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Technically the Rich pay for houses out right. This is not a million $ tax loophole. It is a strong middle class tax deduction. It is also a state deduction in many states. Most state follow the Fed Tax code, if the Feds cut it, the states will too. So middle class America could be out avg of a tax savings of 34% o...more
How do you end up with an extra 1.8 million pounds of what doing scientific research? That's like drinking a keg of beer at a beer tasting event. The math doesn't make sense.
Don't forget, he will pay a 20% excise tax on the the Golden Parachute payment along with the regular 35% income tax rates. The Feds just got $37 mil of it, and depending on what state he lives in he'll probably pay another 6-10%. He'll take home a cool 35% of his payout.
6/1/2012
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