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*The above calculations assume a 38% tax bracket, and that state tax is NOT deductible when calculating federal tax because new tax laws limit the state tax deduction for most individuals. Also the above scenario assumes that the federal tax is NOT deductible for state tax. Finally the above calculations assume that an individual can, in fact, itemize deductions under the new tax laws. This is not intended to represent tax advice. Please consult your tax advisor to learn how tax credits will benefit you specifically.
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