Universal Basic Income

[jsd]

Nevermind. Political threads around here are absurd.

[StoicJ]

After reading some of these comments, the following poem (one of my favorites) sprang to the front of my mind.

Poems - 'The Gods of the Copybook Headings'

[videogamesrock]

Well, your methods are out of the norm. I can't remember if you've received grant money, which is taking from others, but I do remember your plan to use student loans to buy houses. Are any of those loans subsidized?

Yes my methods are out of the norm. We buy rental properties to make money firstly and align our interest with the stupidity of the government. I depreciate every property which gives me a non cash deduction of $76,000 a year, then claim a standard deduction of $12,700. So the first $88,700 I earn annually puts me in what the US classifies as poverty. I write off mileage and vacation in cities where I have rental properties in. My meals and vacations are 100% tax deductible. I pay zero in federal taxes yet receive money back because I'm a student - $1700 in 2015 due to the American Opportunity tax credit. Because the US government classifies me as poverty my health insurance is covered at about 95%. In addition the government subsidizes my mortgages at an artificially low interest rate. I apply for many grants to restore housing in distressed areas. I receive PELL because my first $88,700 puts me at zero income and another $19,000 still puts me in poverty. So $107,700 allows me to still be qualified as in poverty. I have subsidized and unsubsidized student loans which are a cheap way to indirectly finance closing costs. I sell homes at $100,000 profit and pay zero tax because I can 1031 exchange them so I can buy more properties. After I 1031 exchange, I receive more depreciation deductions. At a $100,000 profit I can buy 3 more houses and increase my non-cash depreciation deduction at just under $10,000. Since my income is from rent I pay zero tax into medicare and social security.

That being said, I used to pay $60,000 a year when I ran a S corporation. I quickly learned that being a W2 wage earner was less advantageous to me and changing the way I receive income was more advantageous. I do have to pay property taxes on each home but I no longer pay the Feds. The US government 100% subsidizes my business. I take advantage of what is available but I also think it all should go away. The US is the only country where you can get a 30 year fixed mortgage. Also next week we are applying for an SBA loan. This is easy to get because the government guarantees 90% of the loan. Many people in my industry BK those loans as they generally have their property owned by entities and of course are classified as living in poverty. Yeah so the government really should get out of the welfare industry and maybe then can provide real tax relief to working people. --- Written from a phone.

[sanantone]

I just came across this study that had an interesting finding, but I believe most educators already knew this.

With Just One Black Teacher, Black Students More Likely to Graduate « News from The Johns Hopkins University

Yes my methods are out of the norm. We buy rental properties to make money firstly and align our interest with the stupidity of the government. I depreciate every property which gives me a non cash deduction of $76,000 a year, then claim a standard deduction of $12,700. So the first $88,700 I earn annually puts me in what the US classifies as poverty. I write off mileage and vacation in cities where I have rental properties in. My meals and vacations are 100% tax deductible. I pay zero in federal taxes yet receive money back because I'm a student - $1700 in 2015 due to the American Opportunity tax credit. Because the US government classifies me as poverty my health insurance is covered at about 95%. In addition the government subsidizes my mortgages at an artificially low interest rate. I apply for many grants to restore housing in distressed areas. I receive PELL because my first $88,700 puts me at zero income and another $19,000 still puts me in poverty. So $107,700 allows me to still be qualified as in poverty. I have subsidized and unsubsidized student loans which are a cheap way to indirectly finance closing costs. I sell homes at $100,000 profit and pay zero tax because I can 1031 exchange them so I can buy more properties. After I 1031 exchange, I receive more depreciation deductions. At a $100,000 profit I can buy 3 more houses and increase my non-cash depreciation deduction at just under $10,000. Since my income is from rent I pay zero tax into medicare and social security.

That being said, I used to pay $60,000 a year when I ran a S corporation. I quickly learned that being a W2 wage earner was less advantageous to me and changing the way I receive income was more advantageous. I do have to pay property taxes on each home but I no longer pay the Feds. The US government 100% subsidizes my business. I take advantage of what is available but I also think it all should go away. The US is the only country where you can get a 30 year fixed mortgage. Also next week we are applying for an SBA loan. This is easy to get because the government guarantees 90% of the loan. Many people in my industry BK those loans as they generally have their property owned by entities and of course are classified as living in poverty. Yeah so the government really should get out of the welfare industry and maybe then can provide real tax relief to working people. --- Written from a phone.

So, you admit to taking advantage of government handouts as much as possible, but criticize people who you think are taking advantage of the system. You're not even poor and don't need any assistance. How does that give you credibility in your arguments?

[videogamesrock]

I'm saying they should get rid of government handouts.

[Collegelady2]

Yes my methods are out of the norm. We buy rental properties to make money firstly and align our interest with the stupidity of the government. I depreciate every property which gives me a non cash deduction of $76,000 a year, then claim a standard deduction of $12,700. So the first $88,700 I earn annually puts me in what the US classifies as poverty. I write off mileage and vacation in cities where I have rental properties in. My meals and vacations are 100% tax deductible. I pay zero in federal taxes yet receive money back because I'm a student - $1700 in 2015 due to the American Opportunity tax credit. Because the US government classifies me as poverty my health insurance is covered at about 95%. In addition the government subsidizes my mortgages at an artificially low interest rate. I apply for many grants to restore housing in distressed areas. I receive PELL because my first $88,700 puts me at zero income and another $19,000 still puts me in poverty. So $107,700 allows me to still be qualified as in poverty. I have subsidized and unsubsidized student loans which are a cheap way to indirectly finance closing costs. I sell homes at $100,000 profit and pay zero tax because I can 1031 exchange them so I can buy more properties. After I 1031 exchange, I receive more depreciation deductions. At a $100,000 profit I can buy 3 more houses and increase my non-cash depreciation deduction at just under $10,000. Since my income is from rent I pay zero tax into medicare and social security.

That being said, I used to pay $60,000 a year when I ran a S corporation. I quickly learned that being a W2 wage earner was less advantageous to me and changing the way I receive income was more advantageous. I do have to pay property taxes on each home but I no longer pay the Feds. The US government 100% subsidizes my business. I take advantage of what is available but I also think it all should go away. The US is the only country where you can get a 30 year fixed mortgage. Also next week we are applying for an SBA loan. This is easy to get because the government guarantees 90% of the loan. Many people in my industry BK those loans as they generally have their property owned by entities and of course are classified as living in poverty. Yeah so the government really should get out of the welfare industry and maybe then can provide real tax relief to working people. --- Written from a phone.

Dang I need to follow suit!

[bjcheung77]

Dang I need to follow suit!

You're not the only one! I'm working my buttocks off and not even getting as much as VideoGamesRocks...

[sanantone]

This thread went from criticizing people living off the government to teaching people how to live off the government. The hypocrisy. This forum is almost as wonky as the other one.

[dfrecore]

This thread went from criticizing people living off the government to teaching people how to live off the government. The hypocrisy. This forum is almost as wonky as the other one.

I'm with you. I am staying off the Off-Topic section forevermore. I was pretty disgusted by the end.

[Collegelady2]

I'm with you. I am staying off the Off-Topic section forevermore. I was pretty disgusted by the end.

Nothing wrong with using legal loopholes