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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives
SPY 689.17+0.2%Dec 11 4:00 PM EST
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To: robert b furman who wrote (25237)10/1/2011 10:19:42 PM
From: Kirk ©1 Recommendation  Read Replies (1) of 220052
 
RE: "3) If you are successful and make a lot of money - our tax system is very progressive and it automatically requires more taxes to be paid.That is fair also.Most people that make a lot of money also spend more and they pay more again."

Yes and no. I now earn just under the Payroll tax cap limit so the tax rate I pay on an incremental dollar is higher than what the billionaires who live in my town pay on their incremental income dollar. Since payroll taxes are not invested for me but spent like any other tax, this is completely unfair. At the very least, we should remove the cap so ALL pay the same rate....and admit it is nothing but another entitlement program where the poor get more for what they put in than many of us will who will have reduced benefits from means testing.

Cain also said USED items would be exempt from the 9% sales tax so the low income earners could buy used homes and cars and not pay any taxes on those purchases... Maybe make food and a first tiers of energy and water use tax free also... It basically is a flat tax that is easy to compute and puts millions of accounts out of work..
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