To: justsaynomore
Business owners like my husband, who employs 50 people said if FICA were cut, that would go back to them, for one.
Does your husband realize that under Cain's plan, his payroll to his 50 employees is now TAXABLE under the business income tax? Cain's plan only lets your husband deduct payroll if he is in an "empowerment zone." So, if your husband pays those 50 employees $50,000 each for a total of $2,500,000, your husband now gets to pay $225,000 in business income taxes. Under current tax law, he would have only paid $191,250 in Social Security and Medicare taxes.
But that's OK, right?
70 posted on
10/11/2011 5:35:17 AM PDT by
DTxAg
(The Presidency is not an entry-level position.)
To: justsaynomore
Hit post to early. Meant to finish with:
But that's OK, right? Your husband will still give all employees a 15.3% raise, he'll just pay the extra 9% out of his pocket.
71 posted on
10/11/2011 5:46:21 AM PDT by
DTxAg
(The Presidency is not an entry-level position.)
To: DTxAg
There is no “business income tax” in Cain’s plan.
There is a 9% flat income tax the employees pay that replaces all payroll taxes.
There is a 9% corporate tax (which is currently between 25-30%)
There is a 9% sales tax.
72 posted on
10/11/2011 6:52:01 AM PDT by
justsaynomore
(Cain 2012 - http://teamcain.hermancain.com)
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