STATE TAX aircraft

[N1026F]

Quote: maropers

 

 That's assuming that the ensuing lawsuit is blind to how deep the pockets are - for some twisted reason fair compensation goes right out the window when it's perceived that the defendant has deep pockets.   It all goes to the mentality that those who have more are have to pay more. 

I think the fundamental problem is more the greed that raises it's ugly head - and a company that needs to protect itself against that greed.

[MARZ]

Quote: N1026F

 

 That's assuming that the ensuing lawsuit is blind to how deep the pockets are - for some twisted reason fair compensation goes right out the window when it's perceived that the defendant has deep pockets.   It all goes to the mentality that those who have more are have to pay more. 

I think the fundamental problem is more the greed that raises it's ugly head - and a company that needs to protect itself against that greed.

[aerobat95]

I hate the term "fixed income".......isn't everyone who is on a salary basically "fixed".  I make the same amount every month no matter how much I work....

[N1026F]

TEXAS LAW:

[N1026F]

 Seriously? so you submit that if omeone gets rear ended by granny with full insurance as opposed by by a major trucking company - a plaintiff and their representation would not dig a bit deeper....???

[sleepingsquirrel]

So in reality , really having nothing is really the best strategy.

[N1026F]

... a man with nothing to lose is a person you walk away from. Quickly.

[DonMuncy]

maropers wrote

"And the Arbitrators come from a pool of people that are typically used by the defendant's over and over again."

Are you telling the people on this list that the defendants get to pick the mediator. That is what your statement tends to indicate.

[DonMuncy]

 

"And the Arbitrators come from a pool of people that are typically used by the defendant's over and over again."

Are you telling the people on this list that the defendants get to pick the mediator. That is what your statement tends to indicate.

Sorry I mis-spoke I said mediator when I meant arbitrator.

[N1026F]

Yes. That may seem shocking, but unequivocally YES!

Arbitration clauses are typically hidden in the "fine print" of a contract drafted by a business entity at the inception of a transaction. At this point, the consumer (or employee in a hire and fire at will state like Texas) is optimistic about a new purchase of service or employment. The business entity, if experienced, invokes the statement that the transaction involves "interstate commerce" and therefore the Federal Arbitration Act applies. The state may have it's own arbitration legislation but Federal law trumps state law so that's all but irrelevant. The agreement further binds the signors to arbitration through a paid membership, typically through the American Arbitration Association. The list of arbitrators within a geographical region typically stays the same for a long period of time and the inherent bias in those arbitrators seeking further employment through the arbitration association continued business is apparent in the results.  

The mechanics of selecting an arbitrator work like this: 1) plaintiff files suit and gets compelled to arbitrate by defense counsel enforcing the arbitration through contract. 2) A list of potential arbitrators is sent to plaintiff's counsel. 3) If no evidence of "evident partiality" is apparent, then the selection must be made from the list accompanied by the arbitrators resume's. 4) I have been involved in multiple arbitrations and have never seen a list that included a colleague that represents good ol' working people or small business like me.

 Look at it this way: if there was a consumer or employee arbitration association and every defendant had to submit to it for "justice," what would the defendant 

[Shadrach]

[Shadrach]

[Shadrach]

[Shadrach]

delete

[Shadrach]

 

Byron, the page went wonky but here's my response!

The CRA does not have specific mandates in fact they seem to be vague by design (giving more latitude to the regulators). The CRA is enforced by allowing or disallowing banks to build branches, merge and in general physically expand in anyway. It could also in more extreme cases force a bank to cease doing business in existing markets.

From wiki -The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to help meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation (Section 802.) To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions (Section 804.)[6]

Wells was expanding while I was there and CRA credits were extremely important to management because while the banks current business plan and future plans for expansion were driven by the market, the banks ability to fulfill those plans was based on bureaucratic approval by the CRA.

CRA and the Home Mortgage Disclosure Act allowed community groups to influence annual bank reviews.  ACORN was huge into shaking down banks at review; unfortunately the money often went everywhere else first and to the community last.

I think you have it back words with regards to Wells not originating the loans.  Wells Fargo and others likely did originate the loans (AFAIK neither Fannie nor Freddie originates loans) which were submitted through Fannie's web based Automated Underwriting System (AUS) system.

So what you had was:  A Wells Fargo mortgage specialist sitting with a customer feeding the customers info into Fannie's underwriting system. The system decisioned the loan and then Wells goes would through the origination process and close the loan. I believe that Wells also funded the loan initially until it was "sold" to Fannie where it was then repackaged with others into a Mortgage backed securities (MBS). 

My take on country wide is that they became an opportunistic parasite that took advantage of everything they could, using political connections and bribes to gain special treatment from the fed as well as Fannie Mae, which was the biggest buyer of there mortgages for the secondary market. I don't believe these were AUS loans like I described with Wells, but loans underwritten by Countrywide. Fannie was not supposed to be involved in subprime lending, but the cozy relationship between the 2 entities resulted in them buying paper that was of the lowest quality, without calling it that. At one point Fannie was purchasing 28% of its annual portfolio from Countrywide. 

Countrywide was the biggest supplier of loans to Fannie during the mania; in 2004, it sold 26 percent of the loans Fannie bought. 

