Lou wrote:
wrote in message
...
On Sun, 06 Jun 2010 18:10:47 -0500, The Daring Dufas
wrote:

On 6/6/2010 6:03 PM, Lou wrote:
"The Daring wrote in
message ...
On 6/6/2010 10:58 AM, Lou wrote:
"The Real wrote in message
...
On 06/05/10 20:53, Ed Pawlowski wrote:

"marco wrote in message



...
.
in the long run,
you are much much better off increasing your income

i know it's less fun, but just think about it:

increase your income, say $1 an hour,
or $10 a week, or $25 a month, or whatever,
and see what you have at the end of the year,
vs saving $1 here or $5 there, is clearly better

marc

Sounds great, but not always easily done. With the present
economy, employers have cut OT, cut wages, cut hours, and much
of the side job part time stuff has dried up. Increasing
income may be better, but saving money is the only way for
millions right now.

AND the money you save isn't taxable!


Well, that depends. When I lived in Georgia, money sitting in a
bank account was taxable. If you had an account, you owed tax
on the balance and had to pay. After a year went by and tax
time rolled around again, you had to pay tax on whatever was in
that account again, even if you hadn't touched the account at
all. In essence, you paid tax on the same money again and
again, for as long as you had it.



Georgia? The state in the U.S.A. or the country of Georgia?

Georgia, the state in the U.S.A. All real and personal property
in the state is taxable unless specifically exempted by law. At
the time I lived there, money in a bank account was not exempt.



Here in Alabamastan, I believe a bank account would be taxed if it
earned interest.

Only the interest is taxed, not the principal. That's a normal
capital gains tax. Taxing the principal is *not* normal. Personal
property is taxed in some states but I've never heard of cash being
considered personal property.

What would you call it? Property is generally classified into two
types - real and personal. Real property is land, usually things
growing on it (annual crops in at least some states are not
considered real property) and buildings. All property that is not
real property is personal property.

But not all personal property that is not real property is taxed even in places where it is taxed.