Re:The Invention of Waterloo (Canada’s Technology Triangle)
by mdkess on Monday January 09, 2012 @12:26AM
(#3441542)
Except that you deduct your state/local income tax from your federal income tax.
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Re:The Invention of Waterloo (Canada’s Technology Triangle)
by wwhchung on Monday January 09, 2012 @12:38AM
(#3441568)
Edit: Your statement that you can deduct income tax is True IF you don't take the standard deduction. Basically in your deduction, you can choose to take the standard $5800 deduction, or deduct the total taxes you paid for california (at $100k, it is only marginally over $5800). At over 200k, you are likely to get hit with AMT, so the deduction would be limited.
I've updated the tax rates above to be more indicative of the adjusted rates in the best case scenario, but California vs. Canada is still VERY close.