|GOP candidates 2012|
|Cain/AP Joe Burbank pool file|
Sugarplums are dancing in our heads! No more shock and awe when the government takes a sizeable chunk out of our paychecks? If it sounds too good to be true, it probably is. The “catch” is this: there is another 9 in Cain’s plan - a 9% federal sales tax. It would tack on an additional 9 cents for federal sales tax to every dollar spent on consumer purchases. Consumers will pay in the range of 13% to 25% in sales tax, for all taxable goods and services, under Cain’s tax plan.
According to data from the IRS tax returns filed in 2009, 47% of Americans had no income tax liability. That would change and everyone who filed an income tax return would pay the same percentage under a flat tax rate plan. An analysis done by the Tax Policy Center found that while the majority of all filers would see some increase in their taxes, the wealthiest filers would benefit from a sizeable decrease. The analysis also determined that the total tax income would not generate more revenue than our current tax plan.
|Congressman Ron Paul|
No one wants to pay taxes, so why not do away with the IRS and income taxes? Without federal income tax returns, there would be no budget for social programs. The Center on Budget and Policy Priorities states that 61% of all federal income dollars go to Social Security, Defense/Security and Medicare programs. Only 3% of those dollars went to education and 3% to Transportation Infrastructure in 2010.
 RASMUSSEN Reports, October 26, 2011.
 RASMUSSEN Reports, October 11, 2011.
 Gallup's annual Economy and Personal Finance poll, conducted April 7-11.