Why do people just not grow up and deal with life and give everyone else a break? Everyone wants a government bailout these days. They can't! Wall Street brokerages, banks, mom and pop, insurance companies, auto makers, and they all want it on your dollar! Grow up! It is not the responsibility of government to bailout out losers. Grow up, and take responsibility for your own actions!
When we purchases our first home, my wife and I worked 7 days a week, all the overtime we could stand, never went out to eat, no movies to place down 20% and pay our closing costs. We then carried a 15.5% mortgage, while we had sick kids, high medical bills and high inflation costs left over from the Jimmy Carter administration. We did not get any help from the government. No food coupons, no restructuring of a 15.5% mortgage. There were no rebate checks. There were no refinance opportunities from Congress, no lower mortgage rates. That forced us to live a simple and meager life. No vacations, no new cars, no big color TV's etc. It is accepted as a reality.
There was no bail out for loads of folks in the 1980's that lost their homes in droves around the country. Banks failed by the thousands. And again, no assistance from the government. Why? Because it is not the job of the government to help you everytime you stub your toe.
What bailed us out was changes in the tax law that lowered taxes. Remember the 50% marriage penalty tax? I do. Under Carter a working husband and wife paid over 50% of their combined income in taxes. You made 80K combines, 40K were taxes. It was repealed by Republicans, and it allowed the economy to pull out of am economic tail spin. People come out to buy when they have more money in their pockets.
Higher taxes do not increase buying or purchasing. It is called "REGRESSIVE!" They are counter productive. They are a camoflagued term for "Welfare!"
Redistributing wealth is a slap in the face to everyone that worked their way up in life and achieved in America.
Think before you vote! You may be voting yourself totally out of a job!
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I love your posts! You are so correct. I wish people would wake up and realize what is going to happen if Obama wins.
YES - YES - YES!!! I wish everyone would remember back to the Carter Days. We had to burn wood for heat - everyone had a wood stove and this is VA where we really don't get as cold as above the Mason Dixon. But boy do I remember My Husband at work, I had a toddler, and if I didn't want to be cold I chopped wood!! Dinner out - what was that? And new cars - what was that? I am very worried that we will see these days again after next Tuesday.
Thanks Jim!
Right now, we're redistributing the wealth from the ordinary taxpayer to the rich bank and insurance company guys!
LaNita Cates (REMAX of Joliet) Obama has already told us what he is going to do!
Kathy Carson Lynchburg, VA, REALTOR VA HOMES - LYNCHBURG, BEDFORD, CAMPBELL (RE/MAX 1st Olympic, ABR, GRI) We lived in Maryland at the time. I forgot all about the buring wood. We used the woodstove to heat the home. We had to!
I remember very well. First home was $25,000 @ 13%. Home sold a year earlier for $75,000.
Patricia Kennedy (Evers & Company) I totally disagree with your premise. Workers all across the country benefited from these taxes. I have never had such a good run in business as the last few years. Less taxes, more in my SEP IRAs, paid my own kids tuition, no burden on the state there. I did not request monies from the government, no subsidies etc. If things remained the same, I'd never even draw Social Security retirement if things remained the same. What sense does redistribution of wealth make?
Corporations in the US pay hte highest coroprate taxes in the world now. That is why they leave the USA in droves! So raising them higher is going to help how?
Jim,
After all the wealth is redistributed and we're ALL poor...then what...??? Thanks, Joe, The Plumber
As I mentioned in one of your other posts, in the late 60's welfare and ADC caused people to NOT work, caused husbands to move out of the home so the wife could get ADC, and encouraged women to have more children so they could get more ADC as the gov't paid them per child. That was the era of LBJ, the Great Society, and Nam ... and Demcratic control of the congress as well as the Presidency.
My husband was in grad school (engineering) and the students were advised to drop out because companies weren't paying as much and it actually worked against them to have "too much" education. It was easier to get a job with a Bachelor's degree than a PhD because companies could pay less.
Have you watched the YouTube vid of "O" in 2001 when he appeared on a radio segment in Chicago, talking about "spreading the wealth" and how the Founding Fathers didn't provide for that in the Constitution, so it would have to be addressed via the legislature.
Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) Then we call each other "COMRADE!"
Elaine Reese, REALTOR® in central Ohio (Real Living HER, Worthington Ohio) I agree. I did listen to Obama's radio interview. It is amazing how when persons hear Obama in his own words wants to redistribute wealth - they tell us that is not what he means! Are they insane? Obama cannot be any clearer. He is a socialist! He is the most liberal member of Congres now, and Joe Biden is # 3. Redistribution of wealth is a socialist idea not Amercian. His Mentor Ayers is an self avowed anarchist! Bill Ayers new book just released is entitled "Race Course Against White Supremacy!"
I cannot and will not vote for anyone that convicts themselves with their own words - that their ideas are not what the constitution or the bill of right embodies! His position is totally un American!
