Anyone else prepaying property taxes so you can still deduct them this year?

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I agree in that you are not being dependent on social resources but as far as growth in the long term if you aren't getting paid well enough to splurge on this or that or to take that vacation,etc you're not necessarily helping in a significant way. If you get a job and aren't calculated in the unemployment rate but your job doesn't allow for much or any disposable income you're not guaranteed to be helping the economy. My point was just by virtue of a low unemployment rate doesn't equate to a strong economy.

My state having a low unemployment rate may have looked good on paper but because of the other things we were bleeding money and our economic growth was the slowest in the nation.
Well maybe things will get better for your state now. It's not just the tax cuts, but a lot of regulations have been rolled back that were stifling companies. The amount of spending that took place during the holiday season seems like a good indicator that the economy is headed in the right direction. The unemployment rate is low and people are spending money. I'm not sure what more proof you need.
 
Well maybe things will get better for your state now. It's not just the tax cuts, but a lot of regulations have been rolled back that were stifling companies. The amount of spending that took place during the holiday season seems like a good indicator that the economy is headed in the right direction. The unemployment rate is low and people are spending money. I'm not sure what more proof you need.
We hope it will too. The income tax amount only got raised in April I believe, though it was retroactive to Jan 1st. For 2018 it was raised again.

But what we're talking about is future long term economic growth. The tax plan that this thread is about hasn't been in place yet. What people did this Christmas season doesn't predict what will happen for the future. What a low unemployment right now doesn't predict long term economic growth. If around 80% will see a tax cut that's quite a large drastic change. Perhaps because of what happened in my state and other states like IL I'm more cautious; it's surprising easy how quick you can turn a healthy state economy to a very unhealthy one with the right formula.

About the only absolute thing is it's not a sure thing yet nor for long term. You don't have proof it will work for long term economic growth and I don't have proof it won't but for me I'm just saying I'm keeping a more cautious outlook on it. Neither of us is wrong nor right at this time.
 
We hope it will too. The income tax amount only got raised in April I believe, though it was retroactive to Jan 1st. For 2018 it was raised again.

But what we're talking about is future long term economic growth. The tax plan that this thread is about hasn't been in place yet. What people did this Christmas season doesn't predict what will happen for the future. What a low unemployment right now doesn't predict long term economic growth. If around 80% will see a tax cut that's quite a large drastic change. Perhaps because of what happened in my state and other states like IL I'm more cautious; it's surprising easy how quick you can turn a healthy state economy to a very unhealthy one with the right formula.

About the only absolute thing is it's not a sure thing yet nor for long term. You don't have proof it will work for long term economic growth and I don't have proof it won't but for me I'm just saying I'm keeping a more cautious outlook on it. Neither of us is wrong nor right at this time.
There could be another war, another big terrorist attack, a big earthquake, the stock market bubble bursts......who knows what could collapse the house of cards. History tends to repeat itself. There's always another recession around the corner. I'm not sure there is such a thing as long term economic growth or if that's even possible. I do believe in capitalism. I've done enough traveling in Europe and South America to see first hand that the alternative doesn't work.
 
About the only absolute thing is it's not a sure thing yet nor for long term. You don't have proof it will work for long term economic growth and I don't have proof it won't but for me I'm just saying I'm keeping a more cautious outlook on it. Neither of us is wrong nor right at this time.

I’ll take the gamble. Since what was done before didn’t work, it’s time to start fresh. When almost half the country pays absolutely no income tax (and in some cases makes money on the deal) it’s tine for a change.
 

There could be another war, another big terrorist attack, a big earthquake, the stock market bubble bursts......who knows what could collapse the house of cards. History tends to repeat itself. There's always another recession around the corner. I'm not sure there is such a thing as long term economic growth or if that's even possible. I do believe in capitalism. I've done enough traveling in Europe and South America to see first hand that the alternative doesn't work.
What I was talking about was long term growth rather than short term. But I understand what you mean about stability.

To your point about war and terriorism, earthquake, stock market,etc all that stuff is already a possibility so long term nor short term really matters when speaking about those things. If those happen your long term and short term goals change.
 
I’ll take the gamble. Since what was done before didn’t work, it’s time to start fresh. When almost half the country pays absolutely no income tax (and in some cases makes money on the deal) it’s tine for a change.
I hear ya. That's what happened with our state which was do something different and we took our chances twice by reelecting off of a promise given to us of give it time just give it more time. It failed miserably and we pushed to go back the other way. There's not an issue with trying a different route. All my point was is being cautious about it.
 
I can’t imagine that the trillion and a half added to the country’s debt will do good things for the economy. The Corporations are the only big winners here. They will buy back their own stock to drive up prices and give their CEOs huge bonuses. Trickle down will never happen. Look for recession coming in the next few years as always when this type of legislation is passed.
 
I can’t imagine that the trillion and a half added to the country’s debt will do good things for the economy. The Corporations are the only big winners here. They will buy back their own stock to drive up prices and give their CEOs huge bonuses. Trickle down will never happen. Look for recession coming in the next few years as always when this type of legislation is passed.

