By Brice Carter, CFP®, CIMA®, ChFC®
Politicians in Michigan and other states are proposing the repeal of property taxes. An additional proposal in Michigan would eliminate property tax “uncapping.” Property taxes are based on a home’s taxable value, whose annual increase is limited to 5% or the rate of inflation, whichever is lower. When a home is sold, its taxable value “uncaps” and immediately rises to its true market value. This means the new homeowner pays a higher property tax bill than the previous owner.
Lately, we have been trying to dip into vacation mode with a little more regularity. However, this has been met with no small amount of difficulty. With plane ticket prices so high, gas prices through the roof, and everything more expensive than it used to be, we have instead tried to find staycation opportunities closer to home.
The world around us is filled with systems and beliefs that promise us something: financial stability, the perfect marriage, success, popularity, good health, or a happy life. But what happens when those promises turn out to be empty? What happens when our health fails, when the money is gone, or when our marriage hits a rough patch? Where do we turn? What is there that supersedes it all and can offer peace, even in life’s storms?
President Trump and members of Congress from both political parties have proposed suspending the federal gas tax, currently 18.4 cents per gallon, to provide consumers relief from this year’s substantial increase in gas prices. Unfortunately, consumers are unlikely to see much, if any, benefit from this “gas tax holiday.” Instead, oil companies are the most likely beneficiaries.
Graduation season produces a lot of forgettable advice. Fareed Zakaria’s address at Bard College this year was not that.
