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To: Tennessee Nana

“Senior citizens don’t pay any taxes now. They won’t under 999.”


When has Cain made any such statement to the effect that senior citizens will not pay taxes under the 9-9-9? Cain’s explanation of his 9-9-9 tax plan on his website makes no mention of what you have stated.

Proof, please.


2,188 posted on 10/19/2011 8:26:15 AM PDT by itssme
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To: itssme
“Senior citizens don’t pay any taxes now. They won’t under 999.”

This is not true and Cain has not said this. Senior citizens pay sales taxes and they also may have to pay taxes on what they get with SS. Now how about that! Senior Citizens may have to pay taxes on their SS distributions if they go out and earn extra income after declaring retirement. Now THAT is a huge slap in the face. How about we just have a cutoff that after you declare retirement, you pay ZERO taxes, period.

Taxable Portion of Social Security

Social Security benefits may be non-taxable or partially taxable, depending on your total income from other sources. Use the "Social Security Benefits Worksheet" in the Instructions for Form 1040 (PDF), page 26, to calculate your taxable amount.

Social Security is Only Source of Income

"If the only income you received during the tax year was your social security or equivalent railroad retirement benefits, your benefits are probably not taxable and you probably will not have to file a tax return," according to the IRS, Tax Topics 423.

Taxable Social Security

Social Security benefits are taxed depending on your total income from all sources. Here's how to calculate how much of your Social Security benefits is taxable.

Provisional Income

Provisional income is your total worldwide income, including tax-exempt income, plus half of your Social Security benefits.

Base Amounts

The following base amounts are used in figuring your taxable Social Security:

Filing Status-------------------Base------Additional
Single---------------------------$25,000---$34,000
Head of Household----------$25,000---$34,000
Married Filing Jointly-------$32,000---$44,000
Married Filing Separately--$0*
Qualifying Widow(er)-------$25,000---$34,000

2,193 posted on 10/19/2011 8:41:14 AM PDT by Eagle of Liberty (Shaking My Head on a daily basis)
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