Sorry I did not see this question Mav. I would have answered it if I had. But Max already did it for me. Max likes to speak for me, so it worked out. Besides, since the tax does not affect me (as Max said), I only know it's a tax on property of all kinds....stocks, bonds, I believe most investments that can be valued. Including money in the bank. I beleive that it also includes equity in your home, but I am not 100% sure. Ask Max.....there isn't anything he doesn't know. Cars (buying, selling, repairing), politics, home improvement, weight loss, computers, history, and how to snoop into other people's private lives. In any event, it is true it is a very small tax. It is also true that it is a tax on already taxed money, which I thought you would find objectionable. Leave it to Max to make a personal issue of this. Fucking asshole never changes. Peace, RS
Oh, so there is a personal anecdote involved. "Fucking asshole?" I bask in the light of your thoughtfulness and kind words!
OK, next question. How does the state of Florida know how much money you have in your E-trade account? Do you have to give them all your account balances? How do they know how much money you have in the bank? What do I think of this tax? Well, obviously I don't believe in double taxation and I frown down on all taxes in general. However, compared to the 10% state income taxes one pays in CA or NY, I'm sure this little tax pales in comparison.
Glad to accommodate you. You make provocative assumptions and post them. I am entitled to post facts.
Well, here's some "error" in your "facts..." "It is also true that it is a tax on already taxed money..." this is not necessarily true, I'm sure some good portion of the intangibles in Florida come from trusts or other non-federally taxed assets.
Mav, I am not sure of the mechanics of this. I assume financial institutions licensed in Florida are required to submit statements to the State. Just a guess. But as you know, all banks, brokerages, and other financial companies have to comply with the rules of the states they do business in. So even though my answer is a guess, it seems to make sense. As for equity in a home, I guess they probably use assessments, and not real value. Again, just a guess. Anyway, this ad valorem tax is just another wasteful government expenditure. It is so complicated it seems more wasteful as far as paperwork and enforcement than it can possibly be worth. Bottom line, it's just another ridiculous concept in taxation. As I have said, I agree with you in principal. I don't like paying any kind of taxes. But I also recognize that the government is necessary and it does need money. So it's a matter of how best to raise it (and of course use it). What confuses me is I thought "conservatives" liked the idea of "states rights"....well how can you more effectively run a state government. With state taxes? Or without? Peace, RS
OK..Whatever. All about making me wrong. Congratulations again. Glad I make your life worth living. Maybe Maverick would disagree with you on whether "trusts and other non-federally taxed assets" should be taxed (or have been taxed). Not an issue to me at all.
Well, you don't necessarily need state income taxes. You could use sales taxes and property taxes alone, which seems to work very well in Florida. And yes I do believe in states rights, but I also believe that all taxes on income, both at the state and federal and state level are unconstitutional. Remember RS, for over 140 years in this country we survived solely on tariffs. Income was not taxed until the 20th century. Something to think about.