New tunnel? We can’t afford it.

From NJ Spotlight:

HOW WILL CASH-STRAPPED NJ PAY ITS SHARE OF GATEWAY RAIL-TUNNEL PROJECT?

Federal and state officials gave the plan to build a new rail tunnel under the Hudson River a major boost earlier this month when they announced a commitment to evenly share costs that could be as high as $20 billion.

But now comes the hard part: Determining exactly how to come up with the money.

A report issued last week by Moody’s Investors Service drove home that challenge, offering up some sobering facts about New Jersey’s ability to help fund the tunnel project, dubbed Gateway, including a tight state budget, significant debt and a fund for new transportation projects that’s on course to run out of money by the middle of next year.

But the report also offered a glimpse at how New Jersey could eventually afford its $5 billion share by the time a new tunnel is ready to open in about a decade. It cited the likely availability of low-interest loans, the potential to defer initial debt payments and the expected participation of the Port Authority, which maintains its own robust capital-planning budget.

“There will be many options to divide costs and leverage a variety of grant and loan opportunities,” the report said.

For New Jersey officials, those options provide plenty of reason at this point for optimism, even if many initially viewed the report from Moody’s, a major Wall Street credit-rating agency, as a warning sign.

“I think it’s just too early to engage in this pessimistic discussion, assuming New Jersey just won’t be able to pay its share,” said state Sen. Robert Gordon (D-Bergen), who’s been leading a series of legislative hearings in recent weeks on the Port Authority and capital projects including Gateway as chairman of the New Jersey Senate Legislative Oversight Committee.

But New Jersey will have some time to clean up its messy finances if, as Moody’s suggests, the first debt payments for Gateway can be deferred until the new tunnel opens, which could be a decade away.

That extra time would also help ease New Jersey’s most pressing transportation-funding challenge right now, which is the pending expiration on June 30, 2016, of the state’s current five-year, $8 billion Transportation Trust Fund finance plan.

Lawmakers have yet to say how they plan to reauthorize the trust fund, but an increase of the state’s 14.5-cent gas tax along with a constitutional dedication of the new revenue for transportation is now widely expected to be proposed as part of the next five-year plan.

If debt payments for Gateway aren’t due until the new tunnel opens, the first bills would likely be covered not in the five-year TTF plan that lawmakers are working on now, but in the following plan when revenue would likely be more stable. And low-interest loans from the federal Railroad Rehabilitation and Improvement Financing program that have been discussed for Gateway could make New Jersey’s payments as little as $150 million to $200 million annually spread out over 30 years.

This entry was posted in Economics, New Development, New Jersey Real Estate, Risky Lending. Bookmark the permalink.

76 Responses to New tunnel? We can’t afford it.

  1. Mike says:

    Good Morning New Jersey

  2. anon (the good one) says:

    @MMFlint:
    Thanksgiving weekend is over, & after all those warnings about Muslims, the 1 terrorist incident of the weekend is a white hater in Colorado

  3. Libturd in the City says:

    That’s fair Anon. And while we are at it, let’s conveniently blame every crime committed by a black man on the Democrats. After all, the vast majority of them vote for the blue team. What’s fair is fair. And while we are at that, let’s end the MLK national holiday since they already got Black Friday.

  4. Libturd in the City says:

    Democratic Mayors convicted:

    The report begins by compiling a list of recently indicted and convicted Democratic Party Mayors of large US cities. They include:

    Mayor Patrick Cannon – Charlotte, NC. Arrested less than a month ago for influence peddling and bribery.

    Mayor Ray Nagin – New Orleans, LA. Convicted in January on corruption charges.

    Mayor Tony Mack – Trenton, NJ. Convicted in February for accepting bribes for government contracts.

    Mayor Bob Filner – San Diego, CA. Convicted of sexual harassment and other ethics-related incidents.

    Mayor Kwame Kilpatrick – Detroit, MI. Convicted of extortion, bribery and conspiracy charges.

    Mayor Larry Langford – Birmingham, AL. Convicted of accepting bribes.

