Re: Texas Statewide Proposition 9, November 2019 Election
Posted: Wed Nov 06, 2019 9:37 am
Permanent Portfolio Forum
https://gyroscopicinvesting.com/forum/
https://gyroscopicinvesting.com/forum/viewtopic.php?f=5&t=10170
No, for two reasons:
That would not be Constitutional: https://www.heritage.org/constitution/# ... te-coinage
Yes, it's a mixed bag:ochotona wrote: ↑Thu Nov 07, 2019 8:17 amI know many of you gush about Texas, but I just looked at my property taxes, and they exceed 2% of the value of my property, which is pretty bad in my view. It's not a low tax State... it could be depending on your holdings and your sources of income. It's a mixed bag.
Who's whining? I'm agreeing that it's a mixed bag. Overall, it's a lot better than New York, where I lived before this.MangoMan wrote: ↑Thu Nov 07, 2019 8:57 amQuit whining. Here in IL we have property taxes that exceed 3% on homes and 15% on my office building. The highest sales tax in the nation in Chicago proper and an income tax that they are raising continually. Don't even get me started on all the other BS fees and taxes they layer on at every level of life.Libertarian666 wrote: ↑Thu Nov 07, 2019 8:34 amYes, it's a mixed bag:ochotona wrote: ↑Thu Nov 07, 2019 8:17 amI know many of you gush about Texas, but I just looked at my property taxes, and they exceed 2% of the value of my property, which is pretty bad in my view. It's not a low tax State... it could be depending on your holdings and your sources of income. It's a mixed bag.
No income tax or capital gains tax.
Relatively high sales taxes.
Fairly high property taxes, but that depends A LOT on where you live and whether you get over-65 and homestead exemptions.
The tax rate on my current rural property, with both of those exemptions, is a little less than 1%.
If and when we move to a higher cost area near Austin, our taxes will go WAY up, probably tripling in all due to the higher rate and more expensive housing.
Not in Austin, near Austin. It's a 55+ retirement community that is very conservative overall: https://www.sctexas.org/club/scripts/se ... .asp?NS=HPMangoMan wrote: ↑Thu Nov 07, 2019 8:59 amWhy on earth would someone with your views want to move to highly liberal Austin? I assume it's pretty conservative where you are now?Libertarian666 wrote: ↑Thu Nov 07, 2019 8:34 am
If and when we move to a higher cost area near Austin, our taxes will go WAY up, probably tripling in all due to the higher rate and more expensive housing.
Yeah, property taxes are high in Texas. I've paid ~2.5% average between Dallas and Austin. It ain't cheap, and they almost always find a way to raise appraisals the maximum amount each year. But the thing I like about property taxes is that because they're tied to a consumption item you do have some amount of control in terms of the house you buy. And despite the high rate and rising housing costs, homes are still generally a lot cheaper in Texas than they are elsewhere. Double the property tax percentage on a house 1/4th the price is still half the overall tax paid compared to a similar home in California.ochotona wrote: ↑Thu Nov 07, 2019 8:17 amI know many of you gush about Texas, but I just looked at my property taxes, and they exceed 2% of the value of my property, which is pretty bad in my view. It's not a low tax State... it could be depending on your holdings and your sources of income. It's a mixed bag.
Using what you bought your house for as a denominator is a different measure than using its current assessed value (or fair market value) if you bought your house awhile ago and there is a major disparity between the two values. I bought my house on April 30, 1982 for about $30,000 and it is now assessed for about $165,000 so using those two in the denominators would lead to major differences in percent of the current taxes I am paying.Kriegsspiel wrote: ↑Thu Nov 07, 2019 7:48 pmMy property taxes are like 3.5% of what I bought my house for.
From what I remember, Texas had pretty cheap electricity in addition to its low taxes. I don't really buy much so sales tax doesn't affect me.
I visited the Depository a few weeks ago and talked to the Texas Comptroller Representative. He said once the debit card is issued, you can sell some of your precious metal to the US Gold Bureau (they are co-located at the depository) and they will deposit dollars to fund your debit card account. So there apparently will not be any kind of collective storage nor will they be actually transferring gold from your account to someone else's account (except to US Gold Bureau).Libertarian666 wrote: ↑Wed Nov 06, 2019 7:03 pmThat would not be Constitutional: https://www.heritage.org/constitution/# ... te-coinage
But recognizing privately minted coins as legal tender would be perfectly Constitutional.
I'm pretty sure they are going to do that.
I have also heard that they have plans to issue debit and/or credit cards settled by transferring ownership of gold held in collective storage.
I bought it last summer, it's probably worth a few thousand more right now, but whatever.vnatale wrote: ↑Fri Nov 08, 2019 8:57 amUsing what you bought your house for as a denominator is a different measure than using its current assessed value (or fair market value) if you bought your house awhile ago and there is a major disparity between the two values. I bought my house on April 30, 1982 for about $30,000 and it is now assessed for about $165,000 so using those two in the denominators would lead to major differences in percent of the current taxes I am paying.Kriegsspiel wrote: ↑Thu Nov 07, 2019 7:48 pmMy property taxes are like 3.5% of what I bought my house for.
From what I remember, Texas had pretty cheap electricity in addition to its low taxes. I don't really buy much so sales tax doesn't affect me.
Vinny
They are indeed planning to have collective storage:FarmerD wrote: ↑Fri Nov 08, 2019 1:08 pmI visited the Depository a few weeks ago and talked to the Texas Comptroller Representative. He said once the debit card is issued, you can sell some of your precious metal to the US Gold Bureau (they are co-located at the depository) and they will deposit dollars to fund your debit card account. So there apparently will not be any kind of collective storage nor will they be actually transferring gold from your account to someone else's account (except to US Gold Bureau).Libertarian666 wrote: ↑Wed Nov 06, 2019 7:03 pmThat would not be Constitutional: https://www.heritage.org/constitution/# ... te-coinage
But recognizing privately minted coins as legal tender would be perfectly Constitutional.
I'm pretty sure they are going to do that.
I have also heard that they have plans to issue debit and/or credit cards settled by transferring ownership of gold held in collective storage.
I'm confused now. I wonder if "collective storage" and US Gold Bureau's working inventory are the same thing? I'll be visiting the Depository again in a couple weeks and I'll try to clarify.Libertarian666 wrote: ↑Sat Nov 09, 2019 5:34 amThey are indeed planning to have collective storage:FarmerD wrote: ↑Fri Nov 08, 2019 1:08 pmI visited the Depository a few weeks ago and talked to the Texas Comptroller Representative. He said once the debit card is issued, you can sell some of your precious metal to the US Gold Bureau (they are co-located at the depository) and they will deposit dollars to fund your debit card account. So there apparently will not be any kind of collective storage nor will they be actually transferring gold from your account to someone else's account (except to US Gold Bureau).Libertarian666 wrote: ↑Wed Nov 06, 2019 7:03 pm
That would not be Constitutional: https://www.heritage.org/constitution/# ... te-coinage
But recognizing privately minted coins as legal tender would be perfectly Constitutional.
I'm pretty sure they are going to do that.
I have also heard that they have plans to issue debit and/or credit cards settled by transferring ownership of gold held in collective storage.
"Will the Texas Bullion Depository ever have a pooled storage offering?
A: The depository will offer a pooled method for storing gold or other precious metals in the future."
(from https://www.texasbulliondepository.gov/faqs)
And the person I usually talk to there told me that this was going to be set up so that you could transfer an amount of gold to collective storage and use your book entry in the collective storage to back the debit card. That way you wouldn't have to leave a lot of money tied up in cash but could leave it in gold.