Here we go again bashing corporations. Why would you want companies to fail and people lose their jobs? Even many small businesses are incorporated and have been strangled by the taxes and regulations of the past few years. Maybe you work for the government and are guaranteed a cushy pension and health care benefits, but there are many of us who work for corporations (large and small) who benefit when they do well. After traveling around the world and seeing the countries who thrive and the ones who fail, capitalism is always the factor that determines success. If companies are so evil, try going one day without the goods or services they provide. Put down your IPhone, stay off Facebook, and stay out of Target and Whole Foods.
 
Paid my 2nd half taxes and prepaid what I could. I don't have an issue with the new tax bill, it will be a wash for me.

The real problem is an average long island homeowner paying 13k+ in property taxes for a school district that leaves a lot to be desired after elementary school. We work to serve public employees, pay their ridiculous salaries, pension and benefits.
 
And some will come out the same. There must be a lot of upper income disboarders with all the complaining on this site! And no matter how you try to spin it, if you’re making over $200k with a $750k house You Are Not middle class! I don’t care where you live - if you say “but we live in Beverly Hills”. Well if you live in a rich suburb then you are not middle class! Though I wonder if these tax cuts were given four years ago, would there be quite a different reaction?
We’re nowhere near upper income, but we’re going to pay thousands more because we have a soon-to-be college student. Losing the personal exemption, and now only getting a $500 credit for her, is going to make us pay far more than we would have in the past.
 
If it's Fairfax County (where I have family), that county has a definite dividing line for housing that is middle and below vs middle and above. If you are middle and below, you rent or live in attached housing (which sells for 1/2 the price of detached housing - many of these attached homes can fit families of 6 or less b/c they were designed to meet the middle's needs)...if you are upper middle and above, you can afford a detached house...so, with a detached house, you are probably in the top 1/3 of the area (with 1/3 renting/getting subsidized, 1/3 in attached housing, and 1/3 in detached housing)...that's not "upper" class, but that's definitely closer to upper than to the dead middle...

Median Sales Price of New and Existing Homes (March 2017)
Type Price
Detached Homes $744,526
Attached Homes $379,320
Source: Fairfax County Department of Management and Budget, Economic Indicatiors

We're in Loudoun County which is adjacent to Fairfax and has a lower overall population and overall a higher income. We bought our first single detached family here in 1995 and we were making less than the median household income so it can be done, just not large homes. We started in attached homes (owned two townhouses) and there's absolutely nothing wrong with that. It's what we could afford when we were young. There's no rule that says everyone has to own a detached single family home from day 1. But anyone who expects their first home to be at the upper end is expecting too much. We, like most our age built up to it.

Currently there is a very low inventory of available homes which helps keep our prices growing. Something else you'll find in these counties is a lot of people have a good amount of equity as real estate here is rarely negatively impacted.

The median detached home price in Loudoun is $631,000, but there's a lot newer homes of all kinds in Loudoun. In Fairfax, a lot of those prices are influenced by location-close to metro, the beltway, etc.
 
A number of ways.

If cutting taxes doesn't significantly increase consumer spending, which is what many economists are predicting will happen this time, there's no bump in demand to justify more hiring. It is supply-and-demand 101 - without consumer demand, there is no reason to increase production/supply.

If enacting what is essentially an economic stimulus during a period of full employment and consistent growth prompts interest rate hikes, the benefit to many low and moderate income consumers will be erased by the higher cost of consumer debt.

If the tax cuts are offset by cuts to benefits with a high multiplier rate, like food stamps or social security which are spent almost immediately and in full by most recipients, the loss of that spending can outweigh the gains created by consumers with slightly more in their paychecks.

Tax cuts don't create upward pressure on wages, and unless they're targeted toward the specific demographics that will see the least benefit from this (low-income households, particularly those with children, cash-strapped middle class parents of teens and college students) they don't provide a sustained boost in consumer demand. Plenty of CEOs have outright said that the benefit from this cut will go into stock buybacks and higher dividends, both of which have a low multiplier effect in the bigger economy, and it does appear that there is significant support in Congress for cutting high-multiplier safety net programs to offset the cost of the bill.

Any extra money I see in my paycheck from the lower taxes will go straight to my insurance premiums because our portion went up for 2018. Hopefully it'll be enough to cover the difference so I don't see a reduction in my paycheck but I won't see an increase. My company also doesn't pay as much as they should for most of our positions, which is why my dept has had an opening since June. So we all do more work to make up for it. I'm trying to find something else, and while there are job openings, it isn't stuff I'm qualified for. And I have two bachelor degrees, so it's not an education issue.


Well maybe things will get better for your state now. It's not just the tax cuts, but a lot of regulations have been rolled back that were stifling companies. The amount of spending that took place during the holiday season seems like a good indicator that the economy is headed in the right direction. The unemployment rate is low and people are spending money. I'm not sure what more proof you need.