    State Legislators convicted:

    CA State Senator Leland Yee. Malkin writes, ‘Yee made a decades-long career out of sanctimoniously demonizing gun owners and railing against the Second Amendment. He was arrested this week on corruption charges after an FBI sting found probable cause to believe Yee had conducted wire fraud and engaged in a conspiracy to deal firearms without a license and illegally import firearms.’

    PA State Senator LeAnna Washington. The report cites, ‘This week, a judge ruled that the Keystone State could proceed with a trial against Washington…She is charged with felony theft of services and felony conflict of interest. More than a half-dozen former employees blew the whistle.’

    RI House Speaker Gordon Fox. The researchers write, ‘The powerful Democrat announced last weekend that he is stepping down from office after FBI raids on his home and work offices. Fox is the target of several criminal investigations by the US attorney’s office, the FBI, the IRS, and state police.’

    CA State Senator Ronald Calderon. The account reveals Calderon was, ‘hit with a 24-count federal indictment for bribery and corruption. His brother also was charged with multiple counts of money laundering and influence peddling.’

    CA State Senator Roderick Wright. AIM reveals, ‘The entrenched Los Angeles-area politician is now fighting his January conviction on felony perjury, false declaration of candidacy, and fraudulent-voting charges.’

    NY State Rep Bill Scarborough. The report says, ‘The FBI and state authorities raided his home and offices as part of a probe into his travel-voucher practices.’

    IL State Rep Keith Farnham. The writers reveal, ‘After sponsoring two bills to increase penalties for child-pron possession, Farnham was the subject of state and federal raids last week on his home – for possession of child pron. Over the weekend, he resigned his seat.’

  5. D-FENS says:

    Gas tax increase…dead ahead…

  6. D-FENS says:

    Probably happened because of climate change or income inequality. Curse you Republican party!!!

    anon (the good one) says:
    November 30, 2015 at 7:44 am
    @MMFlint:
    Thanksgiving weekend is over, & after all those warnings about Muslims, the 1 terrorist incident of the weekend is a white hater in Colorado

  7. Juice Box says:

    Tunnel will be funded with promises as always..

  8. Juice Box says:

    Cyber Monday……

    Target’s web site is down…..

  9. phoenix1 says:

    4. Liburd,
    And today, some dumb young kid smoking a joint will do more jail time then all of those names you mentioned above…..

  10. Libturd in the City says:

    Phoenix…completely true. They ought to name a prison after Charlie Rangel.

  11. Essex says:

    3. You’ve evolved.

  12. D-FENS says:

    @realDonaldTrump: How is Chris Christie running the state of NJ, which is deeply troubled, when he is spending all of his time in NH? New Jerseyans not happy!

  13. leftwing says:

    Goodness, don’t forget Shelly Silver, verdict pending with an impaneled jury.

    Grandfather of corruption in Albany.

  14. leftwing says:

    “@realDonaldTrump: How is Chris Christie running the state of NJ, which is deeply troubled, when he is spending all of his time in NH? New Jerseyans not happy!”

    Many things politically I am unhappy about.

    Foremost how my party has so lost its bearings that it has been entirely, regularly, and ritualistically emasculated to such an extent that an azzclown of biblical proportions has become its leading spokesperson.

  15. [4] Lib – I can’t believe you left my adopted state off the list. We haven’t had a Massachusetts Speaker of the House that has ended his tenure without a felony conviction in the last quarter century. Three in a row so far. Of course we only vote for one party up here, so most pols run unopposed, including my congressman (Capuano). All Democrats up here seem to only vacate their seats for 1 of the following 3 reasons:
    1. death
    2. moving up to a higher political position.
    3. felony conviction.

    http://www.masslive.com/news/index.ssf/2011/07/a_tale_of_3_speakers_–_salvat.html

  16. And she has fat ankles too.


    Many things politically I am unhappy about.

