“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---$34,000
Senior citizens pay sales taxes and they also may have to pay taxes on what they get with SS.
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I dont think I said they didnt pay sales tax
In TN we pay 10$ sales tax on everything including food
But the poor have food stamps...
I dont think Herman Cain was going to do away with food stamps..
Also seniors dont pay taxes on their SS...
At least I dont..
Am I suppose to ???
I have no objection to a sales tax
Thats fair...
If you have the money to buy a yacht or plane or big house pay taxes on it..
Seniors wont have such a high cost item though so their taxes will be less...