@allfreechips 183504 wrote:
we have pretty high taxes..
5.75 sales tax (higher in cleveland)
8% state tax
1.8% Local tax
and my property tax is 5600/ year on a house I paid 205K for..all I need is 55% fed / self employment tax combo to move me off shore
So in the end I can be paying 68% tax then using the left over to pay my 5600 property tax. Then I get to get taxed 5.75% on everything I spend it on. Oh and now it looks like the money I put into my 401K will be taxed and capped at 3% growth..
sounds like fun no?
Aren’t you leaving out any deductions that would reveal your true tax liability? ie.. No personal exemption for the state income tax? etc..