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Just a friendly reminder that your Arizona property taxes for the second half of 2018 must be paid before 5 p.m. on Wednesday, May 1, to avoid being delinquent.
If your taxes become delinquent, you will also owe interest at the rate of 16% per annum. You can get more information from the Pima County Treasurer’s web site.
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I’ll give you a hint: in the case I discussed, the taxpayer’s excuses weren’t good enough. Read all about it in my April Tax Law Special Report, posted in the publications section of DeConciniMcDonald.com.
Want to be added to my mailing list? Send me an email. One argument that I have seen that supposedly supports this nutty idea is that gains can be compounded if they’re not taxed, which will increase the concentration of wealth among those with large holdings. The obvious fallacy in that argument is that the only way gains can be compounded is if they are reinvested. Reinvestment requires either liquidation or reinvestment of dividends. Liquidation and payment of dividends are taxable events. Nothing in this stupid proposal would change those fundamental principles.
A recent news item reports on a supposed trend of parents cutting back on their retirement savings to fund their grown childrens’ lifestyles. I’m always skeptical of this kind of report, but if this is in fact a trend, it dovetails with advice I have been giving for a long time about estate planning: if your children (or grandchildren) don’t have their act together by the time they are about 30, they probably never will, so there’s no point in delaying the distribution of their share of your estate past that age. If you don’t think they can be trusted with their share of your estate at age 30, then assume they won’t ever achieve that status, and plan accordingly.
An opinion column in the Knox News goes over just a few of the most obvious reasons why taxing capital gains annually based on the market value of capital assets would create tremendous problems. The columnist dismisses the idea as a class warfare scheme that will go nowhere. I hope the columnist is right.
I note that the announcement has received little attention since it was made earlier this month (just in time for tax day). I predict that the promised explanation of how the idea would actually work will not be forthcoming, or if it is provided, will be ignored. Proof here.
I like this concept. What they are selling is modular houses. They don’t say what the houses cost. They do give the price to rent a space to park one of the houses. I’m not sure if that price makes sense, compared to renting an apartment with similar amenities, but there is the benefit that you own the house and that it is relatively mobile, unlike most modular houses. We’ll see if this concept has any lasting appeal.
I have written in the past about the use of shipping containers to construct modular houses. No kidding, there is a be kind to lawyers day, and it is today, the second Tuesday in April. Actually, it’s International Be Kind to Lawyers Day. I don’t why I hadn’t heard about it before. Read all about it at bekindtolawyers.com.
I could give you example after example of how taxation of unrealized capital gains would be (a) ineffective in accomplishing the stated objective of its proponent to "ensure wealthy pay their fair share," and (b) harmful to the economic well-being of millions of ordinary (non-wealthy) Americans. I'll come back to it if this proposal goes anywhere, which it should not, and probably will not.
Certainly not people who are clueless enough to say things like this: Tokyo is one of the few cities in which supply has kept up with demand, keeping a crisis from developing. But that is due largely to deregulated housing policies that other countries would have a hard time reproducing. |
AuthorThe contents of this blog, this web site, and any writings by me that are linked here, are all my personal commentary. None of it is intended to be legal advice for your situation. Archives
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