Shakedown: America's subprime lenders

[red states rule]

The only thing crazy about them is that their auditors evaluate their property taxes based on 50% of the worth.

Is that to make the homeowner feel better about $10,000 plus tax bills?

Or when the house payment jums $800 - $1000 per month?

 

[Delbert]

people b1tchin about taxes is nothing new. This does not prove
to me that Michigans property taxes are insane compared to
other states.

can you not come up with proof to back your statement?

I want to see proof.

 

[red states rule]

people b1tchin about taxes is nothing new. This does not prove
to me that Michigans property taxes are insane compared to
other states.

can you not come up with proof to back your statement?

I want to see proof.

Nation's state-local tax burden at record high; Michigan ranks 14th


WASHINGTON D.C. - In a year when the nationwide burden of state-local taxes hit an all-time high of 11 percent of income, Vermont's taxpayers are bearing the heaviest load in 2007, according to the annual study of state and local taxes by the Tax Foundation.

With 14.1 percent of income going to pay all state and local taxes, Vermont ekes out Maine (14.0) and New York (13.8) to take the top spot.

Falling significantly behind the leaders were Rhode Island and Ohio. Hawaii rounded out the top six as the rainbow state continues to fall in the rankings.

Not much has changed at the bottom where Alaska has retained the lowest tax burden every year this decade. New Hampshire, Tennessee, Delaware and Alabama complete the list of the five lowest tax burdens—no changes from last year.

Since 2000, five states have experienced double-digit drops in their tax burden rankings. New Mexico has dropped 29 places, Idaho 23 places, and Utah 19 places. Georgia and North Dakota have dropped 15 and 10 places, respectively.

New Jersey has seen the highest increase since 2000, jumping from twenty-fourth to tenth. Arkansas and Indiana have both risen ten places.

Overall, state and local tax burdens will fully consume 11 percent of the nation's income in 2007—a new record. The previous high occurred in 2005 at 10.9 percent.

"Due to the booming economy, people are paying more taxes—particularly those in states with graduated income tax rates," says the author of the study, Curtis Dubay. "Property tax is also a significant source of revenue. As property values rise, so do tax collections."

http://www.battlecreekenquirer.com/apps/pbcs.dll/article?AID=/20070405/NEWS01/304050001

 

[jasendorf]

I think RSR is confused.

States like New York and California are the donor states while red states like Alabama and South Carolina are welfare states. Those states' crazy taxes are what keep so many red states afloat.

 

[red states rule]

I think RSR is confused.

States like New York and California are the donor states while red states like Alabama and South Carolina are welfare states. Those states' crazy taxes are what keep so many red states afloat.

I did not think the left would "get it"

You will be very happy next week - Christmas for liberals is next week - tax day

 

[jasendorf]

What's there to get? Red states, in general, suck at the teat of blue states' federal tax dollars which is made possible by blue states paying their own way at the state level.

 

[red states rule]

What's there to get? Red states, in general, suck at the teat of blue states' federal tax dollars which is made possible by blue states paying their own way at the state level.

That is why people are leaving the Blue states - they can't afford to libe there anymore

 

[jasendorf]

That is why people are leaving the Blue states - they can't afford to libe there anymore

Who can blame them? They're tired of paying their way while red states get huge influxes of welfare.

 

[red states rule]

Who can blame them? They're tired of paying their way while red states get huge influxes of welfare.

Is this the liberal way to get the red states to go blue?

By insulting them?

Nice way to try and change the subject from the insane taxes libs impose on people

 

[Bullypulpit]

You have must overlooked the previous post

You failed to provide any documentation.

 

[red states rule]

You failed to provide any documentation.

Translation - you posted facts and they do not count

 

[Delbert]

thanks rsr,... so MI went from 4th to 14th pretty quick,...hahahaha
and if you use just property taxes(like you stated), im sure they would drop some more.

 

[red states rule]

thanks rsr,... so MI went from 4th to 14th pretty quick,...hahahaha
and if you use just property taxes(like you stated), im sure they would drop some more.

14th out of 50 is still pretty good

After all the libs need money to buy Ipods for evey kid in school

Your tax dollars at work

 

[sealybobo]

Translation - you posted facts and they do not count

I'd like to let red states follow the gop and blue states can follow the dems and watch your economy crumble and fall apart.

You'd go bankrupt and all the working class would move to the greatest 25 states in our once great country.

You ceo's that saved your $50 million in red dollars, that's only worth $50k in blue states. But don't worry, even though there is no good old boys network, or rich family to bail you out, I'm sure with your smarts and never quit attitude, you'll be a success again one day because anyone that wants to can make it in a blue america.

 

[editec]

Contrary to the cherished myth (read misinfromed lies) that our resident libertarians keep trying to pass off about how all liberals BLAME the lenders for this crises, and do NOT blame any of the borrowers, I do NOT blame the banks for lending, given the rules of the game they played by.

Congress and the banking industry set up the rules foolishly, and the people really had no choice but to go along with it because the prices of houses keep rising.

This is a classic example of a tragedy of the commons folks.

Everyone was playing by the rules, but when everyone played the game by the rules, EVERYONE suffered in the long run.

This is a perfect example of WHY government not only needs to regulate industries, but needs to know what the hell it's doing, too.

Sadly, government has been taking its lead from the industries it seeks to serve, and those industries are NOT always looking at risk wisely, and certainly they could NOT have been looking at the risks for the LONG RUN, either.

Everything that we see happening now is the result of the fact that nobody questioned how the price of real estate could get so far our of line with the average salary in the USA.

Why didn't they?

Because it wasn't in the interest of anyone in the industry that benefits from the spiking prices, to ask themselves how long this game of musical houses could possibly last, that's why.

Anyone in the industry who did ask that question and acted accordingly, found themselves OUT of BUSINESS.

ARe you familiar with the basic economic principle that bad money drives out good?

Well bad business practices drive our good ones in exactly the same way.