Latestarter's ramblings/musings/gripes and grumbles.

[Bruce]

I bet!! I still don't know how taxes can be so cheap in TN.

We pay Nov, Feb and May 15th

 

[greybeard]

So y'all don't have to pay School Tax? Just property tax and homeowners' insurance?
My property/township tax is about $2000, School tax is $3400 and homeowners insurance is $630/yr

Schooltax
Property tax
Road tax
and a couple other minor ones included with the same bill, 'due' by Jan 31 of each new year, tho many people wait until later...while others, pay before Dec31 of the current year to get a credit/writeoff on their federal income tax for that year..

All combined here, it averages about $1000/20 improved acres...depending what kind of improvements you have and whether or not you have an 'ag or timber exemption'..
Srs (over 65) can elect to pay in qtrly with no penalty or interest if they also have homestead exemption on the same property.

 

[Latestarter]

I have school, property, road, hospital, community college, and a few others all included in my bill. The total is separated into 2 separate payments, one to the county for their portion and the other to the city for all their stuff.

Spent the afternoon adding additional piers to the future goat mansion. Should be able to get that finished up tomorrow and the floor put on/finished. That of course depends on the weather... "they" are saying 20% chance of rain early, 50% chance later, and 100% over night. At least this time it's only supposed to last one day. We'll see. Fridayonward is supposed to be beautiful fall weather; temps in the high 60s low 70s and sunny. I can deal with a little of that right about now.

Good luck to all who are participating in the redneck retirement fund this evening. Should you be determined "fully vested" (the winner), you'll have the option of selecting a 1st annual payment of ~24 million dollars (before taxes) that will increase by 5% annually for 29 further annual payments. That would make the final payment ~99.2 million before taxes. (averages out to ~53 million a year)

OR, you may select to cash out said retirement fund in full at a value of approximately 913 million. After federal taxes of 39.5%, you would have ~552,365,000.00 to do with as you wish.

If you blow 52 million and the change, leaving 500 million to invest, at a rate of 3% (available in short term certificates) compounded monthly, you'll earn ~15 million a year in interest. So after taxes, you could spend ~ 750,000.00 a month and never tap into your invested principal...

Life would be good. no... seriously... it would! Trust me, I used to work for the government.

 

[Mike CHS]

Taxes had a lot to do with our choice of states to live in. Sales tax is high but most of the higher amounts that we spend aren't taxed since they are farm related. Years ago when the state first started getting into what was called the "Education Lottery" actually does use most of it for education. Community College for High School grads is free and they recently added a new program that lets any adult that does not have a degree get free Community College or Trade School.

 

[Bruce]

while others, pay before Dec31 of the current year to get a credit/writeoff on their federal income tax for that year..

Non starter as of the passage of the tax bill last year. Standard deduction went up starting this year so most people won't be writing off local taxes or mortgage interest anymore. I rush paid the taxes for last year that were due this year. Really hate that they sprung it on us at the last minute so no time to actually plan.

So after taxes, you could spend ~ 750,000.00 a month and never tap into your invested principal...

I would hurt my head trying to figure out how to spend that much in a year let alone a month!

 

[Latestarter]

I would hurt my head trying to figure out how to spend that much in a year let alone a month!

You see, that's the beauty of it... you don't HAVE to spend it... you can just reinvest it/roll it over to add to your principal balance and just keep getting richer and richer.

 

[Mike CHS]

I would still go out and feed my critters every morning and that is priceless.

 

[Latestarter]

Did better than usual... got 2 numbers and the mega ball on 1 line... that's worth 10 bucks, plus a mega ball on another line, so 2 more bucks. Sorry friends... no free monetary gifts for you from me. The numbers are weird... I expect at least 2 winners. We'll see. Can't even imagine if there are no winners... the next drawing will be over 2 billion dollars... My guess would be about 2.5 billion, ~1.5 billion cash option, almost a billion after taxes... Can't even wrap my head around that...

Saw somewhere folks saying there were 7 million dollar winners off the last MM draw... There WERE 7 winners of 1 mil (and 2 winners of the powerplay) on the last powerball drawing, not the MM drawing. I haven't figured out how to find out the winner breakdown of the megamillions drawing... I haven't found it on the MM site.
OK... found it! http://www.megamillions.com/winning-numbers/10-19-2018

Turns out on the last MM drawing there were actually 15 - million dollar winners and 1 - megaplier winner. "Match 5 + 0: Winners in California(1), Florida(1), Illinois(2), Missouri(1),New Hampshire(1), New Jersey(1), New York(4), Texas(1-non-Megaplier plus 1-Megaplier) <neither was me > and Virginia(2)." There were 289 folks had 4 balls + the mega ball and 35 more with the megaplier on that.

Next will be the powerball sitting at 620 million, 354 mil cash option. If nobody wins that pot, it too will go over a billion. Will find out about that one tomorrow night.

 

[Baymule]

Good luck Joe. We can say “we knew you when.....” LOL Meanwhile back to work on the goat barn. After today the weather is supposed to cooperate.

 

[Bruce]

Who do we know in SC??

I guess now you have to buy a Powerball ticket. Hardly worth it though, only half as much as last night's MM.