Jim, As always I appreciate what you have pointed out in your post. It seems like everyone wants someone to"take care of them" these days. What happened to the good old work until you can afford it idea that I was brought up with. This redistribution of wealth idea of the Democrats is just plain rediculous. Why in the world would someone who has worked all their life to get ahead and save for their retirement be willing to give some of it away to the slacker down the street who just sits around with his/her hand out, waiting for the government to hand him/her a check? If someone starts trying to take what little I have away and give it to someone else, I'm going to turn in to "Annie Get your Gun!". Maybe it is time to look for some other Country to live in, Australia is nice this time of year!
Sandra Paulow, Your AZ. White Mtns. REALTOR® (RE/MAX Pine Country Realty) First of all these are not the Democrats that we knew years ago. These are socialists! They want bigger government, more regulations and since we have gotten our Democratic Congress look at the mess we are in!
I agree with you totally Jim. Like I said, they want to control our lives right down to giving our money away to anyone with their hand out. They want to control every aspect of our lives, it is time for a change alright, it is time to kick every one of those suckers in Washington out on their respective backsides!
Sandra Paulow, Your AZ. White Mtns. REALTOR® (RE/MAX Pine Country Realty) I agreel We need to throw out all the rascles! We also need to start a mvement that has elected representatives give back to the US Taxpayers lobbyist monies received from Fannie Me & Freddie Mac!
Where do I sign on?
Jim:
What do we do now? It is all upside down. If Mr. Obama gets elected, we are in big trouble. Real Estate will not come back. It will smothered by taxes. It will take the pension away from the working guy and every Joe. The real estate sales exemption is the regular guys nest egg. It will be funneled it in to the government and given out in tax refunds to people who don't even pay taxes.
People are not getting it!
Richard
Jim, we were discussing this in the office today. Read the 1st paragraph under the title "Interpretations".
Sandra Paulow, Your AZ. White Mtns. REALTOR® (RE/MAX Pine Country Realty) Call your elected representatives! Demand the monies be returned!
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) It is scary. It is scary that in ActiveRain those that say they work real estate full time do not get it. That is more scary. I agree with you, there will be no comeback in real estate at all.
Elaine Reese, REALTOR® in central Ohio (Real Living HER, Worthington Ohio) I totally agree!
I still work 60 hours a week and I want to spend my own money not give it away.
Jim, I remember buying a home in the 80's at 15.875%. Refinanced a few years later at 10%. We must consider carefully who is our next president.
Didn't Karl Marx talk about wealth distribution?
Kay Van Kampen, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) Scary times ahead. No one is asking the right questions. Facts do not seem to matter. Obama wants to take care of the working man, and yet he wants to raise coporate taxes higher so that any jobs left in the USA will be flipping burgers. He sounds good though for an empty suit!
Change is good.
I like you.
Vote for me.
We need change.
Jerry Becker and Associates The problem with America these days they do not know who Karl Mark is, and don't care.
John Walters (Specialized Real Estate) I feel exactly the same way. I heard an interesting story the other day about estate tax. It was about someone who worked hard their entire life, amassed some good money, and their spouse had some health issues. The money put aside was for the welfare of the family not hte government. Who give the government the right to take away what you had earned afer a lifetime of sacrifice? Who can allow a government to come into your home and take away your guns?
Sen. Obama and his advisors have shown that, if nothing else, they understand marketing and numbers. His "pitch" is essentially the purchase of a majority of votes using a minority's money. That can likely get you elected for a term. It is not likely to advance our economy. But that is not his goal as far as I can tell.
Our society has moved to an entitlement society and thus most people will vote for what they are told is going to put more money in their pocket soon.... even if that does not last.
I spoke with a developer today. He is very successful. He mentioned that if capital gains taxes increase signficantly, he will have lost his incentive to develop properties, assume the risk and put forth the work. So, at that point, he said, why should he bother?
I believe this thought is racing across the country, but unfortunately it is with a minority at a time the majority has other plans.
Glenn Phillips (Management, Coach, Speaker) (RealSource) He did not abide by the agreement to only use matching funds. Obama is expected to buy the presidency by spending almost 700 Million dollars.
Jim, I agree he did not abide by that promise. But I also submit that the promise of tax reductions for a vast majority of Americans at the cost of the job generating minority of Americans is a much larger financial tool. $700 million is just the primer, not the big money he is using.
The real money he is using is a "credit" in the form of promised tax breaks, to be paid in the near future by the minority.
In other words, he is using the $700 million now to spread the word to a vast majority that he will pay them collectively Billions soon using the minority's money (knowing the majority of the majority do not understand economics but do understand they are getting money soon if they vote as he asks).
I think it is semantics, but we have always had Wealth Distribution in this country, but it has become much more pronounced as the government has grown and taxes have taken an even larger share of our incomes, but think you mean the government should not encourage unproductive citizens by subsidizing them. That trend has already started as look how welfare has been reformed.
