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I'd like to see some numbers on it. It does one very important thing which is lower corporate taxes which is sending many overseas now. Good luck getting it passed unless of course the democrats get swept away to oblivion. Then maybe they'll take it up a notch and go for the flat tax.
I'd like to see some numbers on it. It does one very important thing which is lower corporate taxes which is sending many overseas now. Good luck getting it passed unless of course the democrats get swept away to oblivion. Then maybe they'll take it up a notch and go for the flat tax.
I actually think it isn't a horrible idea but I'd have to learn more about it to say for sure.
There are different meanings of fair, and it depends on what you're quantifying when you state that something is the same between all people.
If we want to make the economic burden of taxation fair, 9-9-9 is grossly unfair. It bites into the available income of lower-income people much harder than what the wealthy would feel.
CNN is probably "crying" about the 999 plan because it is NOT fair. It is a tax cut for the rich and a tax increase for the poor. They would both be paying the same rate income tax, which may sound fair to you but that was never intended. The first year of the income tax only 4% paid. The poor pay a higher rate sales tax in regards to their income then the rich so that would be, and is now, a regressive tax
There are different meanings of fair, and it depends on what you're quantifying when you state that something is the same between all people.
If we want to make the economic burden of taxation fair, 9-9-9 is grossly unfair. It bites into the available income of lower-income people much harder than what the wealthy would feel.
It would be $2700 per year for a person earning $30K. $27000 for a person earning $300K.
Which at first sounded kind of reasonable. It didn't make me jump out of my seat yelling, "UNFAIR!!!" But if you break it down by week, it is really not as great as Cain makes it sound.
$30K would end up paying about $52 per week in Fed Taxes while $300K worker would pay $520 per week in Fed Taxes.
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I actually think it isn't a horrible idea but I'd have to learn more about it to say for sure.
