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Georges, We lived on bananas for 20 years because we paid top tax bracket with no deductions. We were pretty clueless about deductions then, but have made up for it since we discovered negative gearing. We have quite a few old properties now which still give us good depreciation deductions...

I would not feel the need to reduce my tax if there was a level playing field i.e. a flat tax rate. It is grossly unfair for high income salary earners, slogging away for 40+ hours a week to be penalized for their effort with a higher tax rate. Why should they pay a higher percentage of...