But, you know, in the not-too-distant future, I'm thinking of buying run-down properties in Baltimore all-cash. In that scenario, if I buy pre-enactment of the NSRT, sorry, my money's already spent. There isn't even the "embedded cost" of mortgage interest to be reduced. Now, you're asking me to actually give up part of my PROFIT (which isn't currently taxed, so it's not like I'm getting back some money from the demise of the income tax) so that I can lower my rent.
There are transition accommodations for such things. You won't be hurt by that. It is obvious that you are very astute but ignorant of the details of the NRST. Learn and earn.
This stuff isn't rocket science, really.
Intended or not that is an insult from someone who abhors such interaction.
There is much more to this thread that I would like to discuss but I am exhausted from what I have done today. I would like to rest awhile and continue it later.
Dear Mind-numbed Robot,
"Thanks you for the reply."
You're welcome.
"You and I will never agree because you are one of those mnaking money off the system and I am trying to get rid of the system so that everyone can make money unimpeded by the system."
That's a grossly unfair characterization of what I do. I play by the rules. That's what I do. You don't like the rules? Well, I don't always like them, either. But no one asked my opinion, and the rules aren't necessarily the rules I would pick.
Except for issues of compliance (my compliance costs would likely go up), I don't think I'd personally get hurt much, if at all. I'm probably about break-even.
But I have no desire to see the rules overturned in a way that badly hurts large numbers of folks, and this proposal would do that. Lots of folks have ordered their lives according to the rules, and have prospered accordingly. Yanking the rug out from under these folks now isn't fair or right.
"There are transition accommodations for such things."
I've gone over the transition accommodations in previous threads. For this particular example, I haven't heard any. It isn't like the govt is going to give me back part of the cost I expended on the property, and in fixing it, to compensate me for getting screwed by the fact that I won't derive any additional income through tax savings, while the rest of my personal expenditure costs rise by the average sales tax I will have to pay.
By the way, talking about transition accommodations and complexity. Quite frankly, I've been involved with threads where some of the key NSRTers here at FR just couldn't explain the transition rules coherently. Not because these folks are dumb, but because the rules get very, very complicated. Ugh. The current tax code's a piece o' cake in comparison.
"Intended or not that is an insult from someone who abhors such interaction."
Whether someone abhors the current system or not, it isn't rocket science. I pay my accountant less than a thousand dollars per year to do my federal and state income taxes (and the company's as well). I spend more complying with state and local company property taxes, and issues regarding unemployment insurance.
However, don't worry, very little of this compliance stuff will go away under an NSRT. In thinking about this, I can find very few pieces of information that I will no longer have to report to the government, and very few pieces of information for which I will no longer have to maintain documentation.
sitetest
No, it's not. It's worse. The laws of Physics and chemistry don't change that much. Only new discoveries. The tax laws change every dang year.