Posted on 10/13/2011 9:59:12 AM PDT by SaraJohnson
If you have a family of four with an income of just under $50,000, they could end up paying more under the Cain plan. Currently, they are taxed around $3,850 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500. That’s $650 more. Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit worth the same amount. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000. That means under the Cain plan that family could end up paying $2,725 more.
(Excerpt) Read more at abcnews.go.com ...
Why are you sidestepping the issue? I don’t endorse 999, so with that out of the way, why are you a hypocrite?
... and it does in no way detract from the conservative credentials of Herman Cain. Remember it’s OK to be an optimist even if the realist in you says it will never pass. At least you know wherever he “settles” on tax reform it will be WAAAAAAY to the right of Zero!
Exactly. All of the tax options (income, sales or "fair") have their problems, and all have the potential for congress to put their fat fingers in the pot.
Not going to happen RINO fan-boy. "reasonable restrictions' Is what every anti-gunner says from Sara Brady to upChuckie Schumer. And why should anyone care how the current crop of statist supremes interpret the constitution? It seems to me you're kind of anti-gun yourself. Maybe you'd be more at home on DU.
Taking a personal argument off the public forum is *polite*.
Your attacking me with... I don’t know what... on the public forum is rude.
I’ve kept every one of my arguments fact based and on the issues.
You attacked me by telling me that I didn’t know what it was like to be poor. You slammed me with multiple class-based insults and called me rich. When I pointed out that I have never had money in my life - as a matter of fact, I was truly impoverished most of my life (unlike today’s poor with their TVs, running water, electricity and homes) you came at me with the fact that I had a mother?!
Really?!
The basis of my argument, that prices will go down and the poor will NOT suffer, that we’re already paying a heck of a lot more than 9% in hidden taxes - THAT you never once addressed. You just keep getting more and more emotional and can’t even see that what you’re so upset about WILL NOT HAPPEN.
I have brought this up to Cain on twitter. In some areas of California there is a 10% sales tax. His plan means 19% tax on everything we buy.
Plus, a national sales tax is just too easy to add one more penny. No one cares about one penny, right?
If he takes away the mortgage interest deduction, we will be punished for owning a home with property taxes. It will further harm the housing market because people will say, bad market, I have lost equity, why own now?
Have you read what I have written here? I am not against scrapping the current tax code and instituting a flat tax. I am all for the Republican party coming together to commit to that goal.
However, I think the tax code and it’s economic implications it is too complicated to base a general election on and too easy for leftists to exploit like they did in this article. They will flood Cain like they did Forbes. Forbes offered a much less complicated reform than what 999Cain is offering.
Then, some whacko do-gooder will decide that "fatty" or "salty" or "junk" foods should be taxed to "help" Americans make better choices.
Cain's said his ultimate goal is the so-called Fair Tax, which has problems of its own. The 9-9-9 is supposed to be a stop-over, a way to introduce Americans to a new taxation system.
and I don’t even pay payroll taxes because I am self employed, I would be totally screwed under 999.””
Don’t know what you do as a “self-employed” person, but you surely should be paying BOTH HALVES of the payroll taxes—a total of 15.3 percent. You are both the employee & the employer, therefore you pay the 6.2 % Fica & the 1.45% Medicare, which wquals 7.65% times 2, which equals 15.3%...It should be reported on your tax return under section/page SE for Self Employment.
Based on the postings here on FR, I am unclwar if businesses will still have ‘deductions’, even if some are carved down.
Particularly, paying out payroll to others would end up being taxed twice if such deductions don’t get allowed.
If you have been self employed for some time & have NOT had a professional prepare your tax returns, please get them reviewed & see if you are in a deliquency position. If so, get it straight as quickly as possible. This affects the records of your input into the SS Administration & will affect your retirement income in the future.
Except for the fact that it would distort food prices, which is a worse outcome.
you just sent me now two mails and say friend to me but then you insult me on a public forum while you sit at home , do not work, and classed as disabled as is your brother and mother and while your soldier husband serves and then you say I should take in my MIL while you tell me that you have .
I guarantee that you as a stay at home mom who home schools but classed as disabled as is your brother and mother get something off the Govt.
Being self employed, you are responsible for the full 15% (FICA and Medicare). Are you saying that you are a tax cheat and not paying it.
State tax would stay. You’d also see whatever you pay in corporate taxes drop by 2/3rds.
It is not addressed on the website on eway or the other. I called his campaign in Georgia and made that point to the nice lady who answered the phone. She said I could get more details with an email inquiry or wait for their FAQs page to come on line.
Charitable donations are excluded. As are used goods.
Look a$$hole, I said my Son made a tad under 50k, takes every legal deduction and tax credit, winds up paying zero and gets a refund.
YOU said he don't want to ‘pay his fair share’. You sound like the liberals do.
More than a few would get screwed under 999 and they work for a living.
You will never get any tax changes by acting like an ass.
FICA limit is just over $100K There is no limit on Medicare. If you are an athlete or a movie star & earn 60 million, you pay 1.45% on that money.
This is my tax bracket and I can’t afford these things either.
What’s going to happen to your MIL when SS goes bust?
Some details aren’t on his plan on his website yet, but are things he has said in speeches and interviews.
I hope you all got a chance to see this today:
Paul Ryan ‘loves’ Herman Cain’s 9-9-9 tax plan
http://dailycaller.com/2011/10/13/paul-ryan-loves-herman-cains-9-9-9-tax-plan/
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