Posted by Bill Taylor on May 17, 1999 at 24:14:32:
Problem I have with the falt tax is the govt controlling the level. Lets take social security for instance. The rate has continued to go up steadily since it’s inception and then the income amt you were taxed on goes up and up based on the govt. needs. For example: lets say the beginning tax rate was set up to be 15%. A yr from now the govt insists it now needs another 1/4 per-cent of course every good American says no big deal. The next yr they need another 1/2 % again no big deal. It keeeps going up like this no deductions to reduce your liability your stuck to whatever they determine their needs. I like Steve Forbes and believe him to be responsible but what about the rest of those initial do-gooders. They go up to Washington with good ideas then get sucked up in all that mess and go along with the good old boys. Watch the flat tax don’t get sucked in by it.
Flat Tax? - Posted by Dr. Faustus
Posted by Dr. Faustus on May 16, 1999 at 16:06:04:
I was reading about Forbes running for president and how he was proposing a flat tax for all citizens. I’ve always been pro-flat tax, but it seems like much of real estate has to do with protection from taxes and keeping the money you earn as opposed to losing it to the government. How would that affect the earnings of investors? I would like to hear your opinions.
Re: Flat Tax? - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on May 16, 1999 at 16:29:57:
Dr. Faustus,
Because of the uncertainty of tax laws, I do not make my real estate investing decisions based on them.
Bottom Line: The property works WITHOUT the tax writeoffs, or I don’t get involved with it.
Bill K. (AZ)
Re: Flat Tax? - Posted by Bill
Posted by Bill on May 16, 1999 at 16:10:15:
Unless we make sure to give every congressman plenty of real estate holdings, they will try to ruin it? (Just my best guess.)
Re: Flat Tax? - Posted by Bill
Posted by Bill on May 16, 1999 at 18:37:14:
I think I will rework some of my financial models to incorporate your wisdom. Thanks.