an additional sales tax, will hurt small businesses.

an additional sales tax, will hurt small businesses.

take me for example. I will make 20k in AGI this year.

1. federal income tax, $0
2. state income tax, $1200.
3. property tax, $119,000

total is $120,200 out of pocket.

if the 999 plan goes.

1. federal income tax, 9% of 20k = 1800.
2. state income tax, $1200
3. property tax, $119,000
4. additional sales tax on rentals, we usually expect 8% of gross receipt goes to repair, 900k * 8% = 72,000 in repair cost, that be additional $6500.
5. additional sales tax on construction, which I don't do much new custom home any more, but base on a 1 mil sales in the past, 400k is materials, 8% of that be $32,000.

new 999 plan, will cost me $160,500. and thats only year one.

give me a reason why landlords should support that???

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• for $40k more in taxes? I said NO. -jy101- ♂ (0 bytes) () 11/02/2011 postreply 16:18:41