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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Fiscal Cliff.. is anyone worried about this?
I am in NJ. Gas is less expensive here and they pump it for you. Our water and sewer bills are insanely high. I think NY and NJ have very high property taxes and home prices are similar. I think we pay less for groceries though because every time I visit my parents I am always surprised at the grocery bill.
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Posted 12/31/12 3:07 PM  |
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Long Island Weddings
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by ave1024
Posted by EatingMyVeggies
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
Wealth is determined by net worth, not by total debt.
A person who owes 200k on an 800k house, has 50k in the bank and has 100k in student debt is WAY wealthier than somebody who rents and has 100k saved in the bank.
Exactly and this is our situation. We are living in a town people here like to knock because the SD isn't well regarded (Baldwin) because our taxes are low (less than $7k/yr) and are saving aggressively so we can buy a bigger house at $500-700K in GC,Albertson/Williston Park/New Hyde Park, etc with NO mortgage and only taxes/HI as our major housing expense. If we can sell our current home, DH and I already have $600K in liquid savings (not counting retirement accounts). We have no credit card debt or car loans/leases.
Of course, strangers look at how we live and think we are poor but I could care less. By age 45, I will be living in a nice house with no mortgage debt..
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| Posted 12/31/12 3:25 PM |
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hotsauce345
my love, my life, my son
Member since 1/09 4169 total posts
Name:
Melody
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by EclecticEsq10810
Posted by ave1024
Posted by EatingMyVeggies
Reading some of these responses, all very interesting and making me think.
One question that popped into my head: can you be considered rich/wealthy if you have a significant (or any) debt?
Wealth is determined by net worth, not by total debt.
A person who owes 200k on an 800k house, has 50k in the bank and has 100k in student debt is WAY wealthier than somebody who rents and has 100k saved in the bank.
Exactly and this is our situation. We are living in a town people here like to knock because the SD isn't well regarded (Baldwin) because our taxes are low (less than $7k/yr) and are saving aggressively so we can buy a bigger house at $500-700K in GC,Albertson/Williston Park/New Hyde Park, etc with NO mortgage and only taxes/HI as our major housing expense. If we can sell our current home, DH and I already have $600K in liquid savings (not counting retirement accounts). We have no credit card debt or car loans/leases.
Of course, strangers look at how we live and think we are poor but I could care less. By age 45, I will be living in a nice house with no mortgage debt..
good for you! And hello neighbor!
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| Posted 12/31/12 3:38 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Fiscal Cliff.. is anyone worried about this?
House aids say that they will not vote this evening and we will be going over the fiscal cliff. In other news, there will be job openings in the House come 2014....
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| Posted 12/31/12 5:02 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Fiscal Cliff.. is anyone worried about this?
people are paid way differently up there then down here.
hair salons
nail places
gyms...all cost way more here then NY
as far as car insurance, it varies so much according to what zipcode you live it.
groceries are more expensive here then NY.
Flights out of town...way more expensive outside of NY.
My sister in WA always has higher gas prices then NY
My water/trash bill is so high compared to family in the city.
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| Posted 12/31/12 6:54 PM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Fiscal Cliff.. is anyone worried about this?
entertainment is much cheaper outside of NY
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| Posted 12/31/12 6:55 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
Basic living needs are higher in the NY area.. at least that is my understanding?
Here is a cost comparison generated by CNN between Charlotte and Queens..
Groceries 27%more
Housing 188%more
Utilities 54%more
Transportation 11%more
Health Care 12%more
YES.. you will make more (about 60% more).. but that increase is MORE than eaten by housing. And that's NOT just housing on OWNING a place.. it's more expensive to rent too. So after you adjust for housing.. you still have a huge percentage gap in utilities, transportation, groceries and healthcare. You make more money.. but it's gone before you blink.. Manhattan is WAY more expensive.. Nassau is similar to Queens.. there is nothing for Suffolk but it's probably slightly less expensive than Nassau in housing.
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| Posted 1/1/13 8:30 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
Senate passed the compromise.. but it's another Band Aid...
I am grateful that they managed to get SOMETHING done (AFTER the 11th hour).. but I am REALLY praying they can address the spending cuts in a better way before THAT deadline next month!
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| Posted 1/1/13 8:31 AM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Fiscal Cliff.. is anyone worried about this?
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
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| Posted 1/1/13 10:07 AM |
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Onemoretime
LIF Adult
Member since 9/12 1077 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by rojerono
Basic living needs are higher in the NY area.. at least that is my understanding?
Here is a cost comparison generated by CNN between Charlotte and Queens..
