Skull Pilot
Diamond Member
- Nov 17, 2007
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Washington think tank pointing out dimwit talking points, really? Believability is no where in sight on this post, as usual.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
Then calculate your own taxes under Cain's plan and tell us how your own taxes would change.
Of course you'll have to tell us roughly what you earn and how many dependents you have, so we can see how you did your calculation.
In fact, all of you should do this. You don't have to post it, but be honest with yourself. I calculated mine -
I would break even, approximately, on a middle income type salary, BUT, I have zero dependents and NONE of the current deductions that those with dependents have,
all of which disappear under the Cain plan.
Last yr our AGI was 215K
My federal tax rate worked out to 22% So I paid 47,300 in federal income taxes. We have no dependents.
Under 999 I would pay 19,350 for a savings of 27,950. Even with the federal sales tax I would bet I would pay less under Cain's plan because I am not a huge spender.
So you can say I'm all in favor of a lower flat tax.