Q. Also, what's the overall impact of those sales taxes & property taxes on Americans, across different economic classes?
For example, sales taxes are a well-known form of "regressive" taxation that is almost guaranteed to hit the poor and the middle class much higher than the wealthy. This is because the really wealthy reinvest most of their income, and the poor and the middle class spend most of their income buying things.
When a state or local government funds government programs through sales taxes, then, it's almost guaranteed to take a much bigger percentage of the average poor person's income than the average rich person's income.
But does anyone know the total sum of sales taxes charged by state & local governments around the United States?
And has any trustworthy economist calculated what fraction of these sales taxes is being paid by the poorest 20% of the population, or the next-richest 20% after that, or the middle 20%, or the people at the top of the income ladders?
For example, sales taxes are a well-known form of "regressive" taxation that is almost guaranteed to hit the poor and the middle class much higher than the wealthy. This is because the really wealthy reinvest most of their income, and the poor and the middle class spend most of their income buying things.
When a state or local government funds government programs through sales taxes, then, it's almost guaranteed to take a much bigger percentage of the average poor person's income than the average rich person's income.
But does anyone know the total sum of sales taxes charged by state & local governments around the United States?
And has any trustworthy economist calculated what fraction of these sales taxes is being paid by the poorest 20% of the population, or the next-richest 20% after that, or the middle 20%, or the people at the top of the income ladders?
A. How can I answer a question there is no answer to. You know that money disappears as well as I. I totally agree with you. Personally, I have always distrusted the State and Local governments with every fiber of my being. I live on the Mississippi by the Boats that are supposed to pay Revenue for Schools and we just get Stadiums and Non Accredited Schools. Who Audits these people anyway?
What are the rules about transfering sales proceeds to the USA?
Q. I plan to sell a property in India, and buy a property in USA.
The property is worh Rs. 2.5 crore. The Indian property has been with me since 1985.
I am now a Green Card holder in the US.
I have been away from India for the last five years.
The property is worh Rs. 2.5 crore. The Indian property has been with me since 1985.
I am now a Green Card holder in the US.
I have been away from India for the last five years.
A. Speak to a tax attorney. No joke. You will have to file a return as a resident and could be hit by both Indian and US tax law. At least run it by a reputable CPA.
USA is fine with your bringing money in. It's how much remains yours that you will want to structure.
USA is fine with your bringing money in. It's how much remains yours that you will want to structure.
What is the web address of the official multiple listing service for Tennessee?
Q. I'm looking for the mls website for Tennessee. I don't want realtor sites, just the mls service website. I'm also interested in Georgia's. I'm looking to retire in 3 years and would like to move to a cheaper area of the nation other than the Baltimore Washington corridor. I'm looking for someplace that's progressive politically or socially.
A. You can not access the actual MLS service for particular REALTOR associations it is exclusive to only members. If you are merely looking for the properties listed for sale the National Association of REALTORS has a web site where you can look at any property listed in any area of the US.
Here is their site:
Finding available real estate in the US through REALTORS®: http://realtor.com/Default.asp?poe=realtor
You also should look at these sites:
FBI: Crime reports for each State: http://www.fbi.gov/ucr/05cius/data/table_08.html
Statistics on real estate from the Feds: http://www.fedstats.gov/
All US States Constitutions and Web sites: http://www.constitution.org/cons/usstcons.htm
Search for cities & Counties in the US: http://www.naco.org/Template.cfm?Section=Data_and_Demographics&Template=/cffiles/counties/city_srch.cfm
Information on any city in the USA: http://www.bestplaces.net/
Information on any school: http://www.greatschools.net/
Buying a home an article from AARP: http://www.aarp.org/money/wise_consumer/financinghomes/a2004-02-18-BuyingAHome.html
Buena Suerte
Here is their site:
Finding available real estate in the US through REALTORS®: http://realtor.com/Default.asp?poe=realtor
You also should look at these sites:
FBI: Crime reports for each State: http://www.fbi.gov/ucr/05cius/data/table_08.html
Statistics on real estate from the Feds: http://www.fedstats.gov/
All US States Constitutions and Web sites: http://www.constitution.org/cons/usstcons.htm
Search for cities & Counties in the US: http://www.naco.org/Template.cfm?Section=Data_and_Demographics&Template=/cffiles/counties/city_srch.cfm
Information on any city in the USA: http://www.bestplaces.net/
Information on any school: http://www.greatschools.net/
Buying a home an article from AARP: http://www.aarp.org/money/wise_consumer/financinghomes/a2004-02-18-BuyingAHome.html
Buena Suerte
Capital Gains On Agricultural Land sale USA?
Q. I currently sold property for a sum of $350,000 US dollars in the same state I live (SC). After having it long enough to make it Long-Term.
I am currently unemployed and have had no income (hadn't had to file federal taxes in at least 4 years.)
My question is, am I considered in the 10% income bracket for this sale at 0%, or will the IRS take the $350,000 and put me in the higher 15% capital gains bracket due?
About 315-320,000 would be gain.
I am currently unemployed and have had no income (hadn't had to file federal taxes in at least 4 years.)
My question is, am I considered in the 10% income bracket for this sale at 0%, or will the IRS take the $350,000 and put me in the higher 15% capital gains bracket due?
About 315-320,000 would be gain.
A. Tax laws between today and December 31, 2010 are subject to change without notice.
Off hand, without knowing your complete tax potential for the year, my guess is that your $320,000 gain would be subject to a tax rate of 15%, at least this is my best guess at the present moment.
I would figure a federal tax liability of 15% of your total profit as being subject to Federal Taxation. I would also suggest that you go the IRS website and look for form 1040-ES and send them a portion of your tax liability on 9/15/10 and 1/15/11 in order to avoid a penalty for underpaying your tax liability.
I am not familiar with South Carolina tax laws, so I would suggest that you check with your state's department of revenue located in Columbia, SC.
Off hand, without knowing your complete tax potential for the year, my guess is that your $320,000 gain would be subject to a tax rate of 15%, at least this is my best guess at the present moment.
I would figure a federal tax liability of 15% of your total profit as being subject to Federal Taxation. I would also suggest that you go the IRS website and look for form 1040-ES and send them a portion of your tax liability on 9/15/10 and 1/15/11 in order to avoid a penalty for underpaying your tax liability.
I am not familiar with South Carolina tax laws, so I would suggest that you check with your state's department of revenue located in Columbia, SC.
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