Do you really own your home if you have to pay property taxes forever?

[red viking]

Just now, Caveira said:

At least 2/3 of my tax $ goes to the federal govt boss.  

That's funny when the highest marginal fed tax rate is much lower than that. Wow you need a new accountant. 

[Caveira]

9 minutes ago, red viking said:

You are entitled to it but land is a finite resource that everybody wants. Therefore you gotta pay your taxes on it. It's very simple. 

Good luck finding an affordable lot to purchase after they become tax exempt. An ounce of gold will be worth a,square cm of land. 

Your communist mind is warped.

 

Estimated Federal Tax Share: Approximately 85% to 90% of your total tax payments go to the fed   

Federal Taxes

• Federal Income Tax: For 2025, the top marginal federal income tax rate is 37% for single filers earning over $626,350 and married couples filing jointly earning over $751,600. a significant portion of your earnings would be taxed at this rate. The Daily Beast+6IRS+6Fuoco Group+6

• Alternative Minimum Tax (AMT): you may also be subject to the AMT, which ensures that individuals pay at least a minimum amount of tax. The AMT exemption for 2025 is $88,100 for single filers and $137,000 for married couples filing jointly, with the exemption phasing out at higher income levels. Tax Foundation

• Net Investment Income Tax (NIIT): An additional 3.8% tax applies to net investment income for individuals with high incomes.

Estimated Federal Tax Share: Approximately 85% to 90% of your total tax payments.

---

 State and Local Taxes (Illinois)

• State Income Tax: Illinois imposes a flat income tax rate of 4.95% on all taxable income, regardless of income level.

• Property Taxes: Illinois has some of the highest property tax rates in the nation. The average effective property tax rate is 2.07%-7% of a home's value. For a high-value home, this can result in substantial annual property tax payments.Illinois Policy

• Sales and Other Local Taxes: Illinois also imposes sales taxes and other local taxes, which can add to your overall tax burden.

Estimated State and Local Tax Share: Approximately 10% to 15% of your total tax payments.

---

 Summary

Tax Category	Estimated Share of Total Taxes
Federal Taxes	85% – 90%
State & Local Taxes	10% – 15%

[WrestlingRasta]

2 hours ago, red viking said:

I just don't think you get it. If you make old people exempt from property taxes, then everybody will just sell their properties to their parents and old people will never move out until they die. 

Older people already get social security. Now you want to exempt them from property taxes? Half of thrm are millionaires too. While young families struggle to get by? No way that's right. 

You get what you earn 

[red viking]

6 minutes ago, WrestlingRasta said:

You get what you earn 

NOBODY keeps 100% of what they earn. Taxes are part of the real world. 

[Caveira]

54 minutes ago, red viking said:

NOBODY keeps 100% of what they earn. Taxes are part of the real world. 

NOBODY should pay what we Americans pay.  It’s ridiculous.     

[WrestlingRasta]

58 minutes ago, red viking said:

NOBODY keeps 100% of what they earn. Taxes are part of the real world. 

Big difference between talking about just taxes, and talking about retirees should just move into a condo since they don’t have kids at home.  You know what else is real world….my kids and their kids coming over for a weekend or week or whatever to visit. Paying into the social security your whole life, that you “get” when you retire, is also real world. 
 

If you’re young and struggling, do more. Or do better.  You get what you earn. 

Edited Sunday at 11:26 PM by WrestlingRasta

[WrestlingRasta]

10 minutes ago, Caveira said:

NOBODY should pay what we Americans pay.  It’s ridiculous.     

I have no problem paying the taxes, it’s the management and representation that’s much more concerning. 

[Caveira]

2 minutes ago, WrestlingRasta said:

I have no problem paying the taxes, it’s the management and representation that’s much more concerning. 

And the lack of accountability or real oversight to what said management spend our $$$ on.  I can agree with that.  
 

decades.   Maybe a century of over spending.    No accountability.  Corruption.   Etc.  

 

similar to the you don’t hare the media enough thread.  …. We don’t complain how awful state or local government is either.   

Edited Sunday at 11:36 PM by Caveira

[red viking]

31 minutes ago, Caveira said:

And the lack of accountability or real oversight to what said management spend our $$$ on.  I can agree with that.  
 

decades.   Maybe a century of over spending.    No accountability.  Corruption.   Etc.  