    Foremost how my party has so lost its bearings that it has been entirely, regularly, and ritualistically emasculated to such an extent that an azzclown of biblical proportions has become its leading spokesperson.

  17. D-FENS says:

    @appopinion: EDITORIAL: Democrats deaf to tax relief https://t.co/3kSqsHZAgO via @AsburyParkPress

  18. FKA 2010 Buyer says:

    Google Gunning for Banks’ Mortgage Business

    Google takes another big step into the home loan sector, with a comparison tool that lets consumers not only view ratings and read reviews for lenders, people can receive quotes and request a return phone call as well.

    In early 2015, Google rolled out a mortgage comparison tool within its organic search engine. Now, the internet monolith is going a step further, with a full-blown, dedicated service that intends to directly connect home borrowers with lenders.

    Google’s Compare service for mortgages aims to present consumers with an “apples-to-apples comparison” in less than a minute.

    As you might expect from a company like Google, the experience using the Compare service is both quick and painless. After choosing “purchase” or “refinance,” users provide a few key pieces of information. Only the loan amount, purchase price and approximate credit score need to be specified in order to for Google to provide some initial recommendations. If the user also specifies their desired monthly payment and how long they intend to occupy the home, Google will refine its results.

    http://thefinancialbrand.com/55601/google-compare-mortgages/

  19. Libturd in the City says:

    Does anyone really care who their mortgage is with? I would think price is the only consideration. Outside of paying my monthly nut, I have absolutely no interaction with them.

  20. FKA 2010 Buyer says:

    Thou shalt follow commandments of loan officers

    By Alix Nicole Branson And Loli Martinez Lonso From page C12 | November 28, 2015

    Buying a house is the biggest investment a person makes in his lifetime.

    The 30 to 45 days in escrow are probably the most stressful days because there are so many active parts in the transaction that all lead to the dream of homeownership.

    Our job as loan officers is to help families get to the finish line, but we need a commitment from the buyers as well. Here is our list of the Ten Commandments of applying for a home mortgage:

    1. Thou shall not change jobs, become self-employed or quit your job.
    2. Thou shall not buy a car, truck, refrigerator or any other large purchases.
    3. Thou shall not use charge cards excessively or let your accounts fall behind.
    4. Thou shall not spend money you have set aside for closing.
    5. Thou shall not change bank accounts or move money around between accounts.
    6. Thou shall not stop making your mortgage payments while waiting for your refinance to go through.
    7. Thou shall not make large deposits without checking with your loan officer.
    8. Thou shall not let any other entity pull your credit until our loan closes.
    9. Thou shall ensure that the application is completed fully, accurately and honestly.
    10. Thou shall shout my name and number from the rooftops once our loan closes.

    If you follow these easy Ten Commandments you will be a homeowner in no time, and the road to get there will be a lot less bumpy.

  21. walking bye says:

    @22 ehh I refinanced in 2012 with no problem all while the mrs. broke numerous commandments. All it took was a letter of apology to the loan officer “Dear Sir I am sorry for opening up new CC accounts but the 15% off was to good to pass up” True story.

  22. Grim says:

    #5 – this screws up so many people.

  23. [22] I think most of those problems are non-starters if you have great credit, know the actual person who will be writing/selling the loan and put 40% down. When we bought our place in 2002 I was pre-approved for something like $645K. While we were shopping for a home in 2002 I lost my job and my wife was on maternity leave from her $50K/year job. We didn’t have a problem taking a $175K loan with our $90K down payment. I did, however, wait until after closing to buy a $25K vehicle for cash. I think a sizeable 401K helps somehow too.

  24. The Great Pumpkin says:

    I would have to say rental income, housing equity, and an index fund based on the s&p 500. Obviously, inflation doesn’t always impact assets in the same way every time, but if I had to bet on which assets have the best overall chance of surviving an inflationary spiral, I will put my money on these three.

    leftwing says:
    November 29, 2015 at 12:16 am
    19.

    So fact, not thoughts or cuts and pastes, what were the top three performing asset classes during the last inflationary spiral?

