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To: ManyMoose who wrote (450177)	10/10/2011 11:53:47 PM
From: t4texas	Read Replies (1) \| Respond to of 793917

i do know from watching cain say it on tv and videos that the fica/social security tax of 15.3% from gross salaries will be eliminated. cain says that alone makes the 9% personal income tax lower for everyone who works for a salary or wage. more than that i cannot add.

To: ManyMoose who wrote (450177)	10/11/2011 12:02:24 AM
From: Little Joe	Respond to of 793917

I think it would include social security tax which b etween employr and empoyee is, I think 14%.l It does include all money from dollar one as I understand it. Beats hell out of what I pay now. lj

To: ManyMoose who wrote (450177)	10/11/2011 2:47:05 AM
From: goldworldnet	1 Recommendation Read Replies (1) \| Respond to of 793917

You only pay FICA on Earned Income which most retired people don't have. As stated, the 999 plan would increase taxes for most retirees without adding a retirement deduction, but such a deduction would have to be added for the 999 plan to have any hope of getting through Congress. This only means Cain's plan would have to be tweaked for retired people, but that shouldn't prevent retired people from voting for Cain before the details are worked out. FICA Definition (Federal Insurance Contributions Act) If FICA states, for example, that 12.4% of your salary goes toward Social Security and 2.9% goes toward Medicare, half of the payment is made by you and the other half by your employer. This means you pay 7.65% (6.2% and 1.45%) of your income, while your employer pays the other 7.65%. Self-employed people, on the other hand, must pay the full amount, but half - which would represent the employer's half - is a deductible business expense. investopedia.com Earned Income Definition Earned income is the money you earn from working. It includes wages, salaries, tips and net earnings from self employment income. Earned income does not include investment income like annuities, pension income, withdrawals from IRAs and other retirement accounts, capital gains distributions, and passive income generated from rental real estate. moneyover55.about.com * * *