Cain tax plan shifts tax burden from the rich to the poor

[NYcarbineer]

this way we're all equally taxed. good deal, no bitchin

So you believe the poor are undertaxed. So you'd support the candidate most likely to raise taxes on the poor?

How can you say that when the poor are being taxed right now at 15%?
IRS Tax table for 2011 has a single person making 8,500.00 tax is 15%.
Under Cain it would be 9%.

I'm looking at the 2009 tax table right now:

Single, 8500 in TAXABLE income - tax is 860 dollars. That's effectively 10%. Keep in mind,

that's after deductions/exemptions/etc. Cain taxes your GROSS INCOME. That, roughly speaking, is the earnings line off your W-2. Compare that to the line where you finally get to your TAXABLE INCOME.

Also keep in mind how much in deductions you get for having children. Cain takes away all of that.

And then, add in the 9% tax on almost everything you buy.

 

[NYcarbineer]

OK, I figured SOMEBODY would have noticed the "elephant in the room" before now, but nobody did, so I'll do it.

The title of this topic is "Cain tax plan shifts tax burden from the rich to the poor".

So, the lefties are FINALLY admitting that the TAX BURDEN is CURRENTLY on the RICH!.

Thanks, lefties. It's about time you told the TRUTH! Your "class warfare" game is now OVER.

Raising taxes on one group of Americans based on where they are on the economic scale is you guys' definition of class warfare, right?

 

[WillowTree]

OK, I figured SOMEBODY would have noticed the "elephant in the room" before now, but nobody did, so I'll do it.

The title of this topic is "Cain tax plan shifts tax burden from the rich to the poor".

So, the lefties are FINALLY admitting that the TAX BURDEN is CURRENTLY on the RICH!.

Thanks, lefties. It's about time you told the TRUTH! Your "class warfare" game is now OVER.

Raising taxes on one group of Americans based on where they are on the economic scale is you guys' definition of class warfare, right?

Keep it simple stupid. Just impose a flat tax on everyone. No excuses, no exemptions, and no deductions. Then by golly class war ceases. Period.

 

[kwc57]

Typical Republican...

NEW YORK (CNNMoney) -- Herman Cain has a plan to radically reform the nation's tax system and make things a lot simpler for taxpayers.

Problem is, it could end up adding to the deficit and shifting the tax burden away from the wealthy and onto the poor, according to some leading tax experts.

Cain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.

Herman Cain's 9-9-9 tax plan: Break for the rich? - Oct. 11, 2011

Participating is not shifting, but you already knew that.

 

[NYcarbineer]

OK, I figured SOMEBODY would have noticed the "elephant in the room" before now, but nobody did, so I'll do it.

The title of this topic is "Cain tax plan shifts tax burden from the rich to the poor".

So, the lefties are FINALLY admitting that the TAX BURDEN is CURRENTLY on the RICH!.

Thanks, lefties. It's about time you told the TRUTH! Your "class warfare" game is now OVER.

Raising taxes on one group of Americans based on where they are on the economic scale is you guys' definition of class warfare, right?

Keep it simple stupid. Just impose a flat tax on everyone. No excuses, no exemptions, and no deductions. Then by golly class war ceases. Period.

It'll never happen, so although it may make for interesting conversation and although you've every right to support it,

in the real world it's a waste of time to dwell on it.

 

[peach174]

Tax for 2011;

2011 IRS Tax Brackets

Here are the 2011 tax tables, which make it easy to find which marginal tax bracket you are in:
Tax Bracket Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+


Remember that these are brackets after you take into account deductions, credits, and the thousand other “little things” the IRS has cleverly hidden in their enormous codified tax law.
this the amount after deductions.

Under Cain's plan you pay 9%
8500.00 at 9% you pay Fed tax at 765.00, instead of 860.00
FICA is gone
Under FICA someone who makes 8,500, pays 650.25 in FICA
They get 95.00 back in Fed Tax and 650.25 in FICA
They get 745.25 more each year.
They pay 1,510.00 in Fed and FICA right now.
Under Cain's they would pay 1,461.15 in FED taxes and sales tax.

 

[Mr. Shaman]

Typical Republican...

