AOC wants 70% tax on wealthy

Sangre Naranjada said:
That would be a lot of fun to watch. :popcorn:
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Fun to watch, but as much as it would be fun, the concern about the misuse of gerrymandering would come back to the top of the list of concerns on both sides of the fence.

That being said...there IS a certain irony in AOC being SO despised that even her own party wants to draw her out of existence...
 
No way does the New York Legislature have the balls to screw with her district, and even if they did, she'd move. For example, she could move into Eliott Engel's district which is close and beat him like she beat Crowley. Engel's a little like Jerry Brown. He was always considered a very solid liberal, but now that the Party is about to embrace Stalinism, he now looks moderate basically because he doesn't hate America and Jews. She could knock him off if she had to.

The bottom line is that there are so many wingnuts in that part of New York who think like she does that it would be damn near impossible to redistrict her out of Congress. It also doesn't help that the media (who are obviously influential in big cities) think she's wonderful.
 
The latest Twitter feud between Cruz and AOC is hysterical. She bragged about finishing 2nd place in a high school science fair. LMAO!

 
Joe Fan said:
The NYPost suggests fellow Dems hate AOC so much they may eliminate her seat
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With her in it? Or are they just going to remove the chair from the chamber and hide it in a closet somewhere? Either way, I hope it's televised, kinda like to see the ruckus that ensues.
 
Late stage capitalism. Does anybody remember what the Conquistadora is saying?

She believes in Marxist dialecticism. She believes history will proceed from feudalsim to capitalism to socialism. She believes socialism is just around the corner.

Capitalism if you read the theories around it leads to more and more wealth, less and less poverty. There is no late stage, there is just improvement.
 
Monahorns said:
Late stage capitalism. Does anybody remember what the Conquistadora is saying?
She believes in Marxist dialecticism. She believes history will proceed from feudalsim to capitalism to socialism. She believes socialism is just around the corner.
Capitalism if you read the theories around it leads to more and more wealth, less and less poverty. There is no late stage, there is just improvement.
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The animated film WALL*E is probably closer to predicting the future than she is with this portrayal of humans --
WALL-E-Axiom-Passengers.png
 
Mr. Deez said:
there are so many wingnuts in that part of New York who think like she does
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Two thoughts on this:
  • How did all these wingnuts come to believe this load of garbage - is this an indictment of the education system?
  • Hope they stayed grouped together in New York and the Peoples Republik of Kalifornia - please don't let them move throughout the country and risk infecting the rest of America.
 
OrngNugz said:
I am glad to see her say that. Good for Cortez, someones gotta pay for the Dept Trump is putting us in, now they get to pay for it (hopefully). As for the wall, not gonna work, very dumb idea and a waste of money. Most people just overstay their visa, now some people are flying into Canada and walking over that border that doesnt even have a fence. Wasnt Mexico supposed to pay for it anyway, what happened to that ( just another lie).

I loved her college dance and she kinda looked hot with that red lipstick and those large hoop earrings.
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The big difference is Mr Ed was smarter.
 
Mr. Deez said:
I almost wonder if AOC had the dance video put out. By any measure, it made her look good or at worst neutral. The "dumbness factor" comes entirely from what she says. Nothing in that video reinforces that or has any bearing on it.
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So now we are following people because they can dance. Sounds like Strippers are going to be ruling the world.
 
HornHuskerDad said:
" The Constitution is the supreme law of our country, and the Democrats seem determined to bend it to their agenda - and that is the height of treason.
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We need to start calling it exactly what it is, they don't want to support this country they want to over-throw it and create a new country.
 
NJlonghorn said:
True. To someone who has gotten away with underpaying taxes for many years, fixing the system would feel like a tax increase. On the flip side, for the person who has been overpaying year in and year out, fixing the system would feel like a tax cut. In both cases, reconciling appraisals with actual values would be the right thing to do.



Typical @JoeFan. When caught lying, he deflects with irrelevant information. Or, in this case, disinformation.



That is one example of how appraisals get out of whack. Taxpayers file an appeal even if they have no case that their property is over-appraised. Rather than fight the appeal, the government settles by giving a small reduction. This gets repeated year upon year, and the compounded reductions eventually cause the property to be grossly undervalued. These abusive taxpayers think they are getting one over on the government, but really they are getting one over on their neighbors.

Fortunately, my local government is aggressive about pinning appraisals to actual value. They don't settle appraisal appeals unless the taxpayer makes a compelling case.
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As a professional Real Estate Appraiser I can honestly say you have no idea what you are talking about.
 
Austin_Bill said:
We need to start calling it exactly what it is, they don't want to support this country they want to over-throw it and create a new country.
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I don’t know about the country, but they definitely don’t support our constitution.
 
