Saturday, October 22, 2011
9-9-9 plan means MORE TAXES!
A new study shows what the 9-9-9 plan actually does. This study shows who will benefit and who will not benefit in this tax plan. Under the current policy there is no sales tax. Under this plan there will be a 9% G.S.T , but supposedly the extra tax will be off set by creating a flat 9% income tax. Under this plan there will be a 9% sales tax on everything people buy. Under this study the average tax payment per person in the U.S will be 1,200 dollars lower. So is this plan really going to reduce tax payments to people. Yes some will benefit . So who are they? They are the rich go figure. As I stated just a few days ago, people who are rich will benefit and middle income and poor will not. So people who make more than 1 million a year in income will have there tax burden reduced by 581,000 dollars. People who make between half a million to a million will pay 80,000 dollars less every year. the next two tax brackets will have there taxes reduced two, But every single person making less than 100 k will have to pay more in taxes so that the rich in the country pay over half a million dollars less in taxes. In fact the federal tax rate on the people making more than a million dollars in income would be the lowest tax rate of any other bracket. While the people in the lowest tax bracket will have not only above average tax rates, but will also be the people having there tax rate increase by the most. Under this plan about 82% of Americans will pay more in taxes to give the top 18% a tax brake. But in reality the top 5% will get the most of the money from middle income and poor Americans. So yes the Rich pay less while the poor pay more and the middle class pay more. And by the way this plan will increase the deficit by 300 billion in one year.
So in summery taxing consumers to hurt the economy more, so that rich CEO's pay less money and have more in the bank. Will defiantly solve the economic problems of the U.S. This plan isn't going to help anybody except the rich and even them are going to have long term problems, because the rich need the poor to survive.
If you need some thing more visual click on this graph