NEW YORK (CNNMoney) -- Herman Cain has a plan to radically reform the nation's tax system and make things a lot simpler for taxpayers.

Problem is, it could end up adding to the deficit and shifting the tax burden away from the wealthy and onto the poor, according to some leading tax experts.

Cain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.

Herman Cain's 9-9-9 tax plan: Break for the rich? - Oct. 11, 2011

....For instance......

Herman Cain: Tax Poor People’s Food

​

 

[Claudette]

Typical Republican...

NEW YORK (CNNMoney) -- Herman Cain has a plan to radically reform the nation's tax system and make things a lot simpler for taxpayers.

Problem is, it could end up adding to the deficit and shifting the tax burden away from the wealthy and onto the poor, according to some leading tax experts.

Cain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.

Herman Cain's 9-9-9 tax plan: Break for the rich? - Oct. 11, 2011

Bout time something besides my taxdollar got shifted to the poor.

 

[NYcarbineer]

Tax for 2011;

2011 IRS Tax Brackets

Here are the 2011 tax tables, which make it easy to find which marginal tax bracket you are in:
Tax Bracket Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+


Remember that these are brackets after you take into account deductions, credits, and the thousand other “little things” the IRS has cleverly hidden in their enormous codified tax law.
this the amount after deductions.

Under Cain's plan you pay 9%
8500.00 at 9% you pay Fed tax at 765.00, instead of 860.00
FICA is gone
Under FICA someone who makes 8,500, pays 650.25 in FICA
They get 95.00 back in Fed Tax and 650.25 in FICA
They get 745.25 more each year.
They pay 1,510.00 in Fed and FICA right now.
Under Cain's they would pay 1,461.15 in FED taxes and sales tax.

You can't compare 8500 taxable to 8500 gross. What is wrong with you?

 

[NYcarbineer]

Tax for 2011;

2011 IRS Tax Brackets

Here are the 2011 tax tables, which make it easy to find which marginal tax bracket you are in:
Tax Bracket Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+


Remember that these are brackets after you take into account deductions, credits, and the thousand other “little things” the IRS has cleverly hidden in their enormous codified tax law.
this the amount after deductions.

Under Cain's plan you pay 9%
8500.00 at 9% you pay Fed tax at 765.00, instead of 860.00
FICA is gone
Under FICA someone who makes 8,500, pays 650.25 in FICA
They get 95.00 back in Fed Tax and 650.25 in FICA
They get 745.25 more each year.
They pay 1,510.00 in Fed and FICA right now.
Under Cain's they would pay 1,461.15 in FED taxes and sales tax.

Also, credits like the 1000 dollar per child tax credit, and the earned income tax credit come off AFTER you've calculated your tax from the Tax Tables. Go look at your form.

If you had 8500 taxable and your tax was 860 and you had ONE kid, the $1000 child tax credit wipes that out completely. To ZERO.

 

[peach174]

We can't continue with 53% of this nation paying taxes and 47% not paying taxes.
We have over 14 trillion dollars that we have to pay off.
If we don't change our tax system, where everyone must contribute to paying taxes, our grand children will be paying 75% in taxes.
Who is going to go to work when government takes 75 % of your earnings?

 

[Quantum Windbag]

Typical Republican...

Typical idiot posting from Chris.

NEW YORK (CNNMoney) -- Herman Cain has a plan to radically reform the nation's tax system and make things a lot simpler for taxpayers.

Problem is, it could end up adding to the deficit and shifting the tax burden away from the wealthy and onto the poor, according to some leading tax experts.

Cain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.

Herman Cain's 9-9-9 tax plan: Break for the rich? - Oct. 11, 2011

There is no way this tax plan will add to the deficit. I have no idea why people have such a hard time grasping the simple truth that the only way to add to the deficit is to spend more money than you have. I don't have any idea how much it will bring in either, but I know that, even if it is less than we currently bring in, it will not add to the deficit unless we continue to refuse to reduce spending to match revenues.

 

[kwc57]

Typical Republican...

Typical idiot posting from Chris.

NEW YORK (CNNMoney) -- Herman Cain has a plan to radically reform the nation's tax system and make things a lot simpler for taxpayers.

