To: RobertClark
If you get a paycheck from an employer, then your employer pays half of your payroll taxes behind the scenes. Its part of your pay thats hidden from you in the current system. This tax goes away under the 9-9-9 plan, so the money will start showing up in your paycheck (yes, your paycheck amount will go up under the 9-9-9 plan by 7.65%).
Incorrect. Under 9-9-9, payroll is no longer a business deduction, so your employer will pay 9% of your salary as a corporate tax unless you're in an empowerment zone.
When doing your calculations for your current income, dont forget that the payroll tax (which is 15.3%) will be eliminated under the 9-9-9 plan. Consequently, the maximum tax increase anyone at the low end of the income scale might see under the 9-9-9 plan is a mere 1.89%.
You assume businesses will give a payraise of 15.3%, even though payroll is taxed under the Cain plan at 9%. Not likely.
89 posted on
10/13/2011 10:42:10 AM PDT by
DTxAg
(The Presidency is not an entry-level position.)
To: DTxAg
“You assume businesses will give a pay raise of 15.3%, even though payroll is taxed under the Cain plan at 9%. Not likely.”
The 7.65% employer pays ON BEHALF of the employee is considered part of an employee’s compensation. Anyone who runs a business knows this.
96 posted on
10/13/2011 10:44:47 AM PDT by
justsaynomore
(Cain 2012 - http://teamcain.hermancain.com)
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