  25. FKA 2010 Buyer says:

    8. Thou shall not let any other entity pull your credit until our loan closes

    I had to write a little stating that I was comparison shopping mortgage rates. It was easy getting past it, but having to write a letter for every single thing, was a pain.

  26. [25] I even had the down payment invested in stocks (actually a closed-end bond fund paying ~8%) and I don’t remember it being a problem. I think I only transferred the funds to my local checking account within 2 weeks of closing. We even moved into our place 10 days before closing (paying rent, but it was called something else in the contract). Everybody trusts a blue-eyed couple with an infant, even if you don’t have jobs.

  27. The Great Pumpkin says:

    17- This sounds exactly like America. Import a bunch of people that have never payed into the system, and then give them access to the same benefits as the people who have payed into the system for a lifetime. This will always end well.

    “During the last few decades, Swedes have had to get used to the government (left and right wing parties alike) prioritizing refugees and migrants above native Swedes. The high tax level (the average worker pays 42% income tax) was been accepted in the past, because people knew that if they got sick, or when they retired or otherwise needed government aid, they would get it.

    Now, Swedes see the welfare system failing them. More and more senior citizens fall into the “indigent” category; close to 800,000 of Sweden’s 2.1 million retirees, despite having worked their whole lives, are forced to live on between 4,500 and 5,500 kronor ($545 – $665) a month. Meanwhile, seniors who immigrate to Sweden receive the so-called “elderly support subsidy” — usually a higher amount — even though they have never paid any taxes in Sweden.

    Worse, in 2013 the government decided that people staying in the country illegally have a right to virtually free health and dental care. So while the destitute Swedish senior citizen must choose between paying 100,000 kronor ($12,000) to get new teeth or living toothless, a person who does not even have the right to stay in Sweden can get his teeth fixed for 50 kronor ($6).”

  28. Comrade Nom Deplume, screwing around at work says:

    I remember moving $$$ into a checking account to write a very large check and that caused the broker to freak. I had to walk him through the fact that the money he saw in Acct. A (nonchecking) was now in Acct B (checking) and no, it was always there as your paperwork shows.

    Only person I ever met that was slower to get it was the NJ Bar auditor. The guy could not read a bank statement.

  29. Comrade Nom Deplume, screwing around at work says:

    [29] pumps

    So it’s the Great Trumpkin today, is it?

    Seriously, you have more mood swings than Essex.

  30. Comrade Nom Deplume, screwing around at work says:

    Gonna be in Morristown (okay, the Westin) on Saturday. Any other attorneys need to get in their last minute CLEs? See you there.

  31. Comrade Nom Deplume, screwing around at work says:

    [29] pumps

    “Worse, in 2013 the government decided that people staying in the country illegally have a right to virtually free health and dental care. So while the destitute Swedish senior citizen must choose between paying 100,000 kronor ($12,000) to get new teeth or living toothless, a person who does not even have the right to stay in Sweden can get his teeth fixed for 50 kronor ($6).”

    I foresee a whole new form of medical tourism.

  32. chicagofinance says:

    This video is pretty g-damned interesting……I wonder how candid it is? Not that I have an opinion either way….
    http://finance.yahoo.com/news/charles-koch–my-body-is-full-of-harpoons-202130428.html

  33. Libturd in the City says:

    During my last refi, I actually won some money in AC. Maybe 5 to 10K. I had to right a letter explaining the $1,000K withdrawal and then the consequential 5-10K deposit. I should dig it up and post it. The funny thing is, they still didn’t want to believe it after the letter. They assumed everyone always loses. They don’t know Captain Cheapo.

  34. joyce says:

    “We didn’t have a problem taking a $175K loan with our $90K down payment”

    not quite 40%

  35. Libturd in the City says:

    to WRITE a letter. Ugh.

  36. The Great Pumpkin says:

    Just like they didn’t see the housing bubble coming? People making predictions in the headlines will only call for conservative calls, they will never ever come close to calling the boom or bust part of the cycle. I, on the other hand, will call it like I see it.