I think there was so much more holiday spending because there were so many more good sales compared to last year. I think stores did better this year but it's because they started deep discount sales earlier in December. Plus Thanksgiving was early this year so you added another week of holiday shopping to the mix that we don't always have. I also don't see how much is spent at the holiday's as an indication of how well the economy is doing, hopefully people paid cash and didn't charge it since interest rates have gone up and I'm sure they'll continue to go up. The bottom will fall out in the next year or two regardless of the tax cuts, things can't keep up at this rate.
 
I can’t imagine that the trillion and a half added to the country’s debt will do good things for the economy. The Corporations are the only big winners here. They will buy back their own stock to drive up prices and give their CEOs huge bonuses. Trickle down will never happen. Look for recession coming in the next few years as always when this type of legislation is passed.
One way to get out of debt is to cut spending......just saying.
 
Unemployment rate by itself doesn't equate to a strong economy. It does mean more people jobs but having a job doesn't mean you have enough money to significantly help the economy--having money leftover after paying for necessities would be more favourable than someone who only has enough money due to their job for housing, food and some clothing.

Yep. Our unemployment rate has fallen to pre-recession levels... but wages still haven't gotten back to where they were a decade ago and neither has workforce participation. The unemployment rate doesn't tell the whole story, and the booming stock market doesn't help these folks either.

Having a job may not mean your making enough to stimulate the economy, but it means your not living on welfare...which in my opinion helps the economy.

Well, no, it doesn't mean that. I know a LOT of working people who are on food stamps and medicaid to make up the difference, and many of them are living right now in terror of losing the medical portion of their benefits because adding family to employer-based benefits is prohibitively expensive for most low-wage workers ad a big chunk of the lower-and-middle middle class. I'm a degreed professional working in my field and to add my spouse and kids to my coverage would put my premium at about half of my total earnings.

Here we go again bashing corporations. Why would you want companies to fail and people lose their jobs? Even many small businesses are incorporated and have been strangled by the taxes and regulations of the past few years. Maybe you work for the government and are guaranteed a cushy pension and health care benefits, but there are many of us who work for corporations (large and small) who benefit when they do well. After traveling around the world and seeing the countries who thrive and the ones who fail, capitalism is always the factor that determines success. If companies are so evil, try going one day without the goods or services they provide. Put down your IPhone, stay off Facebook, and stay out of Target and Whole Foods.

There's a lot of territory between not agreeing with big corporate tax cuts and wanting corporations to fail. Apple, Facebook, Whole Foods, and Target are all doing just fine. If we're going to run up big deficits to help just one demographic in America (and that is a big IF to begin with), I don't think billion dollar multi-nationals is the demographic that should be the focus of our efforts. That doesn't mean I have moral objections to Target or Facebook, and it doesn't mean I want Whole Foods or Apple to go under. I just don't see this package as what it will take to help the people who need help in this country, especially not with things like CHIPs and food stamps on the chopping block to pay for it.
 
Wages being flat the last 10 years has nothing to with the tax cuts that happened .....hmm a week ago. Hopefully the tax cuts will raise wages. I don't think you have to worry about food stamps being taken away from people.
Healthcare premiums going up has hmm...nothing to do with tax cuts that happened a week ago. That's a whole other problem that needs to be fixed. I'm not smart enough to even suggest how to fix that mess. Hopefully someone figures it out soon. My dectuctable is so high I'd have to be half dead before I'd enter an ER.
 
The arguing and political commentary needs to stop or this thread will be closed. The earlier warning was apparently not enough to be accepted and followed.

The thread has grown to become something far beyond a Budget Board discussion.
 
Wages being flat the last 10 years has nothing to with the tax cuts that happened .....hmm a week ago. Hopefully the tax cuts will raise wages. I don't think you have to worry about food stamps being taken away from people.
Healthcare premiums going up has hmm...nothing to do with tax cuts that happened a week ago. That's a whole other problem that needs to be fixed. I'm not smart enough to even suggest how to fix that mess. Hopefully someone figures it out soon. My dectuctable is so high I'd have to be half dead before I'd enter an ER.
Thank goodness our family deductible is only $7000. Ds14 needed ankle surgery (about $20,000), dd21 got into a bad car accident and was taken by ambulance to a trauma center, left a couple hours later, about $20,000. I ended up in the ER with an appendectomy, with an overnight stay, can’t wait to see how that cost. DH had foot surgery, can’t remember how much that bill was. I’m going to say that with medication and other doctor bills (DH just got a colonoscopy done), easily over $100,000 this year.
 
AND let’s not let forget this is OUR money to begin with! Can’t see how getting more of our money back is such a problem. I wish everyone had to write a check every December for their total tax bill instead of having it divided up each week. So many people don’t even realize what they are paying.
 
More political comments have been posted and removed since the last warning a whole 70 minutes ago.

Last chance to stop the political commentary.

PLEASE, no more political comments or arguing.
 
Back to the property taxes early issue. I am not doing this on purpose - but because of a mixup I am being charged taxes this year that I do not really owe.

I am not going to correct it until next year. I don't think it will really make a difference though.
 
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