Groceries 27%more
Housing 188%more
Utilities 54%more
Transportation 11%more
Health Care 12%more
YES.. you will make more (about 60% more).. but that increase is MORE than eaten by housing. And that's NOT just housing on OWNING a place.. it's more expensive to rent too. So after you adjust for housing.. you still have a huge percentage gap in utilities, transportation, groceries and healthcare. You make more money.. but it's gone before you blink.. Manhattan is WAY more expensive.. Nassau is similar to Queens.. there is nothing for Suffolk but it's probably slightly less expensive than Nassau in housing.
People are leaving here and moving to Charlotte for a reason. Some of my friends have up and left to Charlotte. They are much better off their.
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| Posted 1/1/13 10:39 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Fiscal Cliff.. is anyone worried about this?
we went to charlotte so that I could sah.
Housing, yes def more bang for your buck.
I feel like people up there think we live this life of gold paved streets.
People in NY are big spenders. Pride themselves on the weddings they throw, how much they put in envelopes compared to other areas...how their real estate is near the best city in the world.
Then this topic comes up and we see people complain about needing a COL allowance since they chose to live there.
I will tell you...where I am living now-these people have no money. There aren't a lot of bday parties, weddings are daytime parties during the week.
No one goes on big vacations. It is eye opening being here. Charlotte living was not like this. That was a lot of banker's wives, big houses on golf courses...
I now feel like the city I live in now is what is going on in a ton of towns we drive through between the big cities.
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| Posted 1/1/13 11:01 AM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Bearcat
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
No deal was actually passed so yes, most Americans will be a lot less starting today.
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| Posted 1/1/13 11:15 AM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Bearcat
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
I don't know all the details, but I remember hearing that the payroll tax cut was going to expire either way. Extending it was not part of these negotiations.
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| Posted 1/1/13 11:18 AM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Fiscal Cliff.. is anyone worried about this?
I have been trying to figure this out and found this article
Why Your Paycheck is Getting Smaller No Matter What
I'm still not sure I understand fully though, lol.
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| Posted 1/1/13 11:34 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Janice
we went to charlotte so that I could sah.
Housing, yes def more bang for your buck.
I feel like people up there think we live this life of gold paved streets.
People in NY are big spenders. Pride themselves on the weddings they throw, how much they put in envelopes compared to other areas...how their real estate is near the best city in the world.
Then this topic comes up and we see people complain about needing a COL allowance since they chose to live there.
I will tell you...where I am living now-these people have no money. There aren't a lot of bday parties, weddings are daytime parties during the week.
No one goes on big vacations. It is eye opening being here. Charlotte living was not like this. That was a lot of banker's wives, big houses on golf courses...
I now feel like the city I live in now is what is going on in a ton of towns we drive through between the big cities.
I'm not going to debate the fact that there are blowhards who want nothing more than to keep up with the Joneses. They exist in NY and they exist in NC and SC and FL and HI and MA and every other place you can imagine.
But.. the cold and hard fact is that it IS more costly to live in the NY metro area than it is to live in other parts of the country. And while it's less challenging for some to pick up and move on.. it's incredibly difficult for others. So 'choosing' to live here is kind of a little more than it seems.
Do I think there should be some sort of COLA for NYer's (and Californians for that matter)? I don't know.. that's territory I'm not willing to get into. But I CAN say that it is a LOT different earning 100K HERE than it is to earn it in other places. That's just a fact.
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| Posted 1/1/13 12:12 PM |
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MrsMick
Baby #2 debuts in March 2016!
Member since 9/09 1977 total posts
Name:
Michele
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Re: Fiscal Cliff.. is anyone worried about this?
Right now they are all going to see whether the deal is passed or possibly create an amendment. I really hope they come up with something super soon!
To those that don't understand it: it's pretty black and white. Bush passed the cuts and they were supposed to expire in 2010. Congress thought it was best to extend because of the state of the economy then. I have to say I doubt it is much better now.
Anyways, it was extended until 12/31/12. If we go over the cliff which today we have- we are looking at approx 100K household getting taxed an additional 3700 per year. It's less for people making less and more for people making more. Wealthy families could see a tax hike of approx 10K per year.
So keep in mind that when a deal is reached, we will still be taxed but not as much as if there was no deal. I hope they do something retroactively for Americans. They say they will but who the hell knows....
So the fear is that if a deal wasn't reached, economists have projected that that unemployment rates will rise over 10%, the market will plummet. Whatever it is, it's not looking good. We are clearly screwed. The deficit sits at 1.2 trillion I believe which is an ENORMOUS amount. Part of the deal is to try and minimize the deficit. I really don't see that happening....
ETA Here's the thing though... That many people don't get. Obamacare costs money. In the new deal they are trying to pass, it's an additional 3.8%! They also say so far, it looks like no spending cuts are made.  And then GOP fears the small businesses will have to pay more under this deal which means more layoffs because of the inability to afford more taxes in a ****** economy! Seriously, can we take more of that?