    This economy has been beaten down for a while. In the past 10 years, businesses have eliminated all the slack in the labor market, and have merged and made their businesses as efficient as they could. Next, they will have to raise wages to compete. This will lead to savings and investments by workers. Where do workers make their biggest investments, that’s right, real estate. Real estate will once again become the biggest driver of our economy. Real estate feeds every other industry. After that, the economy will start to grow and head towards the boom part of the cycle until it busts and we end up in the down part of the cycle again. It never changes, it’s always booms and bust, with nothing in between.

    3b says:
    November 29, 2015 at 7:41 pm
    #20 pumpkin nobody even the most optimistic are expecting a big boom. Slow and steady at best. Where do you get this stuff from?

  37. The Great Pumpkin says:

    Nothing to do with Trump and everything to do with logic. You can’t have people taking out from a system in which they never put in. It is plain old stealing if you do and not sustainable for long periods of time.

    Comrade Nom Deplume, screwing around at work says:
    November 30, 2015 at 1:36 pm
    [29] pumps

    So it’s the Great Trumpkin today, is it?

    Seriously, you have more mood swings than Essex.

  38. joyce says:

    war on women
    http://www.columbiatribune.com/news/crime/man-arrested-on-suspicion-of-abusing-hickman-student/article_5f48a9cb-4382-5442-937e-ad54f1c88855.html

    Columbia police on Wednesday arrested a 53-year-old man who allegedly pulled a teenage family member out of Hickman High School by her hair and slapped her.

    Police re-sponded at 3 p.m. Tuesday to the school, 1104 N. Providence Road, for a child abuse call, Officer Latisha Stroer said in an email. Youssif Z. Omar was at the school and noticed a 14-year-old female family member was not wearing a hijab, a traditional headscarf that some Muslim women wear. Omar became irate, Stroer said, grabbed the girl “very violently by the hair” and pulled her outside and down a flight of stairs.

    Omar allegedly slapped the girl’s face and pulled her into his car by her hair, Stroer said. Police arrested Omar on suspicion of child abuse, a felony

  39. Comrade Nom Deplume, screwing around at work says:
  40. Joyce – actually, I think it was a $170K loan on a $260K purchase, but you’re still right as it that would still be under 40%. I did have $25K still in the bank at closing so that must be what I was thinking of. I doubled up the mortgage for the first two years and it appraised higher so I still had over 40% equity either immediately or shortly after purchase. I think our first loan was 7 year fixed/23 adjustable but we refinanced into a 30 that was at $175K a few years later, must’ve been 2005. Now that refi was a nail-biter as we needed the cash for a large condo assessment and I still had not gone back to work and my wife lost her job the week of the closing, but they never did a final check. Our mortgage broker found out when she called my wife to congratulate her on closing the refi and was told by her office that she didn’t work there any more. I think we took $25K cash out and I deposited that check damn fast.

    “We didn’t have a problem taking a $175K loan with our $90K down payment”

    not quite 40%

  41. NJT says:

    My (our) first mortgage was in 1990 (I was 25). I’d always paid for everything in cash (cars – one new one at that point -, college, bar bills ect.). Never owned a credit card.

    Wifey (though we were not married yet – two years later) had EXCELLENT credit (made her clean it all up…or else) and every card you can name.

    Mortgage company almost didn’t give us the loan (measly $100,000) and I (not her) was putting %20 down. They made me:

    1) Write a letter explaining why I never/couldn’t use credit.
    2) Have an OFFICER of the corporation I worked for send them a letter saying I was
    an employee in good standing (He let me write it).
    3) Get and send them payment records from college and tech. schools I attended
    showing that I paid in cash and on time.

    *In the mid 2000s several of my long time tenants were leaving to buy their own
    houses. Now, I’d been out of the mortgage market many years at that point but
    was curious how these people got loans. I couldn’t believe how lax the system had
    become! Sold the rentals as tenant quality took a nosedive (as well rents).