New plan modeled off of recent actions by the government:

The government loans all persons subject to this big tax the $ to pay it. Funds are routed through Wells Fargo and other banks so they get their cut. Everyone who pays the full tax sends in some paperwork and gets his or her loan forgiven.

:smokin::smokin::smokin::smokin::smokin:
 
Austin_Bill said:
As a professional Real Estate Appraiser I can honestly say you have no idea what you are talking about.
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I've handled property-tax litigation in both Texas and New Jersey -- just once in Texas as far as I recall, but multiple dozen times in New Jersey, including two cases at the Appellate Division level. My experience has taught me that the systems are different in very important ways.

I've read enough about the New York tax system to know that it largely mirrors the system in New Jersey. Based on this experience, I can categorically say that a Texas-based real-estate appraiser has no relevant expertise when it comes to analyzing a New York property-tax issue.
 
NJlonghorn said:
I've handled property-tax litigation in both Texas and New Jersey -- just once in Texas as far as I recall, but multiple dozen times in New Jersey, including two cases at the Appellate Division level. My experience has taught me that the systems are different in very important ways.

I've read enough about the New York tax system to know that it largely mirrors the system in New Jersey. Based on this experience, I can categorically say that a Texas-based real-estate appraiser has no relevant expertise when it comes to analyzing a New York property-tax issue.
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Touché

I'll give you the point that I am unfamiliar with property tax in New York and New Jersey, however the governing body for appraisers is the same for all 50 states and to become an Appraiser I have to follow the same guidelines in New York and New Jersey as I do in Texas. Also my trainer was a New Jersey transplant. He spent 9 years as an Appraiser in New York and New Jersey.

There are 3 ways to determine the value of a property. First is to determine the cost of building the property if it is destroyed. IE The Cost Approach. Second is to determine the value based on how much money it can gross in the market if you lease it, IE the Income Approach. finally and most commonly used is the value it can fetch if sold, IE the Market Approach. All three can be vastly different, Which approach will the state use?

Keep in mind that the Market approach can change dramatically in one day. Think what the value of property was on October 28, 1929 and then what is was on October 29th the day the stock market crashed.

Now fast forward to today Just 3 months ago we were all fat and happy, now we are looking at a very uncertain time. As of now the housing market is unchanged but I have wording in all my reports about Corona Virus because if I don't, when the values fall and we all know they will we have to cover ourselves.

All I know is if the state told me they were raising the value of my home because of the market approach, my first move is to challenge because more than likely the cost approach is much lower, and vise versa.
 
Austin_Bill said:
Touché

I'll give you the point that I am unfamiliar with property tax in New York and New Jersey, however the governing body for appraisers is the same for all 50 states and to become an Appraiser I have to follow the same guidelines in New York and New Jersey as I do in Texas. Also my trainer was a New Jersey transplant. He spent 9 years as an Appraiser in New York and New Jersey.

There are 3 ways to determine the value of a property. First is to determine the cost of building the property if it is destroyed. IE The Cost Approach. Second is to determine the value based on how much money it can gross in the market if you lease it, IE the Income Approach. finally and most commonly used is the value it can fetch if sold, IE the Market Approach. All three can be vastly different, Which approach will the state use?

Keep in mind that the Market approach can change dramatically in one day. Think what the value of property was on October 28, 1929 and then what is was on October 29th the day the stock market crashed.

Now fast forward to today Just 3 months ago we were all fat and happy, now we are looking at a very uncertain time. As of now the housing market is unchanged but I have wording in all my reports about Corona Virus because if I don't, when the values fall and we all know they will we have to cover ourselves.

All I know is if the state told me they were raising the value of my home because of the market approach, my first move is to challenge because more than likely the cost approach is much lower, and vise versa.
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I agree with you that appraisals do a very good job of determining a home's value. The problem is that the tax assessments don't always match property values as determined through an appraisal. The most common way that happens is when properties aren't reappraised for an extended period of time, and the old assessment remains in place. That is a major problem in some portions of NJ and NY.

Consider two houses in different parts in town, both built in the 1950s with a value of $50k. For whatever reason, neighborhood A has seen a 5x increase in value since then, while neighborhood B has seen a 20x increase. Thus, house A has a value of $250k and house B has a value of $1 million -- but they both have the same assessment if they haven't been reappraised.

There are processes in place to adjust assessments. At a minimum, towns in New Jersey are required to utilize an "equalization ratio" to account for appreciation over the years. (New York has the same concept, but they call it something else.) The equalization adjustments are based on town averages -- so both house A and house B would be adjusted equally (say, by 12x from $50k to to $600k). Taxpayer A's taxes are based on an assessment that is overstated by 140%, while taxpayer B is paying based on an assessment that is 40% too low.

