From my 2010 return accounting for all my deductions, My tax owed came to just a little under 9 percent. So with Cain's plan IF that means no more deductions, or tax credits I would be paying a few hundred dollars more than I do now. But if things stay the same as they are now the deductions I take now will become less and less with each year, as I pay down my home, and a big hit when my child graduates and moves out. And that will be when I can lease afford the tax hit, when I'm approaching retirement.
So with Cain's plan or any of the similar flat taxes proposed by others, my taxes remain constant, and there will be no darker days on the horizon to look forward too.
From my 2010 return accounting for all my deductions, My tax owed came to just a little under 9 percent. So with Cain's plan IF that means no more deductions, or tax credits I would be paying a few hundred dollars more than I do now. Actually, it would be less. Your 9% tax owed was in addition to the 6.5% you paid for Social Security (actually, you pay 13%, your employer merely remits the other half on your behalf) and the 1.5% or so for Medicare. Both of those are eliminated under 9-9-9