Asset management or justification for toys?

[THE LLC]

If you want to invest in your future wealth, your first step would be to leave the People's Republic of Illinois.

BING frigin' O. But the Chicago and the big cities of the northeast are a continual breeding ground for that crap that they keep exporting on the rest of us. And, oh yeah, the PRC---People's Republic of California.

 

[THE LLC]

As a county commissioner in a VERY large county in Georgia, I can tell you property taxes are punitive to those who succeed. For instance I have worked hard and smart and have acquired more property and a larger house than my brother so his property taxes are considerably less than mine, even though we live in the same county. He has more kids than me. So, even though I've acquired more, I'm taxed more, even though his larger family is more of a "burden" on the local government "revenue". When our kids go to school they ride the same buses, eat the same lunches, and get the same books. When we go to the library we get the same books. When we go to the parks we get use of the same facilities. If we need the fire department, the same truck shows up, or the police, the same car shows up. So what is the incentive to succeed. Actually the incentive is NOT to succeed. All backward, which points to one thing----it is the government's idea.

 

[MarkDarvin]

As a county commissioner in a VERY large county in Georgia, I can tell you property taxes are punitive to those who succeed. For instance I have worked hard and smart and have acquired more property and a larger house than my brother so his property taxes are considerably less than mine, even though we live in the same county. He has more kids than me. So, even though I've acquired more, I'm taxed more, even though his larger family is more of a "burden" on the local government "revenue". When our kids go to school they ride the same buses, eat the same lunches, and get the same books. When we go to the library we get the same books. When we go to the parks we get use of the same facilities. If we need the fire department, the same truck shows up, or the police, the same car shows up. So what is the incentive to succeed. Actually the incentive is NOT to succeed. All backward, which points to one thing----it is the government's idea.

Tax = penalty for doing something right.
Deduction = reward for doing something wrong

 

[Hoosierhunting]

Good comments that align with my thoughts. Giving time as well as treasure covers Chainsaws sentiment too.

I'm thinking that land may continue to fall as Illinois implodes. As I haven't let up on 401k, funds or stocks, God willing, I'll be poised to pick up more acres for the same cash. Lots of great Midwestern states, but still hard to beat Illinois soils or deer. If only the corruption in Chicago could be purged....

It can, drive 40 miles east till you hit Porter County, IN. You’ll have to drive through Lake County though because it’s been infected by Chicago. Seriously, as others have stated your state’s unfunded pension obligations are a time bomb and the idiots in Cook County run the whole state. Chicago is the only major metropolitan city that lost population last year. You need to read this, it will likely become a reality there. https://www.zerohedge.com/news/2018-11-13/progressives-zero-exit-tax-illinois-wealth

The last thing I would want is an illiquid asset that is subject to any form of property tax in Illinois.


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[THE LLC]

Sounds like instead of building a razor-wire topped wall to trap it's people, Illinois (Chicago) is building a tax-law one. I don't want to sound like I'm stomping on Illinois. Far from it. Outside of Chicago and East St. Louis it's just like home. Wish there was a way to fix it.

 

[Drycreek]

It's conversation like this that make me thank God every now and then that I was born in Texas..........and then I think about Austin, Dallas, Houston, and San Antonio and how this state is turning purple.......