Message edited 1/1/2013 12:21:36 PM.
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| Posted 1/1/13 12:14 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Fiscal Cliff.. is anyone worried about this?
That's just it.
Your Federal taxes are not going up (unless you earn more than 400K).. but payroll tax went BACK to where it was prior to 2011.. so you will see less money week over week from this point forward.
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| Posted 1/1/13 12:15 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Fiscal Cliff.. is anyone worried about this?
Basically last year President Obama wanted to give middle class wadge earners a stimulus boost in order to make people feel like they had more money coming in on a weekly basis so they would spend more money. The logic behind this was that middle class spending would then theoretically get the US out of the recession/depression we were in. What the government did was to say normally you pay 6.2% of your income into Social Security. But we are not going to take as much of your paycheck away so you get to take home more money. The government still needed to collect the Social Security money so it was paid for by the general fund from the government. This lower tax rate was only for one year. So they are still collecting the 6.2% and you no longer get the money in your pay check. It was a one year thing to help get people spending money. This incentive is not part of the fiscal cliff discussions so don't expect to get it back. HTH
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| Posted 1/1/13 12:19 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Fiscal Cliff.. is anyone worried about this?
Because everyone's paycheck went up last year due to a temporary payroll tax cut (not the taxes you pay on 4-15 and may get back but the non-negotiable ones taken out of your paycheck). It was done as a temporary stimulus. To my knowledge, extending it was never on the table. This is something we knew would happen, regardless of any fiscal cliff deal.
What's being contested in the so called fiscal cliff deal are overall tax rates. Bush passed temporary tax cuts which were set to expire in 2010. At that time they passed a 2 year extension, so they were set to expire in 2012 as they did. The debate is whether to extend those tax cuts again and for whom and how to pay for that loss of revenue with spending cuts. Democrats are advocating for keeping the tax cuts but only for people under a certain income threshold, essentially raising the taxes on the wealthiest few percentage points, so we can keep programs intact. Republicans want to keep the tax cuts for all and pay for it with spending cuts. A likely compromise would involve raising the income threshold and making smaller cuts.
IMO the bottom at least 95% of earners are going to see the cuts extended.
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| Posted 1/1/13 12:25 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Fiscal Cliff.. is anyone worried about this?
Long story short the payroll tax cut was going to end. Anyway and is unrelated to the expiration of the bush era tax cuts which are being debated. It's a coincidence.
It makes me sick that they CREATED this fiscal cliff to force themselves into action (which is pathetic to begin with) and they still made it go to the 11th hour with all the drama and left Americans with no deal and uncertainty. They don't do their job.i wish we could fire the lot of them.
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| Posted 1/1/13 12:29 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Fiscal Cliff.. is anyone worried about this?
I get it now. And I will now digest the loss of about $200 bucks a month. I didn't realize these were two separate things (that and the fiscal cliff) - I am NOW realizing the magnitude of what would happen if a deal wasn't reached (or, approved)...
Thanks everyone!!
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| Posted 1/1/13 12:35 PM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Bearcat
I get it now. And I will now digest the loss of about $200 bucks a month. I didn't realize these were two separate things (that and the fiscal cliff) - I am NOW realizing the magnitude of what would happen if a deal wasn't reached (or, approved)...
Thanks everyone!!
It definitely sucks but it was a cut we only had for one year.
I wonder if it had the effect they wanted.
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| Posted 1/1/13 1:20 PM |
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Jbon630
LIF Adult
Member since 12/11 1340 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by MrsMick
Posted by Bearcat
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
No deal was actually passed so yes, most Americans will be a lot less starting today.
The payroll tax was always going back up.There was never any deal to prevent that.
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| Posted 1/1/13 1:29 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Jbon630
Posted by MrsMick
Posted by Bearcat
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
No deal was actually passed so yes, most Americans will be a lot less starting today.
The payroll tax was always going back up.There was never any deal to prevent that.
This sucks
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| Posted 1/1/13 3:34 PM |
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Bearcat
Love my little girls!!! <3
Member since 6/10 10818 total posts
Name:
E
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Re: Fiscal Cliff.. is anyone worried about this?
Posted by Mrs213
Posted by Jbon630
Posted by MrsMick
Posted by Bearcat
Can someone explain to me (in simple terms) what DID happen? My paycheck today was less (roughly $100) than it should be. Did the payroll tax cut expire despite the fiscal cliff deal?
thanks
No deal was actually passed so yes, most Americans will be a lot less starting today.
The payroll tax was always going back up.There was never any deal to prevent that.
This sucks
It really really does
Message edited 1/2/2013 12:31:06 AM.
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| Posted 1/1/13 5:43 PM |
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