Posted on 10/23/2011 5:55:21 PM PDT by SeekAndFind
Two-time presidential candidate Steve Forbes endorsed Texas Gov. Rick Perry's presidential bid and his campaign's flat tax in an interview on Fox News.
Forbes said Perry's plan will have "a very low rate, with great, generous exemptions for adults and for children," adding it would also lower the corporate tax rate.
Businessman Herman Cain has said he is modeling his 9-9-9 plan on Forbes' flat tax principles though according to a Forbes spokesman, Cain and Forbes have never discussed the plan.
Forbes said he believes Perry's plan will be more appealing than Cain's because it does not inc
(Excerpt) Read more at businessinsider.com ...
Thanks I will check it out.
RE: 9-9-9 you pay 9% ((but there is something in the plan about poverty level breaks, just not detailed)
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Some details I’ve garnered thus far. For income at or below poverty levels, you pay NO TAXES ( it becomes 9-0-9).
If your income is say, $30,000 and the poverty level is $20,000, you only pay taxes on $10,000, which is 9%.
Also, we should note that PAYROLL taxes are NOT DEDUCTED under Cain’s plan.
So, a person earning $30,000 today will actually be taxed on close to $32,000, not $30,000 ( payroll taxes being 6.5% ).
Which means for a person making $30,000 today, his taxes under Cain will be : $32,000 - $20,000 (poverty exemption ) = $12,000 X 9% = $1080.00
This contrast with a person making $30,000 who would pay ZERO TAXES ( in effect ) but is really paying close to $2,000 in taxes without him always being aware of it because it has already been taken away already via payroll taxes.
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