Posted on 01/21/2004 9:30:24 PM PST by Veritas_est
HUMAN EVENTS Interview: Herman Cain Will Crusade Against Income Tax Posted Oct 3, 2003
Human Events: When you speak about replacing the tax code, what would you replace it with?
CAIN: I would replace it with a national sales tax/consumption tax. It has already been introduced by Congressman John Linder [R.-Ga.] in the House. It has been well-researched by an organization called Americans for Fair Taxation started in 1995. It has been well-researched, well-documented. It has a lot of support from economists, intellectuals, academics, practitioners, business people. There's a lot of support for it. The consumption tax would provide, on average, a 30% increase in take-home pay for the average worker. The typical workers making $85,000 a year or less would be able to take home all their pay, because it replaces the personal income tax (so no deductions are necessary). It replaces the payroll tax. And it also replaces corporate income taxes and it replaces the estate tax. It replaces all of those and it generates the same amount of revenue with a 23% rate that people would pay on all new goods and services.
(Excerpt) Read more at humaneventsonline.com ...
I was between jobs and had to run....
Thank you, thank you. I'm here all week.
spodefly, thanks for setting the pingee vs pinger straight. I guess that makes Jen a pingette!
That begs the question; when someone replies to a PING...is that a PONG?
It does because there are no FICA deductions for income over that amont anyway...
Since payroll taxes over that amount of income don't exist, the "repeal" of payroll taxes on income over that amount is meaningless.
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