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Originally Posted by Lemon Drop Husker
More serious question, how does the current tax system work?
Do you even know what tax bracket you are in, or do you just accept what is as what is?
A "flat" tax is just that. You make X amount of money, you'll be taxed at X rate. Nothing more, nothing less. For the vast majority of Americans that have a job, family, etc. that means 25%. I guarantee that is 10% less than you paid last year.
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Ok, I own an apartment building as my only source of income, how do I determine how much I pay tax on? Can I write off depreciation, repairs, loan interest, property taxes, etc?
There is really not many brackets now, so having one bracket doesn't really bring a lot of simplification .
A flat tax rate, in my view, is by far the fairest way to tax but it would mean a huge tax cut for the rich and a huge tax increase for the people currently paying no income tax. Not a combination likely to win approval from congress or the public.
