So if the current capital gains tax is 16%, replacing it with a 9% tax on income cuts the capital gains tax by 7%.
Cain's plan will take away the mortage interest dedection, the standard deduction and the property tax deductions.
I happen to know a homeowner with a gross income of 33,000 who has seen his income cut by close to 1/3 because of the recession. He's been watching his savings dwindle, using them to make up for the monthly shortfall even though he has no payments other than the mortage. His taxes from last year would increase from $1200 to $3000- that's not including what he'll pay with a 9% sales tax.
I heard Cain say today that he's against all abortion, even in the case of rape. Doubtful he could implement his views but still, how can you champion less government control and prefer that kind of intrusion in our personal lives?
Current Events » in reply to Cain would benefit greatly from his 9-9-9 plan
He scares me too Eri
The whole thread (30 posts)
- Cain would benefit greatly from his 9-9-9 plan
- Interesting.
- I look at tax laws from a civil rights perspective.
- Re: Cain would benefit greatly from his 9-9-9 plan
- He scares me too Eri
- Note that his system taxes capital gains, just as normal income.