Posted by cccp1014 on 1/5/2018 9:20:00 AM (view original):
Posted by bad_luck on 1/4/2018 11:08:00 PM (view original):
Posted by cccp1014 on 1/4/2018 10:38:00 PM (view original):
Lol
LOL because SS and Medicare were included in the study and you realized you’re wrong?
OMG NO!!!!! NO!!! AND NO!!!!
Idiot. Say I make $100k but my tax rate is 5% so I pay $5k in state income tax and I write that off my Federal. You make the same but are taxed at 13%, you write off $13k...so when the refund check comes you paid less into SS and Medicare. LESS. That goes for every resident in Cali. That is going to stop. You want to pay 13% then do so but you may only write off $10k max just like everyone else and that $10k is real estate tax + state income tax. It hurts me too but I find it fair.
Do you understand basic math? Imbecile. But your state cannot lower the income tax rate because even though it is the highest by far in the US your state still spends more than it earns. That is my LOL. People's republic of California.
Ummmm....hate to break it to you, but Medicare and social security are taxed through the payroll tax, not regular income taxes. Everyone pays 6.2% up to 118k.
EDIT: since most people don’t itemize and those that do tend to be high income, the SALT deduction doesn’t impact SS or Medicare. Also, the study I pulled the data from included Medicare and social security, per the note posted above.
1/5/2018 9:44 AM (edited)