The fallacy about lowering taxes will spur the economy and raise overall government tax income has proven to be at the expense of massive deficits which are destroying our country. There is no free lunch, either raise taxes and reduce government spending or prepare for eventual hyperinflation leading to the bankruptcy of American and a new currency/monetary system. I think the politicians sense this, and thus it is business as usual as Americans are not willing to take the long term pain to fix the economy.
The real wealth distirbution has been over the last 30 years from the middle class in China, Mexico, etc. who never were paid a fair wage for stuff that Americans consumed on the cheap. Those countires were screwed again as they bought American debt and are gettting paid back in much less valuable dollars.
Wealth distribution is what makes America a desireable place to live and the reason so many want to immigrate here as the poorest of the poor can still have a decent standard of living in comparison to the rest of the world. What we don't want to have happen is the government creating a class of poor unproductive citizens mooching off the governments generousity, so the direct subsidies to the poor need to be very carefully crafted.
Glenn Phillips (Management, Coach, Speaker) (RealSource) Socialism. Sharing the wealth of others without their permission to redistribute to the masses to gain power. No one askes where Obama got his money for his education at Harvard, his million dollar home in Chicago with the help of Arab money, sold to him by a man that makes less than 35K a year, and that was already convicted. No one has the right to ask how much of the money flowing in from overseas is legitimate. The Obama gets a total pass from the press. What if Obama was a "Manchurian Candidate?" No investigations! No questions asked!
I can well appreciate anyone's aversion to the idea of "redistribution of wealth". But our income tax system is designed to do essentually that! And I'm not convinced that's such a bad idea. Surely these past 8 years have demonstrated the fallacy of "trickle down economics"? Tax rates were lowered, and yet jobs didn't get created proportionately [as the theory goes].And wages didn't go up either. Why is that?
I"m all for keeping the tax rate as low as possible, but if clients can't affort to buy houses, or to trade up now and then, then how do we better served by having our own rates kept lower?
I'd rather pay a little more in taxes, and have a growing and expanding client base of more who can afford to buy new homes.
Melody Anderson (RE/MAX Portside Properties) Forget your personal taxes for a moment. Think corporate taxes. Want to know why no one has the money to buy a home? Have you noticed jobs are going over seas for years? Heard of outsourcing? It issn't because of NAFTA! It is because we pay the highest corporate tax in the world. That is correct! 35%. All of the EU pays about 15% Ireland pays 10%. Obama wants to raise corporate taxes big time. So get used to selling 100K homes...that is all there will be! Persons working in McDonalds in the USA cannot afford more. Why risk buying a more expensive home that at one time you thought would appreciate! Now you will be taxed on the gains!
Yes times are tough and we have had to take on extra jobs to make ends meet and cancel the cable and cut where we can. BUT I never expect a hand out from the government and think it is appalling to suggest that wealthy people should pay more taxes to subsidize those who are less fortunate. If someone is successful and makes a lot of money, good for them. Why should the government take it away and give to those who are not successful. This is America, the land of the free, the land of opportunity. If a wealthy person wants to donate money to those less fortunate, it should be of their own free will. The government needs to get their hands out of people's pockets!!!!
Diane Lynch (Realty Executives Premiere I agree with you fully! "The government needs to get their hands out of people's pockets!!!!" I grew up poor. My parents were immigrants to the USA, I know what poverty is. However being poor does not mean you do not have values. Resourcefulness, being thrifty, frugal, saving, hard working, and risks all have their rewards. Now they want to take that away? Tax my income more? Take any inheritance that I have worked at all my life so I would have something to leave children and grand kids and give it to the government? Excuse me?
If Obama wants to redistribute wealth, why doesn't he give some of his campaign money to McCain. Lead by example.
Jim - Part of our problem today is that when hard working people try to tell the current generation how it was 20-25 years ago, they go "yea, yea, yea" as they refinance their home to pay off the wifi, Xbox, Guitar Hero, that they bought last year with credit cards. "Whiners" want the wealth re-distributed from folks like you...because they know that they are never going to work hard enough or smart enough to accumulate any real wealth.
I agree with you 110%!
Bobby Wallace (Charleston Real Estate Investor's Assoc.) Thanks Bobby. Maybe this generation lives on too much credit to get the concepts. It is my understanding next year we will be dealing with a credit card crisis and auto loans. It will bite real hard at personal wealth. For those living on credit more taxes will bite twice as hard.
Jerry Becker and Associates LOL! I love it! Obama has more than a great haed start! $500 million for a $400K job? What does that tell you?
Spokane Real Estate - Ross Quintana (Team Quintana Real Estate - MJ McAdams Realty Lic#3015) But the current congress who writes the laws, that is supposed to supervise the budget and implimentation has proved to be very poor stewards of our tax dollars. Should we give them more?