Posted on 10/18/2011 7:42:10 AM PDT by commish
“I don’t understand what you mean when you say don’t forget to deduct 9% from current savings?”
Money is just worthless paper until it is spent. When you spend those savings they would be worth 9% less.
anyone who argues against Cain’s plan in defense of the current system is a socialist. That would be all democrats and a also few republicans posting incessantly on free republic!
Oh, you mean the 9% federal sales tax, right?
I would be ahead of the game by my rough estimations. I earn aprox $40,000 a year and right now between Federal income tax and fica, 15% comes off my check. In my case that equals about $117.00. With Cains 999 plan, 9% (or $70) would be deducted. That gives me an extra $47 each week. For that $47 to be eaten up by a 9% sales tax, I would have to make about $525 worth of purchases. (which I dont)
I make much, much less than 50k and I pay fed taxes.
They also know how to get around paying sales taxes on major items.
Terrible reasoning....
“Those making under 50K or so currently don’t pay any Federal income tax.”
Huh?? News to me. Who do I contact to get my money back?
You missed the best parts, the 50% who are now currently paying nothing also start paying. Also, the billions of dollars wasted on tax preparation the lobbying for loopholes is gone, so goes the corruptions. 9-9-9 is a huge win for this country. Prices will aslo drop.
What happens in this scenario:
1) under current system 2) under 999 system
Self-Employed with a very small business.
Sole-Proprietor
Selling New Retail.
Two dependents (self + one full time college daughter)
Gross Sales = $ 140,000/yr
Cost of Goods sold = $ 30,000.00
Expenses = $ 25,000 (includes part time employee $ 15K/yr)
Net Profit = 85,000.00
And:
Mortgage Home Interest Deduction of $ 10,000/yr
Deductible Property Taxes = $ 5,000.00/yr
Charity givings = $ 600.00/yr
College Tuition for full time daughter = $ 6000.00/yr
(living at home - full time student - no employment)
Monthly average purchased items:
Groceries = $ 400.00/mo (no state sales tax)
Homegoods = $ 100.00/mo (8.25% state sales tax)
Restaurant Dining = $ $ 120.00/mo (8.25% state sales tax)
Utilities = $ 400.00/mo
Misc purchases/entertainment = $ 400.00/mo (state sales tax)
Fuel cost $ 100.00/mo (state & federal taxes included)
State Sales Taxes = 8.25% (no taxes on food)
No State Income Tax
Libs don’t like simple.
How can FICA just go away? That is Social Security. If Cain runs on that he will lose.
“Those making under 50K or so currently don’t pay any Federal income tax...Where did you get that?”
In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.
Almost half of the population do not pay any Federal Income taxes now. Once that 50% tipping point is reached, or maybe even before, the Republic is LOST!
Without stratified tax rates, any calls by leftists for tax increases will be calls for increased taxes on the poor, and also on themselves.
They lose their ability to grow the government by stoking class warfare and taking from others. This disarmament should be one of the major selling points for conservatives.
Finances aside, turning away from class warfare will simply make the nation a better place.
That’s a big assumption
Any tax rate can and will be raised. We should be “taxing” all those businesses that have relocated to China and elsewhere to take advantage of poor working conditions to sell their goods in WalMart. We need to encourage businesses to locate or stay in the USA, whatever it takes.Remove overbearing regulations and impose TARIFFs. The Federal Government should be protecting American Jobs. Every successfull Presidential candidate before 1913 ran on a Protect American Jobs platform.
wilco200 will have to answer for himself, but I'm guessing that's an assertion based on something like an "average household" or "typical family" rather than an individual taxpayer.
I'm not crazy about the sales tax portion but understand why it needs to be done (we have a huge underground economy that currently evades the current tax structure).
Of course all those at the bottom of the food chain are going to squawk because for the first time, they will need to pay taxes too. But remember that these are the folks that will vote for Obama anyhow. So let's not waste much time worrying about that.
The best part of this is that we remove the 70,000+ pages of current tax code and put everybody on a one-page tax form. Bad news if you are a corporate tax lawyer or work for H&R Block but so it goes. Now everybody will pay their "fair share" with no loopholes - you'd think this will make the liberals happy but they won't be because they are used to other people paying their taxes for them.
What's a big assumption? The tax rates are, by definition, not stratified under the 999 plan.
Or were you referring to my opinion that toning down class warfare would be good for our country?
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