depending on when their state legislature takes action and the actual delivery date of their machines, this decision could cost some spooky direct preorder buyers several hundred more dollars.

from accountingtools.com

A customer deposit is cash paid to a company by a customer, for which the company has not yet provided goods or services in exchange. The company has an obligation to provide the indicated goods or services, or to return the funds.

The company receiving a customer deposit initially records the deposit as a liability. Once the company performs under its contract with the customer, it debits the liability account to eliminate the liability, and credits a revenue account to record the sale.

** The company does not initially incur any sales tax liability when it accepts a deposit from a customer. This liability is only created once the company delivers under its contract with a customer and converts a deposit into a sale transaction.

from nytimes.com

In theory, most states already require consumers to pay a “use tax” equivalent to the state sales tax when buying online [out of state]. But in practice, few consumers do so.

the world has changed since 1992, when mail-order sales totaled $180 million. Last year, remote sellers racked up sales exceeding half a trillion dollars.

South Dakota would be able to begin collecting sales tax on online purchases in 30 to 90 days. Other states may be close behind: Anticipating Thursday’s ruling, several states, including North Dakota, have passed laws modeled on South Dakota’s.

Wisconsin has been collecting sales tax for online digital purchases since 2010. (a few other states do too)

That would be the majority of the country (Strike that. WORLD) along with Bezos in that case.

Mine's under $1000 a year, so about $3 a day or less than what they are charging for one of those new, fresh, quarter pounders at MickyDs.

So unless something changes or they do away with prop 13, I'll be staying put, and let all the newcomers and new homebuyers pay the majority.

And yes, I do own it, free and clear.

LOL!

DWtI0yPU8AEAvZZ (resized).jpg

Lol, the only way someone in CA has $1000 property tax bill is if they’ve lived in the house 30+ years.

In TX your taxes are based on the annual appraised value, not the purchase price. It sucks.

It's the same up here. We are re-assessed every year. Normally the government will assess that the value of your house has decreased and your property taxes are reduced every year. The Ontario provincial government has really started getting their asses together and the province is actually working with a surplus. There are even talks of taxes being reduced soon.

No. Actually, that was all a lie. Wouldn't it be nice though?

Property taxes are approximately $5K for a $500,000 house here.

15 years now. My how time flies when you're having fun. Doesn't bother me one bit that the newcomers that live in the same style house in the same neighborhood are paying near $10,000 a year. In fact any time that crosses my mind, I get a warm, fuzzy feeling inside.

Pennsylvania did the same thing only with casinos. “We’re leagalizing gambling so we can reduce or eliminate property taxes!!”

The year after they did that, my taxes dropped by $11/month. The following year, they went up almost $50/month.

I’m currently paying ~$6,000/year on an assessment of $270k. Makes me want to puke.

Yep. Like my sister in San Diego. Aboot 35 years now. If she sold her home and bought a similar one across the street, her taxes would be aboot $12k.

Rather not talk about property taxes since I live in Lake County ,Illinois. So it seems out of state pin purchases the tax will be accounted for so you don't declare on the state tax form.

I've always seen pros as watered down, but acceptable, but the pro of iron maiden has got to be the biggest no brainer pro ever made. I really really dont see the value of premiums on this game.

I think this will encourage people to buy local from someone who could service the machine. I see this was inevitable considering how things have changed in how we purchase items over the last 10 years. Yes you are paying more in taxes, but as has been said before, technically this was supposed to be reported anyway in most places. I see this changing things a bit but I don't see the sky falling. It will shift the incentive to buy used too.

It would be triple that amount here, and go up almost every year.

>

Why would you feel warm and fuzzy about your neighbors paying 10x more in taxes a year than you do?

Gentrification tax, baby.

_

California has a 1% property tax on assessed value. (Prop. 13 1978) New Jersey is almost 2% at the highest of the states. We are somewhat in the middle with that. That is the only tax we are in the middle of.

It is still the number 1 tax amount collected in Cal., because our property values are some of the highest in the nation. (Thank God for the Jarvis Prop. 13) Warren Buffet was trying to get Schwarzenegger to support legislation to raise it, luckily Arnold backed off of it.

Then you add the state income tax + the sales tax California has, plus local bond/sale taxes citizens are getting feed up and leaving. The gas tax we have also makes our gas the most expensive in the nation, but our infrastructure is terrible. Just look at Highway 99 and the boondoggle that is the high speed rail.

