Posted by bad_luck on 1/5/2018 12:52:00 PM (view original):

Posted by cccp1014 on 1/5/2018 11:23:00 AM (view original):
Sigh...A person making $300k in Cali is paying 13% tax or $39,000, which he can use to offset his federal taxes. The same person in Indiana (let's assume they have the same circumstance, is paying $9,700). So the guy in Cali gets a larger refund and pays less to the federal government. Cali has approximately 11 million people who itemize. That is a lot of federal refunds. That is what I am talking about. Do you see the math?!?!?! I am not even bringing into this the real estate taxes, which differ by towns, etc.

That same guy in Indiana does not want to pay more in federal income tax than the guy in Cali because Cali cannot balance its budget and has to hike up the state income tax and have those people pay less in federal income taxes.

Do you understand this?

Sigh yourself.

Admit that the rust belt states aren’t funding the coastal states. It’s the other way around. Cali et al send way more to the feds than they get back. Red states take more than they give.

Cali is funding the red states.

There are a hell of a lot more people in Cali with 300k in taxable income paying tons into the federal system that there are people in Indiana making 300k in taxable income.

Cali has high state taxes but it also provides a lot of services to its poor residents so they take less in federal assistance.

States like Kentucky take little in state taxes, provide little in the way of assistance, and poor residents rely more on federal programs.

Rich states like Cali fund poor states and allow those poor states to maintain a relatively low income tax rate. If the federal funds from Cali were redirected back to Cali, Kentucky, for example, would have to raise its income tax rate to meet the needs of its residents.

Again if I make $300k in Cali why should I be allowed to pay less in Federal Taxes than someone who makes the same amount in Indiana? Indiana is not a poor state. Cali is also running a budget deficit, which you conveniently keep ignoring. This is what I meant by people in the rust belt are tired from paying more in federal taxes than the coastal states. People not companies. Cali is obviously a lot larger and has more industry than Indiana but that does not excuse some paying $30k less in federal taxes. Sorry. Not buying it.

In terms of federal funds, how do you think Cali is funding its shortfall? Borrowings!!!

Posted by cccp1014 on 1/5/2018 1:37:00 PM (view original):
Again if I make $300k in Cali why should I be allowed to pay less in Federal Taxes than someone who makes the same amount in Indiana? Indiana is not a poor state. Cali is also running a budget deficit, which you conveniently keep ignoring. This is what I meant by people in the rust belt are tired from paying more in federal taxes than the coastal states. People not companies. Cali is obviously a lot larger and has more industry than Indiana but that does not excuse some paying $30k less in federal taxes. Sorry. Not buying it.

In terms of federal funds, how do you think Cali is funding its shortfall? Borrowings!!!

Where do you get $30k?

10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

highly starting to question the financial guru's credentials

Posted by bad_luck on 1/5/2018 2:07:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

The Cali guy pays $30k more in state taxes that he offsets as its a deduction from his federal taxes. So yes. It is not that he pays less dollar for dollar as there are other factors but his liability is $30k less. I am not going to try to explain the tax code here but you catch my drift. This DOES NOT include RE taxes that he also uses to lower his Fed Tax liability and they are higher in Cali as well.

Posted by The Taint on 1/5/2018 2:11:00 PM (view original):
highly starting to question the financial guru's credentials

LOL - Feel free to do as you wish. I think I am explaining it pretty coherently.

Oh and Cali is running at a deficit. bad_luck conveniently keeps avoiding this topic. Too funny.

Triple Play!!!

Posted by cccp1014 on 1/5/2018 2:38:00 PM (view original):

Posted by bad_luck on 1/5/2018 2:07:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

The Cali guy pays $30k more in state taxes that he offsets as its a deduction from his federal taxes. So yes. It is not that he pays less dollar for dollar as there are other factors but his liability is $30k less. I am not going to try to explain the tax code here but you catch my drift. This DOES NOT include RE taxes that he also uses to lower his Fed Tax liability and they are higher in Cali as well.

It took you that long to look it up???

Hilarious that a “financial expert” doesn’t understand what a deduction is.

Posted by cccp1014 on 1/5/2018 2:38:00 PM (view original):

Posted by bad_luck on 1/5/2018 2:07:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

The Cali guy pays $30k more in state taxes that he offsets as its a deduction from his federal taxes. So yes. It is not that he pays less dollar for dollar as there are other factors but his liability is $30k less. I am not going to try to explain the tax code here but you catch my drift. This DOES NOT include RE taxes that he also uses to lower his Fed Tax liability and they are higher in Cali as well.

Was wondering when you were gonna catch on that a deduction isn't the same as a credit.

No. I had to drive my daughter to her friend's house and we have 2 feet of snow outside. Keep dodging. LOL

Your state is running at a deficit despite the highest (by far) tax rate in the country. I have kids and responsibilities and they don't have school today. You have nothing except for your stupid thoughts.

Posted by bad_luck on 1/5/2018 2:42:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:38:00 PM (view original):

Posted by bad_luck on 1/5/2018 2:07:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

The Cali guy pays $30k more in state taxes that he offsets as its a deduction from his federal taxes. So yes. It is not that he pays less dollar for dollar as there are other factors but his liability is $30k less. I am not going to try to explain the tax code here but you catch my drift. This DOES NOT include RE taxes that he also uses to lower his Fed Tax liability and they are higher in Cali as well.

It took you that long to look it up???

Hilarious that a “financial expert” doesn’t understand what a deduction is.

Exactly

Posted by The Taint on 1/5/2018 2:44:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:38:00 PM (view original):

Posted by bad_luck on 1/5/2018 2:07:00 PM (view original):

Posted by cccp1014 on 1/5/2018 2:04:00 PM (view original):
10% higher tax rate. 10% of $300k is $30k. I am not even including the real estate tax. I get there are other factors but I am trying to keep it simple for you since you are not a finance guy. Keep ignoring the Cali is running at a deficit fact. Very convenient.

I’m a little confused. Walk me though it.

Cali guy makes $300k.
Indiana guy makes $300k.

Are you saying Indiana guy pays $30k more in federal taxes?

The Cali guy pays $30k more in state taxes that he offsets as its a deduction from his federal taxes. So yes. It is not that he pays less dollar for dollar as there are other factors but his liability is $30k less. I am not going to try to explain the tax code here but you catch my drift. This DOES NOT include RE taxes that he also uses to lower his Fed Tax liability and they are higher in Cali as well.

Was wondering when you were gonna catch on that a deduction isn't the same as a credit.

I am trying to keep it simple for BL. There are of course several other factors such as filing married, HoH, single, etc. But I just wanted to keep it as simple as possible.

He still won't address the fact that Cali is running at a deficit. Too funny. He is dumb.

For the record I am not a tax expert. Finance is not the same as accounting but I know taxes fairly well too. If you want to ask me about a merger or an acquisition I will know a lot more. Not that you care or would.