Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
"You're talking a $2,700 tax increase for people with incomes between $10,000 and $20,000," said Roberton Williams, a senior fellow at the Tax Policy Center. "That's huge."
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.
The Tax Policy Center compared taxes on U.S. households under current tax policy, with those imposed under the Cain plan. In using current tax policy, the analysis assumes that tax cuts enacted under former President George W. Bush — and extended through 2012 by Obama — would be extended.
The center did a separate analysis that assumed all the Bush-era tax cuts would expire at the end of 2012. Under that scenario, Cain's plan would still impose higher taxes on 77 percent of U.S. households, the report said.
So once again the Republican/Conservative solution to the financial crisis is to give a huge tax break for the rich and make up the slack on poor and middle class families. Please explain how this is a good thing for the poor and middle class?
As I understand it... FICA taxes are about 15.3% which hits EVERYONE (that is people with jobs)... As Cain puts it the maximum taxes is about 18% and eliminates SS/Medicare taxes (Assuming that they spend EVERY dime on a TAXABLE good/service)... so this IDIOT of a think tank is telling me that 84% of people are paying only 2.7% taxes... is this think tank a LIBERAL "think" tank by any chance?
Cain would be a blessing for Obama if he wins the nomination. Raising taxes on the poor and middle class while cutting taxes for the rich would hand Obama the victory.
Cain and his 9-9-9 gimmick is yesterdays cat litter now that Ron Paul has come out with his "Plan to Restore America"
Watching Cain try to skirt the 9% VAT tax on top of the already existing state sales taxes at tonight's debate was almost painful to watch.
"Apples and Oranges" my ***
As I understand it... FICA taxes are about 15.3% which hits EVERYONE (that is people with jobs)... As Cain puts it the maximum taxes is about 18% and eliminates SS/Medicare taxes (Assuming that they spend EVERY dime on a TAXABLE good/service)... so this IDIOT of a think tank is telling me that 84% of people are paying only 2.7% taxes... is this think tank a LIBERAL "think" tank by any chance?
As a matter of fact the Tax Policy center is NOT A LIBERAL organization. Sorry but ignorance, deflection, and spin won't stop an inconvient truth.
Once again, the answers we get from Repub/Conservatives is, "help the rich and screw the poor".
Except this pie is not at all what it appears to be. A middle income household making between about $64,000 and $110,000 would get hit with an average tax increase of about $4,300, lowering its after-tax income by more than 6 percent and increasing its average federal tax rate (including income, payroll, estate and its share of the corporate income tax) from 18.8 percent to 23.7 percent. By contrast, a taxpayer in the top 0.1% (who makes more than $2.7 million) would enjoy an average tax cut of nearly$1.4 million, increasing his after-tax income by nearly 27 percent. His average effective tax rate would be cut almost in half to 17.9 percent. In Cain’s world, a typical household making more than $2.7 million would pay a smaller share of its income in federal taxes than one making less than $18,000. This would give Warren Buffet severe heartburn.
We truly do need a flat tax. Change is painful but very needed.
You see, the folks scooping up the most bennies DO NOT PAY ANY FEDERAL INCOME TAXES. So why would the people getting most of the Government goodies want to change anything???
I would start by dealing with income tax first. Eliminate ALL write offs and deductions......all of them....no exceptions. Then impose a 10% flat tax on all income and a 10% federal sales tax on all items except for non-prepared foods.
Of course we will never have a flat tax, too many people to scream bloody murder about ANY changes.
All I know is that a 9% sales tax on top of state and local sales tax is a great way to increase sales in fragile (huge understatement) economy where aggregate demand is THE problem. Now I do understand in theory that a drop in what Cain accurately describes as invisible taxes allows greater pricing flexibility which should, in theory, result in a reduction in pricing of course the question then becomes if companies will reduce their prices and if they do then by how much. If the recent changes in debit card charges are any indication, companies are not rushing to reduce prices in reflection of not being charged for debit card purchases. So the problem becomes, do we raise the most regressive tax scheme during a period of depressed demand based upon the faith that companies will reduce prices in line with the rise in sales taxes?
All Cain talks about is collecting taxes with no mention of starving the beast...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
