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View Diary: If you earned less than $100,000 your tax cut was $158.61. (11 comments)

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  •  In CA, and in many high cost (0+ / 0-)

    areas an income of 100,000 isn't much more then middle, or even lower middle class.  Housing eats up most of the cost, and then gas, food and so on.

    We didn't get much of a tax break from Bush (even though our income was slightly over 100,000) , and given that the cost of college has gone up, and everything else, we find ourselves moving downward, not up.

    At some point I would like to see national adjustments for regions in regards to income taxes, and would very much like to see the local taxes one pays be figured BACK into the deductions (we pay 8.25 percent for local taxes, can't write a cent of that off, nor does anyone get to write off the gas tax and other national taxes).  By not allowing those taxes to be deducted we are being double taxed: taxed when we make the money, taxed when we spend it.

    •  If you itemize you can deduct state taxes (0+ / 0-)

      In MD, where I live, the local taxes are piggybacked on the state taxes (you figure your state taxes and then add another 50% or so, depending on which county you live in).  So the whole thing is deductible. Eight and a half percent for local taxes is pretty hefty. I think our state tax, with the piggyback, is only around 4%. And a 5% state sales tax, but that's another story, and not deductible.

      You fell victim to one of the classic blunders, the most famous of which is "Never get involved in a land war in Asia".

      by yellowdog on Thu Nov 02, 2006 at 08:16:29 AM PST

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    •  According to the IRS (0+ / 0-)

      local taxes are deductible.  Maybe you need a new tax preparer.

      You fell victim to one of the classic blunders, the most famous of which is "Never get involved in a land war in Asia".

      by yellowdog on Thu Nov 02, 2006 at 08:19:02 AM PST

      [ Parent ]

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