Social Security

[laklak]

We pay tax on property, but not on non-tangible assets.

[pErvinalia]

We don't pay tax on property here in capitalist running dog Australia.

[JimC]

We don't pay tax on property here in capitalist running dog Australia.

Well, you do pay a property tax on places you own that are not your principle residence...

[pErvinalia]

No you don't.

[JimC]

No you don't.

Well, I do, being a dreadful capitalist land lord. We rent out a property left to me by my aunt, and when its value reached a certain level, we had to pay a property tax. Perhaps this is only a state-based tax, I'm not sure, but I certainly know we had to pay it!

[pErvinalia]

Must be a state thing. There was never a similar thing in Queensland.

[Hermit]

We don't pay tax on property here in capitalist running dog Australia.

Well, you do pay a property tax on places you own that are not your principle residence...

Not until you sell. There is a nominal land tax on unimproved value of the land your properties sit on. It varies from state to state, but generally it cuts in at land valued in excess of around $660,000 and the rate is usually around the 1.6% mark. The value of your principal (note the spelling, Jimbo ) residence is not included in the calculation, and I bet farmers get dispensation altogether.

Personally owned investment properties are taxed at half the applicable income tax rate and company owned property at the current corporate tax rate when they are sold.In theory. In practice there are a number of legal loopholes to reduce those tax liabilities somewhat. Of course the taxable amount is also reduced by the amount you bought the properties for. You are only taxed, as it says on the tin, on the capital gain, which is also a bit of a moveable feast. This is where a creative accountant who knows what you can get away with without getting caught doing something illegal becomes important.

ETA: I just looked up the land tax rates in Victoria, Jim. My guess is you're up for between 0.2 and 0.5% of your rental property's unimproved land value.

[JimC]

Yeah, "land tax" is what I meant to say. And yeah, "principal"...

And it's the evil government taking what is rightfully mine! Mine, I tell you!

[DRSB]

What's the difference between social security and welfare?

[pErvinalia]

Nothing (at least in Australia).

[DRSB]

Nothing great about this!

Senior Citizens Are Replacing Teenagers as Fast-Food Workers
Amid a tight U.S. labor market, restaurant chains are recruiting at churches, senior centers and AARP.

The sullen teenager grinding through a restaurant shift after school was once a pop culture cliche—as American as curly fries.

Nowadays, Brad Hamilton, the teen played by Judge Reinhold in “Fast Times at Ridgemont High,” would probably be too young to work at the fictional Captain Hook Fish and Chips. That’s because senior citizens are taking his place—donning polyester, flipping patties and taking orders. They’re showing up at casual dining chains such as Bob Evans and fast-food operators like McDonald’s Corp., which says it plans to make senior citizens one hiring focus in the coming year.

Restaurants are recruiting in senior centers and churches. They’re placing want ads on the website of AARP, an advocacy group for Americans over 50. Recruiters say older workers have soft skills—a friendly demeanor, punctuality—that their younger cohorts sometimes lack.
Two powerful trends are at work: a labor shortage amid the tightest job market in almost five decades, and the propensity for longer-living Americans to keep working—even part-time—to supplement often-meager retirement savings. Between 2014 and 2024, the number of working Americans aged 65 to 74 is expected to grow 4.5 percent, while those aged 16 to 24 is expected to shrink 1.4 percent, according to the U.S. Bureau of Labor Statistics.

https://www.bloomberg.com/news/articles ... ow-organic

[DRSB]

And look at the youth unemployment, every third young person in Spain and Italy is unemployed, this means welfare, welfare for life: https://www.statista.com/statistics/266 ... countries/

[rainbow]

So, move to Florida?

Not me, those aging scroungers that want all the Social Security.

Good idea though.
Plus they have gators and rabid raccoons.

Send all the old people there.

Oh wait...

[Rum]

What's the difference between social security and welfare?

The term 'welfare' is hardly ever used here, but when it is - or was - it referred to 'benefits' you got that you had not contributed to. Back in the day anyone who was unemployed qualified for the 'dole'. i.e. welfare, whether you had put money into the pot or not. That is now called 'Job Seekers Allowance ' and is time limited.

Pensions - most of which have been funded by one's own taxes and your entitlement. I suppose 'welfare' is akin to charity at least in perception and social security is more about getting a bit back from what you have paid in. Here in the UK anyway.

[DRSB]

What's the difference between social security and welfare?

The term 'welfare' is hardly ever used here, but when it is - or was - it referred to 'benefits' you got that you had not contributed to. Back in the day anyone who was unemployed qualified for the 'dole'. i.e. welfare, whether you had put money into the pot or not. That is now called 'Job Seekers Allowance ' and is time limited.

Pensions - most of which have been funded by one's own taxes and your entitlement. I suppose 'welfare' is akin to charity at least in perception and social security is more about getting a bit back from what you have paid in. Here in the UK anyway.

In Switzerland, job-seekers get only the allowance they are insured for by paying in a % of their income while employed, it is time-limited. When this runs out, they burn through savings, when left with 4000 to their name, they can go to the Social Services and after a thorough check-up of all accounts and statements, they get welfare (Sozialhilfe).