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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: locogringo who wrote (58547)	10/16/2011 10:28:36 AM
From: joefromspringfield	2 Recommendations Respond to of 103300

"I wonder how many retirees will vote for Cain. His 999 plan hits them pretty hard, especially those with modest income." This is total BS. Social Security benefits are currently taxable. Under 999 they are not. Dividends from retirement portfolios and capital gains are also not taxed under 999. Herman Cain stated this last night on Huckabee. The democrats are going the vilify this plan with numerous lies. The attacks will be relentless. Paul Ryan and Art Laffer approve of 999 so I think the numbers must add up.

To: locogringo who wrote (58547)	10/16/2011 11:14:51 AM
From: StockGamer	2 Recommendations Read Replies (2) \| Respond to of 103300

The median household income in the US is $50,000. That means half of the households make more than that and half less than that. Let's look at a retired couple that has a $50,000 income now, of which $30,000 come from social security. With the current standard deduction and personal exceptions the couple's taxable income is $31,000 including their full social security. However, since only 50% of their social security benefits are taxable, subtracting $15,000 from $31,000 leaves them with a taxable income of $16,000. Their federal tax bill now is $1,600, because they are in the lowest 10% tax bracket. Under Cain's plan, assuming they pay 9% sales tax on $40,000 of their annual spending, their federal tax bill just from the sales tax part of 999 will be: $3,600, even if they pay zero federal tax on their earnings. If some of their non SS earnings do not come from dividends or capital gains, then they will have to pay an additional 9% federal tax on those. Of course, retirees with, say, more than $100,000 per year income will do better under the Cain plan. And those with more than $200,000 will really do great.