 

similar to the you don’t hare the media enough thread.  …. We don’t complain how awful state or local government is either.   

But this is ok. The hypocrisy of the right at it again...

[JimmySpeaks]

10 hours ago, red viking said:

So you only pay property taxes if you are under 65? Omg you gotta think b4 you say stupid things. I'll just sell my house to my mom to avoid taxes. Dumbest idea ever. 

My condo too. 

Only PAY if you haven’t started drawing your social security.  And IF the paid off property is YOURS AND YOUR RESIDENCE.  F U R D U M B.  

[JimmySpeaks]

3 hours ago, red viking said:

That's funny when the highest marginal fed tax rate is much lower than that. Wow you need a new accountant. 

Wow.  Just. Wow. 

[JimmySpeaks]

11 hours ago, red viking said:

So you only pay property taxes if you are under 65? Omg you gotta think b4 you say stupid things. I'll just sell my house to my mom to avoid taxes. Dumbest idea ever. 

My condo too. 

Ummmmmmm your mom will be alive when you draw social security?   If so not for long.  Holy f u k 

[Caveira]

3 minutes ago, JimmySpeaks said:

Ummmmmmm your mom will be alive when you draw social security?   If so not for long.  Holy f u k 

His head is in a special place. 

[JimmySpeaks]

11 hours ago, red viking said:

So you only pay property taxes if you are under 65? Omg you gotta think b4 you say stupid things. I'll just sell my house to my mom to avoid taxes. Dumbest idea ever. 

My condo too. 

So if you sell your paid off house to your mom who’s drawing social security and she doesn’t have to pay taxes did you lose money ??   Do you still own it and live there ?  Did you have to buy and or rent another place to live ?   Oh and doesn’t your mom deserve it?   

[JimmySpeaks]

Are you selling the place to your mom at market value, willing to pay value or a reduced rate?  Do you love your mom? 

Edited yesterday at 12:34 AM by JimmySpeaks

[ionel]

How many folks are willing to live with their mom to avoid property tax?  Yes there probably are one or two.  

[red viking]

20 minutes ago, JimmySpeaks said:

Only PAY if you haven’t started drawing your social security.  And IF the paid off property is YOURS AND YOUR RESIDENCE.  F U R D U M B.  

So only people that can afford to pay off their mortgage should be exempt and those that are still in debt should pay all the property taxes? Are you high again? 

[red viking]

1 minute ago, ionel said:

How many folks are willing to live with their mom to avoid property tax?  Yes there probably are one or two.  

Mom could move in with me at some point anyway. Getting older.

[JimmySpeaks]

11 hours ago, red viking said:

So you only pay property taxes if you are under 65? Omg you gotta think b4 you say stupid things. I'll just sell my house to my mom to avoid taxes. Dumbest idea ever. 

My condo too. 

Hey if your mom wants to live there and there’s VALID PROOF of residence go for it.  

[JimmySpeaks]

Just now, red viking said:

Mom could move in with me at some point anyway. Getting older.

So put it in her name 

[JimmySpeaks]

2 minutes ago, red viking said:

So only people that can afford to pay off their mortgage should be exempt and those that are still in debt should pay all the property taxes? Are you high again? 

People that are drawing social security deserve it.  

[red viking]

Just now, JimmySpeaks said:

So put it in her name 

If your stupid idea passes I could, but fortunately most politicians can see what a dumb idea it is. 

[red viking]

Just now, JimmySpeaks said:

People that are drawing social security deserve it.  

No they don't. Most of them end up drawing much more than they pay in. What an entitlement mentality. 

[JimmySpeaks]

Just now, red viking said:

No they don't. Most of them end up drawing much more than they pay in. What an entitlement mentality. 

Bahahahhahahahahaahahah bull*I poop my pants, don't laugh at me*.  Social security is worth $9 per hour on a 40 hour work week to the AVERAGE RECIPIENT.  Speaking of saying stupid things. 

[red viking]

Just now, JimmySpeaks said:

Bahahahhahahahahaahahah bull*I poop my pants, don't laugh at me*.  Social security is worth $9 per hour on a 40 hour work week to the AVERAGE RECIPIENT.  Speaking of saying stupid things. 

More like $11.50 per hr but they aren't even working so what a dumb argument to talk about it like it's a 40 hr workweek. It's a 0 hr workweek. So it's $2k per month for doing jack squat.