The entire tax code could be written on a sticky note, EVERYONE will pay taxes according to the amount of money they earn at the rate of 12% with NO exceptions, loophole or special favors.
If you earn $15,000.00 per year your tax bill is $1,800.00
If you earn $10, 000, 000.00 your tax bill is $1,200,000.00
Cheating will result in jail time of no less than 10 years and if you own property it will be sold to pay the taxes you owe.
RE: If you earn $15,000.00 per year your tax bill is $1,800.00
The only beef I have with this calculation is it does not take into account the money already taken away from you via the payroll tax.
If your current gross income from working is $15,000, your real gross income should have been $16,125.00 because the $1125 was TAKEN away from you ( 7.5% payroll tax ).
Since Cain’s 9% income tax DOES AWAY with the payroll tax, your income for the purpose of taxation would be $16,125.00
9% of $16,125 is $1451.25.
$1451.25 - $1125.00 = $326.00 <-— This is in reality, the amount you pay in taxes under 9-9-9 compared to the current system.
Again, the $1125 is the tax that was taken from you under the current system via payroll tax, which is YOURS. It will be yours under 9-9-9 but it will be VISIBLE and TAXABLE.
Which means, you are EFFECTIVELY just paying 2% under 9-9-9 with the above scenario.