
Originally Posted by
.blank cd
And this tax plan. LOL...
If you take the multi millionaire that makes $10 mil a year, who is paying 20% in income tax, that's $2 mil, then you make him pay 9%, which ends up being almost 1 mil. This guy probably works on wall street and lives in NYC, where sales tax is now 10%, after the 9.99 plan it's 9%. Another hefty break. Provided he spends half of his 8.1 mil on goods/taxable services, that's another $100k tax break. That's a $1.1+ million dollar tax break
And the rich say they hate handouts. LOL.
Now you take the kid who is getting paid just below the current tax bracket, let's say $4k. After the 9.99 plan, he gets taxed on 9%. That's almost $400. Since he's poor and lives in NY, he's probably going to spend most of the remainder on goods/services, so he saves $40 bucks. If he lives in GA, he'll pay an extra $120 in sales taxes.
And the rich say they want to bring the bottom up. LOL
This is what we call a regressive tax. Now if I could buy a house and a car and live comfortably off of 4 grand, I wouldn't really give a damn about this plan, but as the value of the dollar sits (as its plummeting anyway) this is impossible.