Do you own a house/condo/townhouse or rent?

[odoreater]

Originally Posted by Mr T

Well, not really. The US has a marginal income tax so (in this example) you would not be taxed 25% on your entire income, just the income above a certain margin. The income below the margin is taxed at a lower rate.


Um, I was just using those numbers for simplification and illustrative purposes, which I was assuming was understood (in fact, 25% may be some people's average tax rate, making my example true). And the US does not have a "marginal income tax" the US has a "progressive income tax."

 

[Piobaire]

Originally Posted by odoreater

Um, I was just using those numbers for simplification and illustrative purposes, which I was assuming was understood (in fact, 25% may be some people's average tax rate, making my example true). And the US does not have a "marginal income tax" the US has a "progressive income tax."

No, he's right, we have marginal tax brackets. And as any economist will tell you, you need to think at the margins.

 

[odoreater]

Originally Posted by Piobaire

No, he's right, we have marginal tax brackets. And as any economist will tell you, you need to think at the margins.

We have marginal tax brackets, but not a marginal income tax.

 

[kwilkinson]

Originally Posted by odoreater

We have marginal tax brackets, but not a marginal income tax.

Odoreater ANGRY!

 

[Piobaire]

Originally Posted by odoreater

We have marginal tax brackets, but not a marginal income tax.

Semantics. The guy above clearly described our system so he got the content correct. Whatever you want to call it, remember, think at the margins.

I could make a semantic argument that one does not talk of "average" tax rate either but "effective" tax rates. Gotta cut people some slack in the Netwebz though.

 

[alan]

I rent. If i had enough money when i came here id have bought. The prices keep doubling every year even with all the crap thats going on.

When i came here about 4 years ago a new apartment in Ashrafieh was 200.000$, now theyre at 800,000$

But where im gonna live is still undecided, so its more convenient to rent and leave whenever you want.

 

[Beckwith]

NYC renter. Have owned a co-op before, but thought the time was right to sell last year and rent, which turned out to be a decent decision, since I ended up not sinking my cash into an inflated Manhattan market, but rather sunk into an inflated stock market! Doh!

 

[Mr T]

Originally Posted by odoreater

We have marginal tax brackets, but not a marginal income tax.

LOL.

Sorry, I didn't mean to come off as an ass and completely missed the point that you were just making an illustrative example.

 

[killerstyle]

just moved into a nice house =)


im happy

 

[JayJay]

Originally Posted by killerstyle

just moved into a nice house =)


im happy
Congrats!

 

[odoreater]

Originally Posted by Mr T

LOL.

Sorry, I didn't mean to come off as an ass and completely missed the point that you were just making an illustrative example.

It's cool, the smiley doesn't mind banging his head.

 

[odoreater]

We finally closed on our house last week. Feels good to be a homeowner.

 

[gdl203]

Originally Posted by odoreater

Feels good to be a homeowner.
Wait until the boiler breaks down !

jk. Congrats - big step

 

[thekunk07]

i own a house on long island and while it's worth it, it is a never-ending stream of fixes, repairs, etc. pain **********. but, worth it for the yard, bbg, etc.

 

[Seven]

I'm renting a condo in Chicago, perks not having to mow the lawn and shoveling snow.