Quote:
Originally Posted by AndyC
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.
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What do you pay for taxes now?
Businesses, even small, get a 15% tax rate. If it is just you, you go from 39% to 35% at the worst.
Either way, you'll get a massive tax break. By the way, I'm available for hire.