rsmith6621
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Wed Oct-12-11 12:16 PM
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How Many Of You Would Pay More with 9 9 9 |
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Edited on Wed Oct-12-11 12:17 PM by rsmith6621
Once I get to line 39 on the tax form and I find the tax owed and adjustments made in all actuality I only pay 7% So if I have to pay a flat tax of 9% + 9%GST I will have paid 12% more than I do now unless the GST goes to the states and the state sales tax is dropped which I doubt.
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Scuba
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Wed Oct-12-11 12:18 PM
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1. It's regressive as regressive can be. n/t |
Proud Public Servant
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Wed Oct-12-11 12:28 PM
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Income tax would definitely go down; last year it was 18%. And, off the top of my head, I'd say we only spend 20-25% of our income on items that would be subject to a sales tax. So mine would go down. It's still an awful idea, though.
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Erose999
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Wed Oct-12-11 12:32 PM
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OHdem10
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Wed Oct-12-11 12:44 PM
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4. I do not know about Incomes here on DU. BUT one fact never |
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never get pointed out. The Republicans plan to change the code so that more of the working poor and poor pay taxes. Right now many working poor and poor do not earn enough to pay taxes.
Listen to Cain and the Republicans. We are broadening the tax base which means more people will be paying taxes.
You have heard the Mantra at Fox-- 47% of Americans pay NO TAXES.
I do not know about DU but a lot of people will be paying more taxes and it will not be the rich under Republican Rule.
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KathieG
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Wed Oct-12-11 12:48 PM
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5. Yes. I believe the 999 plan eliminates most deductions. |
LiberalFighter
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Wed Oct-12-11 02:28 PM
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13. And using the premise that whatever percent don't pay taxes is wrong, Wrong, WRONG! |
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What most don't understand is that the more income one receives the more likely they have more income that is not taxed then those with lower income. What they want is for more of us to pay more taxes so they can pay less taxes.
A family of 4 regardless of their income had a total of $14,600 in personal exemptions. $3,650 per exemption.
In addition $11,400 is the standard deduction that a family can deduct from their income.
That means a minimum of $26,000 of income that was exempt from federal income taxes.
But there are filers that itemize their deductions when it is more than the standard deduction.
The average itemized deduction for one with an AGI of $200,000 is $64,000.
The real truth is that those that end up paying something in federal taxes have at least the same amount of income that is exempt as those that don't have a net income tax.
And too many don't understand that a tax rate is not applied to all of ones taxable income. Rather, income can be taxed at up to 6 different tax rates if they have enough income.
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LynneSin
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Wed Oct-12-11 12:51 PM
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6. Does Herman Cain realize he can't run the country like a Pizza shop |
Ohio Joe
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Wed Oct-12-11 01:02 PM
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Just one of the reasons he is an idiot.
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Phaedrus76
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Wed Oct-12-11 01:01 PM
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Is about shifting the tax burden from the wealthy to the poor.
Period.
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JohnnyRingo
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Wed Oct-12-11 01:02 PM
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Most people I know spend about 98% of our income each month. Actual food items are untaxed, but food eaten at a restaurant is not. Assuming dinners cooked at home make up a quarter of our income, that's about 75% that will be taxed at 9%. Add to that state sales taxes and we get up to a 16% surcharge at the bottom of our receipt. What will that do to consumer sales?
Before we get even that paycheck, there will be a 9% payroll deduction that will go to Herman Cain's government. It appears this tax will even apply to people like my ex wife who earned $8,500 last year and low income people who have families (remember, "no loopholes").
On the business end, I'll never believe Cain's "no loopholes" tax will be levied against pizza shop owners by making them pay a 9% federal tax on every napkin, pizza box, and soft drink cup they use. What will that do to inflation? I'm sure in the end Cain's plan will give business owners an exemption while working families will got none for household expenses.
Add the payroll tax (9%), Federal sales tax (9%), and state sales taxes (7%), and the typical working class hero will never see 25% of his paycheck. Wealthy taxpayers will fare considerably better under Cain's fixed 9% tax. Remember, billionaires don't buy more toilet paper than we do.
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sinkingfeeling
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Wed Oct-12-11 01:06 PM
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10. Food (groceries) is taxed in some states. And local/state sales taxes vary, some |
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might see as high as 23%. There also will be no child care or home mortgage or medical expense deductions.
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tibbir
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Wed Oct-12-11 01:08 PM
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11. I live on Social Security - Disability and spend 100% of what I taken in |
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so my tax rate would go from -0- to 18% unless SSD benefits were exempted. Knowing the repukes it probably would be included in taxable income unlike now. Devastating results for me.
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EC
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Wed Oct-12-11 01:25 PM
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and I'd hold off on large purchases. Along with the state sales tax (here it's 5.5%)I'd be adding on another 15% to any purchase, so buying an expensive refrigerator or any other appliance would take longer to save for and I'd likely go to a less expensive model. So I'm not so sure retail will like this, I can't believe the Chamber of Commerce would approve such a plan or other businesses.
Just think how much more it would add to an auto purchase of say $25,000. That's another $3,750. added to the price.
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kelly1mm
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Wed Oct-12-11 09:32 PM
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14. Does your income come from employment? If so, you have to subtract |
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7.65% (or 15.3% if you count in the employer share and/or self employment) in payroll taxes. So that would take you down to either paying 4.35% more or 3.3% less, depending on how you want to figure the payroll tax.
Additionally, is some part of your earrings saved? No 9% tax on that portion.
How about rent/mortgage? That part of your spending is not subject to the 9% either.
Mathematically, you won't be subject to a combined 18% of your gross anyway as once the 9% flat income tax is applied you would only have 91% left to spend, even if you were to spend every penny on taxable items.
While there is much to criticize about the plan, you should at least be able to understand how it works
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meow2u3
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Wed Oct-12-11 09:54 PM
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15. Here's the only 9 9 9 plan I'd like to see |
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Multibillionaires paying 99.9% of their total net worth in taxes, fines, and punitive damages to the people they harmed.
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