@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?
That is pretty much the situation that I’m in as it relates to the house and state tax amount here in Denver, but I’m definately not in that 55% tax bracket as I have a CPA and don’t really ask questions, but that seems to be out of line so I better go check my forms. hehe