Quote:
Originally Posted by GrandSportC3
Basically, the way it works is just like the Child Tax Credit. Let's say your total tax burden after all the calculations is $15000. You have 2 kids of eligible age, that burden is reduced by 2 x $3200 child tax credit, so, $6400 total. So, your total tax burden goes down to $8600. If you get a refund depends on how much $ you withheld from your paycheck. If you withheld $14000, you will get a $5400 refund. If you withheld $8000, you owe the IRS $600.
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So, funny money for buying shit
“Spend $100k and get a deduction”. Why not just drop the price?
At my point in life the way my portfolio is set up, I don’t even pay today $7000 in Fed tax.
All bullshit. Boomers can’t buy EVs