No I don’t admit that. Haven’t run the spread sheets, but the rates are down in each bracket. If you want to give me your numbers, I’ll run it.
OK, let’s take an example — husband: 90,000; wife: 70,000. — so 160,000 joint. In California, that’s middle class.
For every dollar above around 70,000, they’re paying a 9.5 percent at state level in California, right?
What’s the difference in federal taxes if they can’t deduct that heavy sum paid to the state?
Remember, they are also deprived of the personal exemptions (totaling 10,400), under the new tax bill.
Hard for me to believe their federal taxes aren’t going up. That’s the whole point of getting rid of the state and local tax deductions - to raise revenue in order to offset the business tax cuts.