My wife and I were considering the ramifications of the tax increases that would be in effect were the ‘1’ to gain office. The cold reality is this: we would be better off to be divorced. She earns enough to gain from the ‘1’s tax plan and I would be able to reduce my net income by paying child support and deducting that amount from my taxes, thus making me better under the ‘1’s plan.
Married, we would be worse off with our combined incomes.
The idea of punishing working, married couples under the ‘1’s plan is truly frightening and a sad commentary on the state of affairs in These United States.
My wife and I have been thinking about purchasing a small resort which would have income which would be greatly affected by 0bami’s tax plans - to the negative on our behalf. Even though this venture would create new jobs, in the end we would pay higher taxes which would make the venture near to being unprofitable - unless the seller of the resort were to reduce his price. The seller is not willing to do this, even in times of a declining market (his mistake because he will sit on his property for a long time).
End result of all this, we probably will not purchase the resort.
you cannot deduct child support payments from your taxable income - they come out post tax, but you do not get to claim them. I know, I’ve been there. You may get the child tax deduction e/o year, but that’s it! You may also be able to claim HOH, and the EIC, but not likely. You could claim alimony payments though. Believe me, divorce is an extremely expensive game to play, so you would lose no matter what in that scenario.
So-called “Child Support” is neither taxable, nor tax-deductible. Its just free money for women to spend any way they want.
Alimony is taxable and tax-deductible.