Posted on 10/18/2011 3:59:44 PM PDT by mdittmar
The first detailed analysis of Republican presidential candidate Herman Cain's 9-9-9 tax plan found that it would cut taxes for Americans making $200,000 or more a year and raise taxes for those making less than $200,000 a year.
The analysis was released today by the independent Tax Policy Center, a joint venture by the Brookings Institution and the Urban Institute.
Cain's 9-9-9 plan, which would institute a flat 9 percent business, individual and national sales tax, has been credited for catapulting the former Godfather's Pizza CEO to the top of the Republican race.
The Tax Policy Center found that if the plan were instituted, those making more than $1 million would receive a $455,000 (15 percent) tax break, while those making $20,000 to $30,000 would see a $3,800 (15 percent) tax increase.
Derek Thompson of The Atlantic put together a graph with the information from the Tax Policy Center. It shows the percentage change on effective tax rate by annual income:
I know all I need to know about taxes and I don't need a tax professor like you explaining it to me . Occupy this _|_ goober.
Remember state taxes are a separate issue, and issue between you and your state legislator.
Why don’t you go complain to the moderator that Muawiyah is whipping your A$$ because you’re stupid. That’d be better than just quitting.
I don't much care WHO originated it.
It violates the Constitution's mandate for equality.
How in hell can you justify 2% paying taxes while 98% don't?
No damned way.
No more than you can justify the 50% or so today that pay no taxes.
The Founders in 1909 where, they thought, highly intelligent Progressives who know much more than the Founders in 1790 so they FIXED A PROBLEM ~ and that problem was, to them, the idea that tax rates, or amounts, had to be equal across the board from state to state.
They wrote the 16th so that would no be a problem with Income Taxes. They therefore treated the entire United States like a single opportunity !
because: 1). muawiyah (you) are not whipping my ass, and 2). I am not as stupid as to argue with a stupid person.
I may be quitting the discussion because some posters, like you, just want to argue, not about specifics of their post, but just argue (one of the main characteristics of a troll mindset). I've got better issues and more respectable FReepers to debate.
Go haunt someone else's laptop.
Which is just flat out false. It's propaganda. Even Hannity has changed what he says.
Regarding screwing NPR, that'd give you Channel Selector Watts.
That means you would also support lowering the income (millionaire's) tax to 5 or 10%?
It's pretty obvious that when you have a system where everybody thinks Warren Buffett is subject to a 38% tax rate and he's only paying 17% that there is something very real wrong with the system!
BTW, half his income isn't even subject to income tax and he pays nothing ~ some attribute that to charity ~ but for all anyone knows it's just simple evasion. We need more data. What that does, however, is lower his effective tax rate to LESS THAN 9%.
Recall, Warren is among the top 400 earners in this country. The others are not making any noise ~ do they, in fact, pay taxes at the highest rates? Or, do they totally evade the tax system and leave it to the guys who make a few hundred thou to a couple of million to pay all the taxes?
When you have a tax system designed from its very foundations to TAX ONLY THE WEALTHIEST and it fails to do that, then you get rid of it and come up with something else.
I'm afraid that the arguments for a Progressive Income Tax System are just so much BS designed to fool the public into thinking that everybody at the top is paying high income tax rates.
If someone sells their house after 20 or 30 years (of inflation) and the house has doubled or tripled in price, what should they be taxed at? Second question, apply the same to a long term investment in a corporation. What about short term gains, do you think someone who doubles their money in currency speculation should have their gain taxed as income? Last question, what would you do about double taxation of dividends (corporate income plus personal income), should dividends get any kind of break?
And yours?
BTW, that's a trick question so I'll give you a few seconds to think about it.
It’s an easy trick which is easily solved by a flat income tax.
BTW, my questions are sincere. I essentially want to know how would treat investments versus wages. It seems to me that wages are taxed more because it is easier to tax them more. OTOH, the income from investments often gets put back into investments and economic growth rather than consumption.
COMPLETE UTTER TOTAL FALSEHOOD! I ran the numbers (and yes I am pimping a vanity in responding) and show clearly that a person making $90000 a year will see a benefit of around $3500-$6500 LESS TAXES.
This study apparently was just on INCOME TAXES and does not take into account that things like FICA, Mediscare, Unemployment insurance etc will go away.
My tax rate will go from 20.18% to 9% and I will have around $6500 more in disposable income and even if I spend all of it, thereby paying the 9% sales tax on every cent I will still have $3600 more buying power at my disposal under 9-9-9.
Last time I checked 90000 is much much less than 200000, which makes this study pure unadulterated BULLSHIITE!
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Another class warrior heard from.
999 would hit social security, military pensioneers, any fixed income retiree way harder than it would hit any "millionaire".
Anybody running on raising taxes on these groups is a loser --- guaranteed.
Cool. ‘Bout time the “poor” paid their “fair share.”
Why, exactly, do you believe that corporations will automatically reduce the price of everything they sell by that 35%?
Please be detailed and specific.
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Exactly how much do you think is the right amount of money for the government to take from a "millionaire"?
And, what exactly is a millionaire in your view? Is it calculated by net worth or by income? Please be detailed and specific.
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Investment monies have already been taxed once.
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