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If I lob $70k into the first income tax calculator that Google gives (https://smartasset.com/taxes/california-tax-calculator#ueiFyiZr57 https://smartasset.com/t
by theptip 9y ago
If I lob $70k into the first income tax calculator that Google gives (https://smartasset.com/taxes/california-tax-calculator#ueiFyiZr57 https://smartasset.com/taxes/california-tax-calculator#ueiFy...) I get a $19k tax bill, which gives $30-19 = $11k after tax.
There might be a deduction for the tuition fee cost that we're missing, but that sounds like where the number came from.
- gnicholas 9y agoThe point is that there are no accurate tax calculators for the new tax bill. The calculator you referenced is for current law. There are of course many difference to account for, but the single largest effect (other than the treatment of imputed tuition payment) is that the standard deduction doubles from $6k to 12k. This will make a big impact, and it's why we can't just rely on tax calculators for the old law when estimating our new taxes. Please reconsider your downvotes — I'm not making arguments in bad faith here. I am truly trying to understand where these numbers came from. If she did use one of these tax calculators, then she made a silly/simple mistake, which frankly the WaPo should have double-checked.