223 🚨 POTUS: "We're going to do something that has never been done in this country before -- If you buy a car in the United States that's made in the United States -- we're going to let you deduct the interest payment for income tax." (twitter.com) posted 1 year ago by GDZeus 1 year ago by GDZeus +223 / -0 64 comments share 64 comments share save hide report block hide replies
If you paid $1000, I think it means you claimed to make $12,500 in income.
You subtract $1000 from $12,500 (or whatever that marginal bracket rate is) and pay 8% on $11,500, so $920 instead of $1000.
(Edit: The current low bracket is 10% on $0-$11,600, and 12% after that, but I’m sticking with 8% flat to $12,500)