The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Cain 9-9-9||Date: 10/16/2011 3:59 PM|
|Author: wrjohnston91283||Number: 114178 of 124284|
I ran a married couple making $50,000 through turbotax tax estimator. No children, standard deduction.
No standard deduction, no personal exemption. The tax is on gross less charitable deductions.
I know that applies under the 999 plan. I was comparing a couples taxes under current law, to their taxes under the 999 plan.
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.
Water, sewer, garbage?
I don't understand why you have this list.
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 t