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More Clueless People

McClatchly ran an article on the bankruptcy of LandAmerica 1031 Exchange Services Inc.. A lot of the investors are upset that the Federal government didn’t bail out LandAmerica.

Excuse me, but LandAmerica was a tax dodge. If you didn’t want to pay the capital gains taxes due after selling your house, you put the money in 1031 [IRS code number] fund and then bought your next house. Why would anyone expect the Federal government to bail out a tax shelter?

If these people had paid the 15% capital gains tax, they wouldn’t have lost 75% of their money. If you view your house as an investment, rather than a place to live, you should read the fine print about there being no guarantee of a profit.

The woman at the end of the article who doesn’t want to cash the check for $84,000 because she thinks it will affect her food stamps and heating assistance, is totally lost in space. The state of New Jersey will make her pay back all of the assistance she has received since she received the check, and she could face criminal charges over failing to report it. What planet do people like this live on?

5 comments

1 hipparchia { 03.23.10 at 8:00 pm }

What planet do people like this live on?

dunno about the rest of the people, but new jersey is another planet. the same year i drove my little chevette from here to new england and back, was the first time i’d ever been in new jersey. i pulled into one of those ‘rest stops’ om the turnpike that’s filled with gas stations and fast food joints, walked into the wendy’s or whichever, and could not for life of me understand what the people around me were saying. took me a few minutes to realize that they were all speaking english, in a jersey accent.
.-= last blog ..Run, ntodd, run! =-.

2 Bryan { 03.23.10 at 11:15 pm }

Imagine what the people of New Jersey thing when they get off the beaten path down here. 😉

3 hipparchia { 03.23.10 at 11:33 pm }

i already know what they think. all of new england thought a martian had landed in their midst when i got there. people were quite literally stopping me on the street and starting up conversations with me just to hear me talk, and not because they thought i had anything interesting to say, either.
.-= last blog ..Run, ntodd, run! =-.

4 Bryan { 03.23.10 at 11:44 pm }

Because I was a military brat and my parents were from upstate New York, I have the ability to speak standard media English when I am not down here. But if I’m tired it creeps in.

5 hipparchia { 03.23.10 at 11:54 pm }

because i have one parent from the cold frozen north, one parent from the deep south, and grew up in the southwest, i have the ability to speak in a totally unrecognizable accent. add to that, when i was living in miami, my spanish was immediately recognizable as being not-cuban.
.-= last blog ..Run, ntodd, run! =-.