Even a lower middle income family is better off on the 9-9-9 plan.
Here is an example (all figures per year)
Gross paycheck =$40,000
Under current system:
Federal tax $2000
Payroll tax = $6000
Mortgage = $13,000
Car payment = $3500
Savings & contributions to retirement plans = $2000
Total tax paid = $8000
Under 999 plan:
Federal tax = $3600 (9% of 40,000)
Sales tax on (40,000-3600-13,000-3500-2000) x 9% = $1611
Total tax paid = 3600+1611 = $5211
Savings under 9-9-9 plan = 8000-5211 = $2779
which is additional purchasing power or to be used to save
for future purchases.
Is there a website with more detail about your scenario?
Thanks! :)
Now you went and done it.....introducing math and facts to the conversation.
So you’re saying you support a Federal sales tax? Are you a Tea Partier?