Tax Policy Center delivers haymaker to 9 - 9 - 9

Discussion in 'Politics' started by NYcarbineer, Oct 19, 2011.

  1. NYcarbineer
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    NYcarbineer Diamond Member

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    Whoa. See what some of us were trying to tell you?


    Study: Cain Tax Plan Raises Taxes on 84 Percent


    "Herman Cain's 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.


    The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent....

    Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis...."


    Read more: Study: Cain Tax Plan Raises Taxes On 84 Percent | Fox News
     
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  2. Kiki Cannoli
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    Kiki Cannoli Have you met my shadow?

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    The article does not address local, city, county, state income nor sales taxes. Where do these apply? Or did I miss this detail? Thanks.
     
  3. 8537
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    8537 Senior Member

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    There's no reason to believe those would change. States and municipalities would still need to fund services.
     
  4. Kiki Cannoli
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    Kiki Cannoli Have you met my shadow?

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    Precisely, thus I am looking for confirmation that the new 999 increases would be in addition to 'local' taxes being paid today.
     
  5. DiamondDave
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    DiamondDave Army Vet

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    When one pays no federal income tax (well.. more than one... more like ~48% of the citizenry)... of course having a standard tax that will apply to everyone will mean there is an increase for many...

    They should have been paying federal income tax like others in the first place... you know... that little thingy called equal treatment by law under government
     
  6. Jarhead
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    Jarhead Gold Member

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    they would have to be in addition.
    The federal government can not step in and force a state or municipality to refrain from collecting taxes.
     
  7. Jarhead
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    Jarhead Gold Member

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    Exactly why I laugh at those that act like "look what I uncovered" ...

    It is not rocket science to know that a flat tax would mean the wealthier will pay less than they do now and the less wealthy will pay more.

    What I am curious about is the capital gains tax...are all cap gains going to be deemed as income and taxed at 9%?

    If yes, then I just cant see how this 9-9-9 plan will be deficit neutral.
     
  8. Kiki Cannoli
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    Kiki Cannoli Have you met my shadow?

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    If the earned income and child tax credits weren't increased, than more Americans would be paying taxes. I don't fault families for taking advantage of legal tax maneuvers. I don't agree with the deductions, but they exist and that I accept.

    To your point, yes an increase will occur as a result of change. However, my tax burden will also increase and that is without losing those credits because I do not qualify for them today.
     
    Last edited: Oct 19, 2011
  9. Oddball
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    Oddball BANNED Supporting Member

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    No, you didn't miss it....Cain conveniently omits it.

    You'll still be paying state and local taxes on top of the federal 27% rate.
     
  10. 8537
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    8537 Senior Member

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    His plan does not tax capital gains.
     

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