    *Back in the LL business again…until it’s time to cash out, again.

  42. Grim says:

    The issue with large deposits is being able to document the source and reason. If you can do that, fine, but realize the hassle it will cause. Deposits you can’t document, oops.

  43. Comrade Nom Deplume, the anon-tidote says:

    [2] anon

    You mean this (three hours from Flint) MMFlint?

    http://variety.com/2015/dirt/real-estalker/michael-moore-lists-rustic-luxe-upper-michigan-lake-house-1201558248/

    Apparently, between his soon to be ex and himself, this working-class-hero has more properties than Pumpkin.

  44. jcer says:

    44, Don’t get me started I refinance and my wife’s grandfather gave her like 10k as a gift, mind you deposited into an account with 150k in it already, he subsequently died and they wanted a letter stating that it wasn’t a loan, all for a measly 10k check on a 300k mortgage on a property appraised at 500k. The banks make absolutely no sense. I know someone who had a wealth management relationship worth 20 million, a net worth of 200 million who was given a full cavity search for a mortgage on a 5 million dollar house, the guy has liquid assets at your company worth 5x the mortgage amount. Way to sour a private banking relationship!

  45. The Great Pumpkin says:

    It is crazy, but understand why these rules are in place. There is a huge black market. Take away these rules for banks, and what’s to stop the avg citizen from looking at the black market with such lustful eyes? Jail time? lol

    jcer says:
    November 30, 2015 at 5:17 pm
    44, Don’t get me started I refinance and my wife’s grandfather gave her like 10k as a gift, mind you deposited into an account with 150k in it already, he subsequently died and they wanted a letter stating that it wasn’t a loan, all for a measly 10k check on a 300k mortgage on a property appraised at 500k. The banks make absolutely no sense. I know someone who had a wealth management relationship worth 20 million, a net worth of 200 million who was given a full cavity search for a mortgage on a 5 million dollar house, the guy has liquid assets at your company worth 5x the mortgage amount. Way to sour a private banking relationship!

  46. The Great Pumpkin says:

    If you can purchase actual assets like stocks or real estate with this dirty money, and who won’t sign up to deal drugs or sling guns? Who gives a crap about the jail time if you can make money tax free and be able to buy actual assets that produce wealth with it.

  47. Zack says:

    Foreclosures are hard to come by. I wonder how a NJ bankruptcy law firm got into mountains of debt.

    http://www.nj.com/business/index.ssf/2015/06/nearly_300_employees_of_nj_law_firm_facing_layoffs.html

  48. joyce says:

    Idiot,

    What percentage of the population sold dr-gs when it was much easier to hide where money came from?

    I’ll save you from the suspense… it was a very small number.

  49. joyce says:

    grim,
    I can’t figure out why I can’t post the word o b f u s c a t e … looking at the blacklist and don’t see it.

  50. The Great Pumpkin says:

    If I can buy wealth building assets with money from selling drugs, why would I not risk 5 years of my life and go all out? I’ll be retired in no time, with my drug money making me tons of more “legal” money.

    joyce says:
    November 30, 2015 at 5:45 pm
    Idiot,

    What percentage of the population sold dr-gs when it was much easier to hide where money came from?

    I’ll save you from the suspense… it was a very small number.

  51. joyce says:

    Cause it’s not that simple or easy

    You truly do not have a clue. Go back to your pivot tables, SENIOR analyst.

  52. The Great Pumpkin says:

    A little operation, say about 2,000 profit a week, would yield 104,000 in cash profit per year. This is small. That’s about 520,000 in 5 years. You started this, let’s say, at 20 years old in college and finished at 25. That 520,000 is like making 900,000 in the real world where you pay taxes. That money will compound in no time, and if you don’t live above your means, this 25 year old should not have to work past 35.

    joyce says:
    November 30, 2015 at 6:07 pm
    Cause it’s not that simple or easy

    You truly do not have a clue. Go back to your pivot tables, SENIOR analyst.

