Posted on 10/28/2011 10:58:02 AM PDT by SeekAndFind
(Washington, DC) -- The Republican Presidential hopeful known for his "Nine-Nine-Nine" tax reform plan earned 900-thousand-dollars last year.
Cain's personal financial information was released today.
It shows he was paid 359-thousand-dollars by the Whirlpool Corporation.
Cain also pocketed about 165-thousand bucks from his Atlanta-based radio show.
He earned 120-thousand-dollars from Hallmark Cards and about 200-grand from farm equipment company Agco Corporation.
Herman Cain also reports having assets valued at over three-million-dollars.
Cain's tax plan would create nine-percent personal and corporate tax rates.
The 1% starts at $343,000. I think this gives Cain plenty of company in Washington DC and on the campaign trail.
And it's money he earned in the free market!Photo of Obama not campaigning while riding around in the taxpayers' "not a campaign bus" bus.Good for Herman!
At least we won't have to be concerned about another grifter and his grifter wife in the White house, milking the taxpayers for every nickle and dime they can get their grubby socialist paws on.
Cain is also poor compared to Samuel L. Jackson and many sports and music celebrities.
Rush just said the top 1% is anyone making over $350K
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And anybody earning over $50,000 is in the 10%.
GO HERMAN CAIN!
GOOD OLD FASHIONED AMERICAN DREAM!
He earned his way to success.
“Most people earning that kind of money can pretty much itemize all their expenses and have large mortgages and pre-tax 401ks.”
Not even close. Pretty much anything after $109,000 gets only the mortgage deduction. I don’t know where the Hell people get this notion that “rich” people pay little in taxes. There simple are no deductions after about $109,000.
True, if you are filing as an individual earning a salary, but most people earning that kind of money don’t earn a paycheck. They are 1099 consultants or self employeed. They can absolutly itemize their expenses. I am not saying the rich pay little in taxes; I am saying using the IRS definition of income is not a good way of defining the top 1%.
He probably made less than Micheal Moore, and we all know he is not in the 1%, since he told us so. If Moore isn’t, Cain isn’t.
People that earn beyond $350k are usually corporate executives or small business owners. Either way, very little is itemized. The IRS scrutinizes those deductions and is denying many deductions. It used to be that trips, lunches, golf outings, etc., could be itemized, and to some extent they still are, but without large deductions there are only so many smaller deductions that can be had. It has come to the point that the best advice is, “Get your money and get it out of the US!” I keep very little in the US. This paperchase for the IRS has gotten out of hand. The last year I spent paperchasing I deducted $75k or so and it was simply not worth the hassle.
I am rather disappointed.
I was expecting much higher net worth.
If its just $3M, then he is in the ballpark of a lot of us who have held much less powerful positions. He was mainly in the private sector after all, most of his life. Makes me doubt his business success.
Unless the really big money is in his wife’s name, or a tax-shelter foundation or something.
“Rich” really should be defined by assets.
If most of your potential income comes from capital gains or business income, then you can maintain relatively little taxable income and just not realize the actual income from the appreciation of your assets. This is the Warren Buffet syndrome.
This is one reason why the argument that the rich have gotten richer since the Reagan tax cuts is (partly) bogus. Lower rates made people more willing to realize this income, so more of what they made from their assets became taxable. And of course it made the assets themselves more valuable, on paper anyway.
Raise marginal tax rates and less income will be realized and less real income will be taxable, and asset prices will fall.
They are still itemized, just under the business instead of individual tax returns. Businesses can even expense country club memberships and dues for employees. The corporate executive might not get away with it as they have their own corporate rules, but most of these people making this money are small business owners, LLCs, or partnerships and they can and do expense everything. If your business is doing well enough, you can easily live a $300k lifestyle and only pay yourself a $100k salary.
Bingo.
That one seems hard to believe.
This says 82500 which seems a LOT more believable.
http://en.wikipedia.org/wiki/Personal_income_in_the_United_States
I'm willing to be convinced however....
That $50,000 could be taxable income, after all deductions for mortgage interest, personal exemption, dependent deductions, charity contributions etc. That is the number IRS cares about. Your gross salary has no meaning to them since it is not directly proportional to your tax obligations.
That seems about right, thanks
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