Let's not forget car tags in California. My truck cost 500 bucks per year for tags and they are trying to raise it by calling it a fee instead of a tax so it does not have to be voted on.

Silicon Valley is thinking about doing the "Head" tax that was rescinded back in Seattle. If that goes through, you will see more companies do what the Tesla battery plant did, and go to Nevada.

Yeah, California has the 5th biggest world economy, but our debt between local towns and state agencies is 1.3 Trillion dollars.

,

Well, I feel better now. Just moved from Calgary to Okotoks, 10 minutes outside of Calgary, and my amount almost doubled. I'm also told, just wait to see your water bill....

Interesting. You are trapped into continued living in the same "old" house until you die because of a tax angle situation.

I read all you posters here living in the $500K homes with big taxes and I shudder.

I bought my little bitty 2 bedroom house in 1979 for less than $40K.

But something happened in my neighborhood and now forty years later the value of my house is less than $50K.

On the one hand, it is nice because my annual property taxes are less than $700.00. But, OTOH, I am forever trapped in this house because the worldwide market has appreciated and left me behind. I could not afford to move even if I wanted to. I'm mortgage free with low taxes and I am happy with that.

<double post>

I don't know what my property taxes are and I don't care. I'm more concerned about any number of other things and factors that make the purchase either a good or bad financial decsision. Taxes are a factor, but they aren't top 5.

It could be worse. At least I have a 7-11 and a liquor store within walking distance.

Plus this isn't entirely true. There is a rule within prop 13 that if someone over 55 wants to downsize they can take their property tax with them as long as the new place, say a condo at the beach, costs less than they sell the house for.

Or I could rent it out for $4000 a month, keep paying the low property tax on it and go wherever I want.

But at least for now, I do like it here.

You could live like a king in Thailand. Maybe even get your own elephant.

Living like a King right now! In fact look what I'm working on today. What I've always liked about this house is the long driveway with the detached two car garage in the back. No stragglers walking down the sidewalk mess with me or my stuff.

DSCN5899 (resized).JPG

This is why I like living an hour away from Delaware... No sales tax there.

Ugh. Taxes.
Just add one more straw to the camel's back from running a small business standpoint. . . sales tax, social security tax, workers comp tax, school district tax, etc. etc. etc.

One of the reasons I do not like direct deposit (I still write out paper checks) is it makes it even easier for people to be unaware of how much money is taken out of their paycheck each pay period. Most people probably don't pay too much attention to a physical check stub anyway, but at least it is in your hand in front of you.

If only people could understand how much they are actually being taxed on everything. . . I dare say we are being taxed more than when the original colonists declared independence from England (but don't hold me to that ).

I am not against paying taxes when they are applied to worthy situations but there is so much waste, inefficiency, and redundancy in governmental departments. The Mrs. works for a local city and the stories I hear about lack of work ethic, random raises/salary increases for no reason, favoritism for various work positions. . . I could describe situations that will leave you scratching and/or shaking your head when it comes to some of the day to day municipal routine. Multiply that on a county, state, and federal level -- instead of figuring out how to make something work with the money available (like I/most every other citizen has to do) someone is always looking to raises taxes to throw more money at an often corrupt and sometimes broken system.

I guess as long as most people have the car in the drive, pizza in the oven, phone in their hand, and can take their annual trips to Disneyland then most wont care. Not sure how many more straws the camel's back can take, but I have no doubt politicians will keep trying to add them on.

I can ride my bike to Disneyland in about 20 minutes and strap it to the bike rack near the entrance and not pay their exorbitant parking fees.

Yes, that is the situation my mom is in. My parents built a house in Cupertino (that is where Apple started) 37 years ago, I think it cost about $130,000 to build. It is probably worth $2,500,000 now, but she is on a pension, and if she sold it and purchased another place, she could not afford the property taxes.

Many of you guys make me feel lucky for my house. I purchased it for $180,000 5 years ago. I did some renovations and it is valued at about $350,000 now. My taxes are based close to my purchase amount, but go up about 3% per year. My property taxes are $2,200 per year. The house is nearly 4,000 square feet heated and cooled, 1,000 square feet covered and screened in porch with a 1,000 square foot garage, has an in ground pool, 1 acre on the marsh with a nice marsh view in the back.

