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by bogomipz 3633 days ago
That can't be correct. The nominal tax rate for 300K is 33%:

http://www.efile.com/tax-service/tax-calculator/tax-brackets...

California also has the highest State to Federal tax ratio which is around ~ 10% for what you describe. So your number are way off.

http://www.bankrate.com/finance/taxes/state-taxes-california...

2 comments

Mortgage interest deduction, probably. And it seems like we've gone full circle to the original comment about bankers capturing all the income beyond what it should cost to eat every day and build a house to sleep in.
Mortgage deduction, property tax deduction, child credits, business expenses, charity deduction, medical expense deduction, child care deduction. Also, the entire state taxes is deducted.