  53. The Original NJ ExPat says:

    LOL. You can tell this isn’t NJ. I just received a Revaluation Assessment Notice from the City of Boston for Fiscal Year 2016. They’ve upped my assessed value by 2.5% but they’ve lowered the tax rate by 9%! The previous tax rate was 12.11 per thousand and now it’s going down to 11.00, so my gross tax is going from $3644 down to $3391. And they’ve upped the flat residential exemption (for those who owner occupy) to $1960 from $1879. So my net property tax bill is going down almost 20% to $1431 annual (currently $1764). That’s less than $120 per month!

  54. joyce says:

    I stand corrected, it is that easy apparently.

  55. The Great Pumpkin says:

    White male gets a beating from a cop.

    https://www.youtube.com/watch?v=Pj3low7BbwE

  56. zack (50)-

    Zucker, Goldberg is, by far, the biggest foreclosure mill full of blood-drinking, subhuman carbuncles in the history of NJ. The letterhead partners did absolutely ZERO work, farmed out the dirty deeds to ill-paid newbs just out of law skool and generally performed Satan’s work here on Earth.

    Natch, the worst hit will be the secretaries, paralegals and starving young lawyers. The big guys already got theirs.

  57. Kyle Flood was building a tract mansion in Middlesex. Stated the day before his firing that he was gonna be around Rutgers a long, long time. What a fcuking moron.

  58. Essex says:

    Yeah mine (20o2) was the first place I ever owned.

    I’m 49 now….so we didn’t buy in either of the two markets
    We lived in before. Home buying as an investment? Not really feeling it.

  59. Essex says:

    Rutgers – I’ve met more dense f:cks from there that I see it as a truly crappy school.

  60. Libturd in Union says:

    Flood probably had the same deal as Schiano. The college is probably on the hook to pay the mortgage for the next 5 or so years.

  61. Ben says:

    A little operation, say about 2,000 profit a week, would yield 104,000 in cash profit per year. This is small. That’s about 520,000 in 5 years. You started this, let’s say, at 20 years old in college and finished at 25. That 520,000 is like making 900,000 in the real world where you pay taxes. That money will compound in no time, and if you don’t live above your means, this 25 year old should not have to work past 35.

    Unfortunately, I’ve known my fair share of drug dealers. Your math is a bit off. 3 years into it, one of your customers gets arrested and sets you up with the police to get out of trouble. Or, another dealer gets mad at you selling to his customers and puts a gun in your face.

  62. leftwing says:

    nice idea, but for a while now banging 2k a week cash into the bank with no explanation would flag you. how do you propose to get that cash into the system legitimately. that’s your issue.

  63. joyce says:

    LW
    Think you missed the beginning

  64. leftwing says:

    what was it?

  65. joyce says:

    Hiding the source being a non issue

  66. leftwing says:

    got it. just wondering how regardless of source one can pump 2k a week cash into any account. otherwise it is all theoretical, no gains, just a boatload of depreciating greenbacks under a mattress.

  67. leftwing says:

    shelly silver guilty on all counts, yeah baby!

  68. Libturd in Union says:

    Joyce…Google sc@t

  69. The Great Pumpkin says:

    Yes, that’s my point. That’s why banks need to know where the cash you deposited into your account came from. If people can just dump dirty money into a legal account, what incentive would there be to conduct business legally?

    leftwing says:
    November 30, 2015 at 8:44 pm
    nice idea, but for a while now banging 2k a week cash into the bank with no explanation would flag you. how do you propose to get that cash into the system legitimately. that’s your issue.

  70. Marilyn says:

    Even drug dealers the ones I dealt with who made a ton of money wanted the high lifestyle and blew there money on complete crap. They will always have the poor man mentality.

  71. Fabius Maximus says:

    #41 Tin Pot McCarthy.

    Are they selling 777’s on the website to avoid sales tax. I really don’t have a problem with tax credits if they are used well. When they get abused I have an issue. Here you have an anchor company for a whole avionics industry in the area.

    You solve deferred income and you can have a lot of tax credits in return.

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