Posted on 10/13/2011 9:59:12 AM PDT by SaraJohnson
If you have a family of four with an income of just under $50,000, they could end up paying more under the Cain plan. Currently, they are taxed around $3,850 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500. That’s $650 more. Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit worth the same amount. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000. That means under the Cain plan that family could end up paying $2,725 more.
(Excerpt) Read more at abcnews.go.com ...
Retirement income is not taxed under this plan.
Care to point that out on his website? I read it and it doesn’t say that.
Good point. I’ve read the site and it is not very clear. I sent an email to the cain website asking about this and I have not received a reply. I think people should be able to go to his website, plug in their numbers on his 999 computer and receive the comparison.
We would be ahead.
" hell there is not even a way to stop this going to 50,50 ,50 in the future
There is not a way to stop our CURRENT taxes from going to 75% in the future either. Are you at all concerned about that? What are you going to do to stop our current taxes from going to 75% or 95% ?
Just a humble project financier thinking out loud via the keyboard.
Never mind how much each and every one of us pays when we buy a product or service created under a 34% corporate tax rate. Taxes are passed on to the consumer so a change from 34% to 9% is a savings, not directly but, indirectly seen at the register.
then do you have a leg blown off serving, a wife making less than 20 grand and 3 kids who live within their means and now the MIL looses her husband and has nothing but basically peanuts.
Can you move your family cross country and then support them ?
New taxes was supposed what we were against and you cannot tell me what so ever that this 999 plan will not go up to 20, 20 , 20 plan.
You and most American, unfortunately.
then don’t bother ever sending me a private message again alright.
Hope you can understand that and it must be nice to be married hey and then stay at home and then want this extra tax which then could go up to 20%
FOG, you ignorant twit. Conservative Constitutionalists like Justices Thomas, Scalia and Alito all agree the Constitution allows the states to place reasonable restrictions on 2nd amendment rights. Go away. This is a conservative site and no one wants to hear your anarchist rantings.
Thank you. That is the scheme we live in and will continue to live in, it's not going away and will just get tougher.
I been on this since Republicans lost in 2008. America must become a producer country again. I have given up on Santa Claus candidates.
This is a dishonest attempt to only focus on the income tax and avoid addressing the fact 9-9-9 scraps all the other Fed taxes these people currently pay
Relative to the current system, it is a big improvement,” William McBride, an economist with the Tax Foundation, told ABC News. “9-9-9 is fundamentally scrapping the tax code and starting over, and there is very good reason to do that.”
Agreed , pout his tax plan with Cain speaking up but to be honest I think Newt could wipe the floor with zero in a debate.
Problem is that Cain has more balls to take on the left.
Wow
The central problem with the current tax system is that it is not designed to raise income, but to control and direct behavior in ways that Washington elitists and bureaucrats prefer. It costs millions of man-hours in wasted time and effort, billions of dollars in lost investment capital, and employs armies of people performing tasks that are essentially unnecessary and non-productive.
“You and most American, unfortunately.”
That’s an ignorant comment. Speak for yourself.
Not voting in the primary regardless of who is on the Republican ticket is voting for Obama. Period.
Would you rather see Obama another 4 years than any of the Republican primary candidates?
The 999 plan is a pile of crap with no chance of passing, ant more than the fairy tax does. deal with it.
You may not be wrong but I can’t make heads or tails out of your observation.
Sure doesn’t sound like it to me.
You are right. The devil is in the mathematical details which a mathematically illiterate society will reject just as they have rejected all other of our attempts to introduce flat taxes. They can even figure out that the millionaire pays more taxes on a ten percent flat tax than does the guy making $30,000 on a ten percent flat tax.
These discussions and debates are best had outside an election - in the halls of power where, presumably, people who can do math, can debate it. Progressives will always reject a flat tax, not because it is unfair, but because they use loopholes to buy power and control behavior.
Many states have no tax on clothing.
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