Problem is, it could end up adding to the deficit and shifting the tax burden away from the wealthy and onto the poor, according to some leading tax experts.

Cain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.

Herman Cain's 9-9-9 tax plan: Break for the rich? - Oct. 11, 2011

There is no way this tax plan will add to the deficit. I have no idea why people have such a hard time grasping the simple truth that the only way to add to the deficit is to spend more money than you have. I don't have any idea how much it will bring in either, but I know that, even if it is less than we currently bring in, it will not add to the deficit unless we continue to refuse to reduce spending to match revenues.

Truth!

 

[ClosedCaption]

Class warfare!

 

[CT9]

How many believe that the current tax system will be replaced with the "9-9-9" system or that it's just gonna' be added on top of what we pay now?

Herman Cains entire campaign and popularity rides on "replacing the IRS code with that 9-9-9 system".

Don't be fooled: It's a Conservative version of "Hope and Change".

You're only fooling yourself and sound like a moron

 

[Quantum Windbag]

How does Cain's tax plan shift ANYTHING to "the poor". Must be that "liberal math" at work again.

EVERYBODY pays the same tax percentage. How is that unfair?

"Poor" people usually have NO INCOME. They survive on government handouts, and if they DO work, they work at low-paying jobs. So the 9% tax on income would not apply, or would be negligible.

"Poor" people certainly don't own corporations, so the 9% corporate tax would not apply.

"Poor" people would only have to pay a 9% sales tax on certain items they purchase.............a tax that EVERYBODY.........rich, poor, black, white, fat, skinny, male, female, etc..........would have to pay.

TELL THE TRUTH, lefties. After your bodies and brains go through the initial "withdrawal" phase, you may actually get used to being HONEST and having some INTEGRITY.

She says 'shifts'. Do you know what that word means?

Herman Cain's plan fits the fundamental conservative belief that in today's tax structure,

the poorer Americans are undertaxed, and the richer Americans are overtaxed.

Actually, the people that are over taxed are the middle class because they own 53% of the nation's real wealth, and they pay through the nose to support the poor. If the tax base was broadened to include what you call the poor we could reduce the tax burden on the middle class, which would put more money into circulation, and lead to increased demand.

 

[ClosedCaption]

Yeah and if we could get blood from a turnip...

 

[Quantum Windbag]

Having a plethora of threads about it does not make it true. Chris, you're an idiot.

It's a mathematical fact. If you make 30,000 a year and have a couple kids, you're going to probably pay NO federal income tax and about 6% in payroll tax. At the most.

With Cain's plan, you pay 9% on the entire 30,000, unless you have charitable deductions, plus you pay 9% on almost everything new that you purchase.

That is easily a tax hike.

You are assuming that it would apply equally to everyone. That makes you an idiot because Congress will insist on exempting people making less than a certain amount even if Cain actually plans not to.

 

[NYcarbineer]

We can't continue with 53% of this nation paying taxes and 47% not paying taxes.
We have over 14 trillion dollars that we have to pay off.
If we don't change our tax system, where everyone must contribute to paying taxes, our grand children will be paying 75% in taxes.
Who is going to go to work when government takes 75 % of your earnings?

It's politically impossible to cut taxes for the Rich and raise taxes on the Poor.

You can thank the Republican party for creating this situation. The GOP in their constant zeal to cut taxes for the Rich, were only able to do that by cutting taxes for lower income Americans at the same time,

but because lower income Americans don't make as much, obviously, their taxes were always less than those of the Rich,

so as the GOP kept pushing taxes down, they starting pushing lower income Americans into the no-tax category.

This is what you Conservatives wanted. You just didn't know it at the time. Now you're stuck with it.

Careful what you wish for, as the saying goes.

 

[Quantum Windbag]

How many believe that the current tax system will be replaced with the "9-9-9" system or that it's just gonna' be added on top of what we pay now?

Herman Cains entire campaign and popularity rides on "replacing the IRS code with that 9-9-9 system".

Don't be fooled: It's a Conservative version of "Hope and Change".

I would not support the Cain plan unless there was a guarantee built into it not to raise taxes ever. That means I oppose it.