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To: Alberta's Child

No they didn’t. If they paid $1 million in states taxes and owed $2 million in Fed tax, they were able to deduct the $1 million they paid to the state, and thus paid only $1 million of their fed tax.

Now they have to pay their $1 million in state tax, and the whole $2 million they must pay now.

That is a total of $2 million before the new tax law, compared to $3 million they pay under the new tax law.

How is that the same?


29 posted on 05/17/2018 5:50:09 PM PDT by OneVike
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To: OneVike
How is that the same?

Because anyone who pays that much in Federal income taxes is already paying far more than their "fair share" to begin with -- regardless of whether their Federal tax bill is $1 million, $2 million or $3 million.

31 posted on 05/17/2018 5:53:51 PM PDT by Alberta's Child ("I saw a werewolf drinking a pina colada at Trader Vic's.")
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