Ocasio-Cortez and HQ2...showing how dumb she is every day

Spent 20 years as a test driver for Pontiac before that, usually working an extra job. We weren't rich financially.

 

If it makes you feel better they probably lost money in Bessemer even with the subsidies.

 

Well, DZ, in hind sight you can make that arguement. It's not like that was the intention at the time, though. Now they are touting the Amazon deal as an investment when the "returns" are very much in doubt. I liken it to calling your car purchase an investment....it rarely works out that way.

 

Laugh all you want, I've analyzed hundreds if not thousands of self employed tax returns over the years as part of the loan application process. Post 2010, where we are stuck closer to the actual net numbers, they are flat out discriminated against IMHO because the income used to qualify is decently close to the net income they paid taxes on (I'm simplifying this a ton, so fellow loan officers spare me the details on adding back depreciation etc).

That said, there are alternatives, but there are many deserving business owners stuck with renting or higher rates than they deserve because of how they show income. Of course, the flip side is they aren't paying much in taxes. To get out of it, some have gone to the extremes of re-organizing their business for two years to show higher income, thus paying actual taxes, just so they can qualify. Though most will now just do a non-qm loan with a higher rate and qualify that way.

Perfect example is on my desk right now. Gentlemen is a successful contractor. Makes around 300k a year in actual money. His taxable income is 36 thousand dollars, has been for years. He leaves it at that level purposely in case he needs to show income for a car or something like that. Otherwise he could get it down another 15k or so if he wanted to. Now are there business owners struggling to make ends meet and paying taxes? Yup, I've seen them too, but any decent level of financial education and a properly setup organization should alleviate that.

 

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I've seen it work exactly once in personal experience. And it wasn't for sports for damn sure. In Washington county for the Intel headquarters. They faced massive opposition to tax breaks that were extended towards Intel. My own uncle led one of the larger opposition groups. In four years, the area is already thriving. New schools, the county has held the line on development when it comes to allocation of homes for lower income, the rail system has expanded. The area is truly amazing now.

It's still early though and I'm still waiting to see it come back and bite us all in the ass, but so far, even my Uncle who led the opposition recently commented he's thankful he wasn't victorious. So in theory, it could happen.............................but, this was a small town in Oregon that genuinely had a plan for the money and was thinking of it's citizens. I truly believe Amazon milked NY for everything they could for both monetary and political gain. And WTF do cities keep bending on sports deals for? Has ANY of them ever worked out historically? I can't remember a single one. Seattle lost their NBA franchise because they finally put their foot down.

Edit: Forgot the link in case anyone was interested. https://www.oregonlive.com/hillsboro/index.ssf/2014/08/intels_tax_breaks_historic_30-.html

 

Self employed tax returns are not business taxes. I know my folks paid taxes on a regular basis, certainly some were the sales taxes collected but that was not it. Oh and business owners get to pay both halves of SS not the part shown on your pay stub.

 

I used the term "self employed" generously. I'm talking everyone filing from a schedule C on a regular 1040, to fully incorporated at multiple levels. Still same affect. It reaches a point where you have to show some real money, but it takes a while to get there when done properly. I have another file where the guy owns 7 businesses, makes millions and still can't qualify for a conventional loan since, at the end of the day he's showing losses on paper. They simplified lending laws to make them "fair" and fucked business owners in the process. We used to be able to justify a real income a lot easier. Now it's based on taxable income (whether it's yourself, the corporation you own, or the aggregate of all your companies etc)

And yes, you pay your half of SS, your health insurance is going to suck etc. But end of day, properly structured, you should be living pretty nice before the company is paying anything significant in taxes to the IRS. State and/or City may vary a bunch though. I only know my own little corner of the world well. FYI, this does not apply in other forms of lending typically. Just residential real estate on your primary residence as a result of the Mortgage Reform act of 2010.

 

Not quite the same thing, but when the Cards threatened to leave downtown St. Louis, suddenly there was money being thrown at the Cards’s owners for a new stadium.

Fuck all pro sports teams that blackmail cities for more $.

And as far as AOC goes, yes; 2XIDB.

 

Um, is that supposed to be a Jew pulling her tail?

 

Uncle Karl?

 

Ah, now I get it.

I was like damn, everything but the nose. I was actually offended.

Had no idea what Marx looked like. Thanks for clarifying.

 

I was triggered by the poor caricature, not the content.

 

To big of a head on the donkey That is classic Marx with the black suit beard etc. To mock a Hasidic Jewish person you would also need a Yamaka (spelling on terms could be off as I am not an expert nor do I care what practices Jewish folks have, just notice some in news items)

 

The proper term is a Jew Hat you bigot. Or a Sheeny Shingle, Heebie Beanie, or a Yid Lid.

 

LOL not a lot of Jewish folks around here. Most of the ones I have met were just like everyone else except one. He kept blathering on about how people were about his people, took me a while to figure out what the heck he was going on about as everyone treated him the same as others (and in his case nicely as he was a good guy).