On Mon, 7 Jun 2010 21:14:31 -0400, "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.

Investments aren't generally considered either.

"Tony Sivori" wrote in message
news
Colbyt wrote:

Contrary to what someone one else posted this may be true. Kentucky had
an intangible property tax like that until a few years ago.

I've lived in and filed taxes in Kentucky for many years. I've never paid
the first penny of tax on any bank account balance.

I don't anything about taxes in Kentucky, but whether or not you actually
paid a certain tax doesn't really tell us anything about whether or not such
a tax existed. It doesn't even tell us if you had a bank balance to pay
taxes on.

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.

Lou wrote:
"Tony Sivori" wrote:
Colbyt wrote:

Contrary to what someone one else posted this may be true. Kentucky
had an intangible property tax like that until a few years ago.

I've lived in and filed taxes in Kentucky for many years. I've never
paid the first penny of tax on any bank account balance.

I don't anything about taxes in Kentucky, but whether or not you actually
paid a certain tax doesn't really tell us anything about whether or not
such a tax existed. It doesn't even tell us if you had a bank balance to
pay taxes on.

I think you are not very good at reading between the lines.

--
Tony Sivori
Due to spam, I'm filtering all Google Groups posters.

In article ,
"Rod Speed" wrote:

And where will I get the laptop

From a dumpster, stupid.

Do your dumpsters provide free laptops??? Do tell? ;-)
--
Peace! Om

Web Albums: http://picasaweb.google.com/OMPOmelet
*Only Irish *coffee provides in a single glass all four *essential food groups: alcohol, caffeine, sugar *and fat. --Alex Levine

In article ,
"Rod Speed" wrote:

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

From what I've learned recently tho', it can be taxed locally if it's
used for business purposes. I'm still investigating that.
--
Peace! Om

Web Albums: http://picasaweb.google.com/OMPOmelet
*Only Irish *coffee provides in a single glass all four *essential food groups: alcohol, caffeine, sugar *and fat. --Alex Levine

"Lou" wrote in message
...

"Tony Sivori" wrote in message
news
Colbyt wrote:

Contrary to what someone one else posted this may be true. Kentucky
had
an intangible property tax like that until a few years ago.

I've lived in and filed taxes in Kentucky for many years. I've never paid
the first penny of tax on any bank account balance.

I don't anything about taxes in Kentucky, but whether or not you actually
paid a certain tax doesn't really tell us anything about whether or not
such
a tax existed. It doesn't even tell us if you had a bank balance to pay
taxes on.



Actually Tony's claim would be accurate for Kentucky based banks. Funds on
deposit in banks located in KY were exempt from the tax. The banks were
required to pay the tax but not the depositor.

Money in out of state banks, money market funds, stocks and bonds were all
taxed.

I think it was that exemption that helped in the over-turning of this
onerous tax.

Colbyt

Actually Tony's claim would be accurate for Kentucky based banks. Funds
on deposit in banks located in KY were exempt from the tax. The banks were
required to pay the tax but not the depositor.

Money in out of state banks, money market funds, stocks and bonds were all
taxed.

I think it was that exemption that helped in the over-turning of this
onerous tax.


So...they were taxing the same money every year? Why would anyone ever
deposit their money in an out-of-state bank if that were the case? Is that
what the law was designed to do? Get people to deposit their money in
Kentucky banks? Seems completely crazy to me.

"h" wrote in message
...

Actually Tony's claim would be accurate for Kentucky based banks. Funds
on deposit in banks located in KY were exempt from the tax. The banks
were required to pay the tax but not the depositor.

Money in out of state banks, money market funds, stocks and bonds were
all taxed.

I think it was that exemption that helped in the over-turning of this
onerous tax.


So...they were taxing the same money every year? Why would anyone ever
deposit their money in an out-of-state bank if that were the case? Is that
what the law was designed to do? Get people to deposit their money in
Kentucky banks? Seems completely crazy to me.


Absolutely. The state and local leeches have never met a tax they did not
like.

Because at that time money markets and out of state banks were paying a
higher yield than in state banks. If you could beat the in state yield by
more than a 1/4 point (the tax rate) then you still came out ahead. There
were times when an out of state CD might be may a full point more than an in
state one.

Colbyt

On May 14, 7:00*am, The Daring Dufas
wrote:
A Moose In Love wrote:

On May 13, 9:44 pm, Eric wrote:
What are currently your best saving tips you recommend and also
practice, relating
to how you make your money go much further than it used to, whether
it's for
food - weekly living expenses, home and financial investment, etc.

i eat potatoes and carrots STOP today i got 10 pounds of Yukon Gold
potatoes for $1.99 STOP *so i made potato paprikash STOP

Oh stop it!

TDD

Maybe they're using the internet by pigeon protocol


NT

"Colbyt" wrote in message
m...

"Lou" wrote in message
...

"Tony Sivori" wrote in message
news
Colbyt wrote:

Contrary to what someone one else posted this may be true. Kentucky
had
an intangible property tax like that until a few years ago.

I've lived in and filed taxes in Kentucky for many years. I've never
paid
the first penny of tax on any bank account balance.

I don't anything about taxes in Kentucky, but whether or not you actually
paid a certain tax doesn't really tell us anything about whether or not
such
a tax existed. It doesn't even tell us if you had a bank balance to pay
taxes on.



Actually Tony's claim would be accurate for Kentucky based banks. Funds
on deposit in banks located in KY were exempt from the tax. The banks were
required to pay the tax but not the depositor.

Money in out of state banks, money market funds, stocks and bonds were all
taxed.

I think it was that exemption that helped in the over-turning of this
onerous tax.

Make sense - it sounds to me like it would violate the interstate commerce
clause of the constitution.