Mr. Mozilo had built a $200 billion corporation from scratch and amassed great wealth and beautiful homes along the way.In 2004, the same year when interest rates hit rock bottom and Alan Greenspan extolled the virtues of the adjustable-rate mortgage, Countrywide, after almost three decades of trying, became the nation's largest home mortgage originator. In that year alone, the company generated $8.6 billion in revenue, more than twice the amount it racked up just two years earlier.

The list of individuals (Friends of Angelo) who received "VIP" deals from Countrywide is populated by many that would make the who’s who list of democratic politicians, staff and operatives.   

So my quick synopsis of Countrywide is that it’s top level Execs and members of congress as well as executives holding high positions at Fannie Mae strived to enrich themselves at the expense of both the tax payer (Fannie has privatized profits but socialized losses) and the very people that they vowed to “lift up”...  While they may have believed the rhetoric they were shoveling, that does not change the contents of the matter on the end of the spade.  

While I have not read "The Big Short", I am familiar with the "Harvard Hottie's" thesis that inspired the book. I do not take issue with her shot's at Wall Street. It is an imperfect place, and certainly greed can affect institutional and individual behavior. The thing is, I don't have to get a sub-prime loan, I don't have to take out a mortgage I cant afford and I don't have to invest in the companies that do that sort of thing.  However, I do have to see my taxes go to disfunctional institions like fannie and Freddie, I do have to see Congress throw good money (my tax dollars) after bad to bail out some of these douche bags. These markets were heavily influenced by Government interaction and when the law of unintended consequences came a knocking then we do more of the same in order to keep those that are "too big to fail" afloat, but no one seems to be able to see beyond their nose. The banks used to actually hold their own mortgages. Freddie was put in place back in 1970 to "free up cash" so that banks make more loans by selling their mortgages to a GSE... This was the start of the "transactional" mortgage market...

On a more personal note, when I lived in North Beach (SF), I spent many hours in the City Lights Bookstore  browsing through Motherjones, The Nation, Adbusters, et al... I think there is intesting information to be taken from these periodicals whether you agree with thier politics or not (I do not). However, sighting any of them as a credible source of news is "a reach" at best. I realize that I included one link to the National Review (not nearly as biased as MJ in my opinion) above, but it was the only non-membeship required link I could find about Acorns use of CRA (admittedly I did not spend much time looking). Forgive me....

 

[amillet]

It was very thoughtful for the State of Washington to remind me this morning that my annual state aircraft excise tax ($65) is due on 1/1/2021.  I think I’ll keep the $ until a little closer to the due date 

As a friendly reminder, your aircraft registration payment is due January 1, 2021. Avoid the rush by renewing your 2021 Washington State aircraft registration today!

Edited January 1, 2020 by amillet
Forgot to copy message

[Ragsf15e]

2 hours ago, amillet said:

It was very thoughtful for the State of Washington to remind me this morning that my annual state aircraft excise tax ($65) is due on 1/1/2021.  I think I’ll keep the $ until a little closer to the due date 

As a friendly reminder, your aircraft registration payment is due January 1, 2021. Avoid the rush by renewing your 2021 Washington State aircraft registration today!

Got the same thing!  Made me think I forgot to pay for 2020... but alas, olympia is just looking for a loan.

[Shadow]

It was very thoughtful for the State of Washington to remind me this morning that my annual state aircraft excise tax ($65) is due on 1/1/2021.  I think I’ll keep the $ until a little closer to the due date 
As a friendly reminder, your aircraft registration payment is due January 1, 2021. Avoid the rush by renewing your 2021 Washington State aircraft registration today!

Don’t rub it in, way less than Arizona’s annual “registration” tax.

[RobertGary1]

3 hours ago, amillet said:

It was very thoughtful for the State of Washington to remind me this morning that my annual state aircraft excise tax ($65) is due on 1/1/2021.  I think I’ll keep the $ until a little closer to the due date 

 

$600 for me in California. Don’t complain. 
 

-Robert 

[Ragsf15e]

2 hours ago, RobertGary1 said:

$600 for me in California. Don’t complain. 
 

-Robert 

Ouch.  Glad I don’t live there anymore.  Really like to visit though!

[ZuluZulu]

For any relative newcomer looking for good aircraft tax information who thinks they should read this entire thread: don’t! 

[Nick Pilotte]

Guilty Zulu!  My wife, a CPA is even getting a headache studying Illinois tax code for aircraft.  The more I read, I believe an LLC may be the desired option here, but still figuring out the taxation.  

[Rick Junkin]

We pay $3K to the state of Missouri EVERY YEAR for the privilege of owning cars and airplanes in this state - one of the reasons we’re moving to Tennessee! 

Cheers,

Rick

[Mike A]

27 minutes ago, Junkman said:

We pay $3K to the state of Missouri EVERY YEAR for the privilege of owning cars and airplanes in this state - one of the reasons we’re moving to Tennessee! 

Cheers,

Rick

Tennessee is awesome, but heads up they expect to collect their 10% sales tax regardless of how long ago or where you lived when you purchased the plane.  They do give you credit for tax paid, but that was still a extra AMU that we didn't account for.  And you need to have proof of tax paid or you're on the hook for the full 10%.

 

https://www.tn.gov/content/dam/tn/revenue/documents/taxguides/salesanduse.pdf

Edited January 1, 2020 by Mike A

[EricJ]

4 hours ago, Shadow said:

Don’t rub it in, way less than Arizona’s annual “registration” tax.

 

Really?   Mine's been $25 every year.   Just renewed it for the same amount.