principal and interest) to the bank remain constant over 30 years.
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