This really sucks big time. I am sick of all the damn taxes we have to pay and knowing that most of our tax dollars are wasted and given to bottom feeders just makes it more sickening. I truly believe that this is going to be a game changer for big items like pinball machines and i think it could be the straw that breaks the camels back for pinball companies and other companies as well. This is going to put alot of people out of business and cause alot of people to lose their jobs. Greedy F'ing Bastards!!!

I think it was inevitable that this was going to happen.

glzoxe5vrc0kh3jvuhfe (resized).jpg

Malcolm Gladwell recorded a podcast about the elite golf courses in LA which get astronomical property tax writeoffs for similar reasons. Somehow (bribery, cronyism, etc.), they get to keep passing that near tax-free status down indefinitely and the public not only subsidizes it but don’t have access to use the greenways for any reason whatsoever.

As an individual homeowner, might as well stay put. But imagine being able to pass down your tax-advantaged situation indefinitely... while making a mint off elites and keeping everyone else out.

Usafacts.org has interesting charts regarding what we spend our taxes on vs. what we take in. Feels like the financial hawks I trust might be right about the market topping out “somewhere around March 2019” before another correction/“new normal”.

Next canary-in-the-coal-mine trend to watch for: Urban gardens and multi-generational households. It’s happening.

Did your financial hawks predict a 25%+ market increase to today since November 2016?

More or less, indeed. We'll see how 2019 pans out.

Sounds like pin fetching road trips to buy/get NIB pins from distributors in states with no sales tax to me. Pay cash on site and bring it home. Is this a loop hole?

Yep. Or could you have it delivered to a UPS store?

Or maybe even better, it's a money-making opp'ty for pinsiders in those states:

1 - get cash for an online pin sale (plus a "tax mitigation fee") from a pinsider in a taxed state

2 - order the pin for the other pinsider and have it delivered to the house in the tax-free state

2a - charge the pin to an airline miles card or other rewards card

3 - arrange for pick up

4 - win/win, except for the govt.

No one likes taxes, but let’s be real about this one. Nearly everyone paid sales tax on most purchases before the internet came along. Because of the way the laws are written, we’ve mostly been getting away with tax free online purchases.

We’re supposed to be declaring those purchases separately and paying a use tax, but most aren’t doing that.

This isn’t a new tax, it’s getting back tax revenue that has been lost due to so many purchases being made online.

Of course, as others have mentioned, there are tons of loopholes, subsidies, and other craziness...usually benefitting corporations and the wealthy. The complicated tax code certainly costs a lot to enforce, and follow, and doesn’t end up feeling very fair in my opinion.

Who are the bottom feeders? And who are the greedy bastards? I would imagine opinions on who fits in these two catagories will range far and wide.

You know who they are. If i have to explain it to you then you wouldn't understand anyway.

I dont know about you okayestpinballer but this little guy here goes to work every day and busts his ass for his thousand dollar toys and i don't feel guilty one bit about the things that i have. Ive worked my ass off my entire life since i was 15 years old and never had a break yet.

This is very simple for me at this point in my pinball collecting career.

While I still do get a bit of that "I want it now" feeling when I see a brand new shiny pin with a theme and layout and art package that I love, I have become *much* more patient these days and I can wait to buy a pin until it has been on the market for awhile.

If I am going to have pay sales tax on every NIB pin from now on, I simply won't buy them anymore. I will wait to purchase one on the used market, even if that means waiting a year or two. The pin will still be "new to me."

By the way, the title of this thread is a bit misleading. The Supreme Court didn't pass a law for online sales tax. All it said was that the states can require certain businesses to collect sales tax on the items that they sell to that state.

Technically we were all supposed to be paying sales tax on NIB pins all along, even though it wasn't collected at the time of sale. You were supposed to pay it to your local franchise tax board. Same thing with any online sales purchase over a certain amount.

They have found ways around prop 13. I pay more than 1% property tax unfortunately. "Special Assessment."

So you don't agree this is a "huge victory for consumers?"

Spyderturbo007 Be lucky you live on the cheap side of the river. I pay almost twice that on a house that's half the value..........

The only thing im gonna say is im sick of my tax dollars being wasted and I'm taxed to death and im getting tired of it. Not going to get into a big debate with anyone, thats just how i feel and im pretty sure that most hard working tax paying Americans feel the same way.