The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Cain 9-9-9||Date: 10/16/2011 2:06 PM|
|Author: wrjohnston91283||Number: 114168 of 122021|
Where are you getting the numbers for the current tax? What deductions does that couple making $50,000 have currently?
I ran a married couple making $50,000 through turbotax tax estimator. No children, standard deduction.
Where are you getting the 999 tax amount? You really think a couple making $50,000 pays 44,500 on stuff subject to sales tax?
There has been no discussion of any exemptions from the 9% sales tax under Cain's plan. While I would expect any national sales tax to have SOME exemptions, given the lack of details, I assumed none. However, loan repayments would not have sales tax (although the original purchase would have; thus, the 9% would be on a number less than $44,500 for a family with loan repayments.
Of course with the elimination of Payroll tax (Social Security and Medicare) those programs would no longer exist.
What, if anything, does he plan to have replace SS & Medicare?
What do you plan to do to replace SS and Medicare?
What are we as a society going to do with those folks that don't/can't plan for the future?
I have not seen anything from Cain where he wants to abolish those programs. Google searches find plenty of people indicating that his plan does, but I can't find anything that Cain has said about it. Why do those programs no longer exist without a payroll tax? There is not "national defense tax", yet the army still gets money. They will be funded through the federal budget, which is how they are going to be funded in the future if nothing changes, since they are paying out more than they take in.
If I make my living buying and selling stock. With Cain's plan I would have to pay ZERO income tax.
You would pay 9% on your investment gains, unless you only lose money. The 9% is on gross income, less charitable deductions.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|