It'll be a cut for me.
I thought so too at first, then I sat down with last year's tax return and did my figuring - and was surprised. Are you
sure yours would go down? Remember, no deductions except for charitable contributions from the 1st 9%, and only savings and federal, state and local taxes are exempt from the 2nd 9% (since savings and taxes aren't getting spent, no sales tax).
The rate that everybody pays will be the same. The more you make the more the 9% will cost, but it's a dang site less than the 28+ percent being paid now.
If you are paying anywhere near 28%, find another accountant. If you meant you are in the 28% bracket after deductions, then I can see how yours might go down under the 999 plan. But then, that would mean you make a good bit more than I do - a god bit more than most, as far as that goes.
It's time everybody paid.
I don't disagree, but I'm already paying a decent chunk - I'd say I'm paying my fair share.
They need to whack giveaway programs while they are at it.
Agreed. We need to make significant spending cuts - not just reductions in the rate of increase - if we are ever to get this turned around.
If they don't do something and do it quick the 1500 a year that plan might cost you is nothing but a drop in the bucket.
My point is, a plan that only increases taxes on a lot of people - probably 80% or more of Americans would see higher taxes from what I've been able to figure - without addressing spending is not a plan that will succeed in dealing with the problem. You think the economy is bad now, wait till 80% of the US population have LESS money to spend on things.
Another problem is that the plan would introduce a second way for the government to tax us - the 9% sales tax - and does not abolish the current method they have. Remember, the income tax started out as 1% if I recall, and look where it is today. Do you really think they won't manage to increase this too? And likely increase BOTH? This is exactly what happened in many parts of Europe and look at their income tax and VAT taxes. Talk about oppressive...
Look, I like some of what I see from Cain, but this plan needs a lot of improvement if it is going to work. I see it as at most half of a plan, and even that half needs adjustment from my perspective.
Just a Shooter
