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A simple question about the 999 plan.
Posted on 10/18/2011 1:36:16 PM PDT by TLittlefella
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To: TLittlefella
Federal tax withholding - no (but lowered to reflect 9% rate)
SS and Medicare - yes (that is what offsets much of the bite for sales tax, for lower income earners).
2
posted on
10/18/2011 1:39:08 PM PDT
by
Tandem
(What ever happened to personal responsibility & self-reliance?)
To: TLittlefella
“Payroll Taxes” are Social Security and Medicare.
3
posted on
10/18/2011 1:39:23 PM PDT
by
Da Bilge Troll
(Defeatism is not a winning strategy!)
To: TLittlefella
Like a lot of legislation, they’ll have to pass it before you can find out that you’re screwed.
4
posted on
10/18/2011 1:40:11 PM PDT
by
ex-snook
("above all things, truth beareth away the victory")
To: TLittlefella
Social Security and Medicare taxes are the payroll taxes. I would expect that the 9% income tax would still be withheld from paychecks, especially since it is so easy to calculate and doesn't change based on how much the victim...er, taxpayer would make.
5
posted on
10/18/2011 1:40:20 PM PDT
by
KarlInOhio
(Compare "Delay is preferable to error" - Thomas Jefferson // "Pass this bill now!" - Barack Obama)
To: TLittlefella
Yes, in the current lingo, payroll taxes include SS & Medicare. The 999 tax is to replace those payroll taxes as well as the Federal Withholding Tax.
To: TLittlefella; Brookhaven
7
posted on
10/18/2011 1:44:11 PM PDT
by
Fred
(But we are never going to survive unless we get a little crazy)
To: ex-snook
Putting a national sales tax into Nancy Pelosi’s hands is like handing a can of gasoline to an arsonist. The next thing you know Herman Cain’s 9-9-9 plan will morph into 19-19-19.
8
posted on
10/18/2011 1:47:52 PM PDT
by
pkajj
To: ex-snook
Putting a national sales tax into Nancy Pelosi’s hands is like handing a can of gasoline to an arsonist. The next thing you know Herman Cain’s 9-9-9 plan will morph into 19-19-19.
9
posted on
10/18/2011 1:49:22 PM PDT
by
pkajj
To: ex-snook
Man that’s the truth. 9-9-9 will quickly become 20-20-20.
10
posted on
10/18/2011 1:54:45 PM PDT
by
Sudetenland
(There can be no freedom without God--What man gives, man can take away.)
To: pkajj
Hah! beat you by 1-1-1. :)
11
posted on
10/18/2011 1:55:54 PM PDT
by
Sudetenland
(There can be no freedom without God--What man gives, man can take away.)
To: Tandem
SS and Medicare - yes (that is what offsets much of the bite for sales tax, for lower income earners).So does SS just officially become a welfare program rather than, in theory, being its own separate retirement account?
Also, why does Cain assume if he eliminated the employer paid contribution to Social Security that this money would go to employees in the form of salary/benefits? Some might, over time perhaps most will since it is part of corporate payroll budgets - but there is no guarantee of that at all. Unless pressed to do so, many employers would just treat that as a tax cut and be in no hurry to add that amount to employee salary/benefits.
To: TLittlefella
What constitutes payroll taxes? Social Security deductions
Medicare deductions
Union Dues
13
posted on
10/18/2011 2:02:00 PM PDT
by
umgud
To: TLittlefella
So far my simple questions has yielded conflicting answers, so once again I ask these simple questions:
What constitutes payroll taxes?
Will the Federal Income withholding tax be removed?
Will the Social Security withholding tax be removed?
Will the Medicare withholding tax be removed?
Are all those taxes considered payroll taxes?
To: pkajj
But it is OK to put federal income tax in Pelosi's hand? And it is OK to put death tax in Pelosi's hand? Also it is OK to put Social Security tax (already increased 23 times since inception) in Pelosi's hand? And how about putting capital gains tax in Pelosi's hand? And how about giving her free hand to suck my dividends which have already been taxed twice before I get the checks?
Amazing you are mainly worried about the sales tax, which is printed on every sales receipt as a percentage and total, but you are blase about all the other taxes I listed, none of which are printed as a percentage on your paycheck, or your dividend checks and are thus invisible to the masses.
15
posted on
10/18/2011 2:11:33 PM PDT
by
federal__reserve
(Economy on life support needs a revolutionary tax plan, not fiddle around the edges!)
To: Sudetenland
Barbra Streisand! see my post below in blue letters.
16
posted on
10/18/2011 2:13:11 PM PDT
by
federal__reserve
(Economy on life support needs a revolutionary tax plan, not fiddle around the edges!)
To: TLittlefella
Everything is removed. You pay a one-time 9% flat tax.
17
posted on
10/18/2011 2:18:38 PM PDT
by
Marie
(Cain 9s Have Teeth)
To: TLittlefella
Here’s your simple answer:
You ONLY pay a 9% flat tax. All the other crap is gone.
18
posted on
10/18/2011 2:20:52 PM PDT
by
Marie
(Cain 9s Have Teeth)
To: TLittlefella
You will only pay 9% in federal withholding the rest goes away except for state withholding.
To: federal__reserve
The national sales tax is one more playtoy in the Democrat’s arsenal. I support a consumption tax in theory. But in the hands of Washington politicians addicted to spending, it would quickly spin out of control.
The Steve Forbes approach from a decade ago is far more plausible: Single flat rate of 17%, while preserving deductions for home mortgage and charitable contributions. If Cain would sign on to something along those lines, his stock would skyrocket far beyond what it already has.
20
posted on
10/18/2011 2:27:17 PM PDT
by
pkajj
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