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Cain developed the plan with the help of a little known accountant from Cleveland named Rich Lowrie. Cain’s plan would be a tax hike for the lower middle class and a tax windfall for the wealthy.
If you have a family of four with an income of just under $50,000, they would pay more under the Cain plan. Currently, they are taxed at just less than 7 percent and pay $3,400 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500.
That’s $1,100 more.
Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit of $4,000. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000.
That means under the Cain plan that family would be almost doubling its taxes, going from $3,400 to $6,500.
“It’s going to raise the price of just about everything by about 9 percent,” said former George W. Bush economic policy adviser Bruce Bartlett. “We know from experience and analysis that that tends to hurt people with low incomes.”
Cain developed the plan with the help of a little known accountant from Cleveland named Rich Lowrie. Cain’s plan would be a tax hike for the lower middle class and a tax windfall for the wealthy.
If you have a family of four with an income of just under $50,000, they would pay more under the Cain plan. Currently, they are taxed at just less than 7 percent and pay $3,400 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500.
That’s $1,100 more.
Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit of $4,000. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000.
That means under the Cain plan that family would be almost doubling its taxes, going from $3,400 to $6,500.
“It’s going to raise the price of just about everything by about 9 percent,” said former George W. Bush economic policy adviser Bruce Bartlett. “We know from experience and analysis that that tends to hurt people with low incomes.”
how did that work out for us prior to 1935? and those were the days when grandparents habitually lived with their children and grandchildren. are we ready to return to that? it's in Cain's plan. look it up:
http://www.hermancain.com/the...
click on entitlements.
read his entire platform. big business is kissing him on both cheeks:
http://www.hermancain.com/the...
Did Shakespeare have it right?
Furthermore, your comment doesn't address the point I made.
Perhaps, instead of catering to the whims of the rich and corporations who have benefited the most from the U.S. government, maybe it's time we actually did something to help the middle class.
A majority of Americans favor taxing the rich at higher rates; let's do it and, from a purely historical standpoint, higher tax rates have resulted in greater economic growth.
http://www.hermancain.com/the...
what does that say about YOU?
and no, no one that I know of declared 'racism' when people didn't vote for him.
when the birthers got started, however . . . . .
let me explain this to you. disagreeing with a person's policies is not about race. telling lies about his birthplace is.
see the difference?
Cain developed the plan with the help of a little known accountant from Cleveland named Rich Lowrie. Cain’s plan would be a tax hike for the lower middle class and a tax windfall for the wealthy.
If you have a family of four with an income of just under $50,000, they would pay more under the Cain plan. Currently, they are taxed at just less than 7 percent and pay $3,400 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500.
That’s $1,100 more.
Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit of $4,000. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000.
That means under the Cain plan that family would be almost doubling its taxes, going from $3,400 to $6,500.
“It’s going to raise the price of just about everything by about 9 percent,” said former George W. Bush economic policy adviser Bruce Bartlett. “We know from experience and analysis that that tends to hurt people with low incomes.”
Cain's plan would impose a tax hike for the lower middle class and a tax windfall for the wealthy.
If you have a family of four with an income of just under $50,000, they would pay more under the Cain plan. Currently, they are taxed at just less than 7 percent and pay $3,400 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500.
Fortunately, no one takes this idiot seriously nor his idiotic tax plan.