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View Diary: John Boehner calls for cuts to Social Security, Medicare (146 comments)

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  •  I think it's a combination of things, (0+ / 0-)

    and it is in no way due to something we planned.

    The zero tax liability is due to mortgage interest, property taxes (more than the mortgage deduction), and a credit for buying a hybrid, which we did not even know about until TurboTax asked if we had bought one. On top of that are medical expenses, because we have a high deductible plan, and I had to have surgery for which I opted to go with a subspecialist who does not participate in any insurance plans. That was totally our choice, but it turns out that the expenses are deductible.

    BTW, our income is well over $100k this year, but even in the past when we had a huge windfall due to an IPO, our effective tax rate still was below 30%. Which is why it really angers me when people who should know better ignore the fact that the effective tax rate is nothing like the anti-tax advocates pretend it is.

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