New Jersey towns are allowed to periodically re-peg assessments to market value. To spread out the budgetary impact, towns often reappraise homes on a rolling basis over a 5 or 10 year period, and adjust assessments accordingly.

But consider what happens when adjustments are first made. In the example I gave above, Taxpayer A's assessment would change from an artificially high $600k to an accurate $250k -- reducing his taxes by 58.33%. Meanwhile, taxpayer B's assessment would change from an artificially low $600k to an accurate $1 million -- increasing his taxes by 66.66%. Both of these changes are fair (assuming you accept the underlying concept of taxation based on property values, which is a separate issue).

Note: The equalization ratio is actually calculated in the opposite direction, with new appraisals adjusted down, back to historic values. Assuming a town with a 15x increase in value, the equalization ration would be 6.66%. A newly constructed home appraised at $1 million would be assessed at $66,666.66. The math works out the same as how I explained it above.

Another note: There used to be towns with equalization ratios below 10%, but I don't think there are any now. Chris Christie and his Lt. Gov. Kim Guadagno worked very hard to clean up the process, and most towns are now in the 95+% range. There are still a handful of towns in the ballpark of 30%, though.
 
NJlonghorn said:
Consider two houses in different parts in town, both built in the 1950s with a value of $50k. For whatever reason, neighborhood A has seen a 5x increase in value since then, while neighborhood B has seen a 20x increase. Thus, house A has a value of $250k and house B has a value of $1 million -- but they both have the same assessment if they haven't been reappraised.
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What you are basically describing is a market valuation and that is not a good gauge for government because Market value is a snap shot of what the value is on a specific day. If the snap shot was 3 months ago and the value was 300K vs after a pandemic when everyone has lost their job and there are a 100 REOs On the market that appraisal 3 months ago is worthless.

Most appraisal districts use a software system that utilizes published appraisals from mortgage companies to keep a running tab on home values. But even these are challengeable because they don't take into account such things as quality and condition of a subject property. In other words if a old neighborhood is going through a revitalization phase and homes are being rehabbed and sold for big money, the appraisal district might bump the value of an old home up 50 to 100% it's actual value because the homes around it are being remodeled and sold for that level. Do you see how my example would fit in with the example you gave and explain the "For what ever reason" part you could not explain.
 
Austin_Bill said:
Do you see how my example would fit in with the example you gave and explain the "For what ever reason" part you could not explain.
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Of course. Even if the neighborhood went up 20x, a particular home may have only gone up 15x if, for example, it was never updated. When that happens, it is a valid basis to challenge a reassessment.

In balance, though, town-wide reassessments fix way more valuation discrepancies than they cause.

And for what it's worth, valuations in New Jersey are always pegged to the value as of October 1 of the preceding year. While I understand your concerns about intra-year fluctuations, the law calls for them to be ignored. Texas also ignores intra-year fluctuations, but the valuation date is January 1 iirc.
 
NJlonghorn said:
Of course. Even if the neighborhood went up 20x, a particular home may have only gone up 15x if, for example, it was never updated. When that happens, it is a valid basis to challenge a reassessment.

In balance, though, town-wide reassessments fix way more valuation discrepancies than they cause.

And for what it's worth, valuations in New Jersey are always pegged to the value as of October 1 of the preceding year. While I understand your concerns about intra-year fluctuations, the law calls for them to be ignored. Texas also ignores intra-year fluctuations, but the valuation date is January 1 iirc.
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By your example there are a lot of really expensive cars in the junk yard. There has to be a basis or reason for it to go up. Especially if the house is getting older and run down. What do they call that in accounting? A depreciating asset. The only basis is that the value of the land has risen. Well then you have to take a sample of the value of several lots in that particular neighborhood and that is the only increase that is justified. I deal with this every day. I do a lot of work in a San Antonio neighborhood called Alamo Heights. There you might find a crack house that sells for 400K. When I value it, the land is worth about 350K and the house is worth about 50K When the new owner buys the house, he doesn't buy fire insurance of 400K he will likely buy a 100K insurance policy because if it burned down, they aren't going to pay him what he paid for the house, because the vast majority was tied to the land.

On the flip side I also do appraisals in a neighborhood being revitalized called Highland Park. There you find crack houses worth about 55 to 75K tops and houses that are remodeled selling for 200K to 250K. Then I get appraisals where someone offered 100K for the crack house and I can't give them the value on the house because the justification just isn't there. My appraisal will be what the market says it's worth not what someone wants to sell it for.
 
The media pushes her because she is good copy-----it is easy to dislike her and her temper tantrums and her commie-lite positions.

And she always gets an audience from conservative republicans who are aghast at her otherness. She is boogie man for many of us. Or should I say boogie person?
Or boogie perdaughter?
 
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