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Herman Cain
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<blockquote data-quote="Jones" data-source="post: 887459" data-attributes="member: 4805"><p>You do realize that under 9-9-9 or Fairtax you will no longer have a 401k, nor will you be able to right off the interest on your mortgage. </p><p></p><p>Last year my effective tax rate on income was 9.58% after factoring in all my tax breaks, even though my top marginal rate was 25%. Cain's plan would drop that to 9% but that drop would be more than offset by the 9% national sales tax, which would cost me close to another $1000.00 per year just on groceries. I would have paid more in taxes last year under 9-9-9 and my tax situation isn't that unusual.</p></blockquote><p></p>
[QUOTE="Jones, post: 887459, member: 4805"] You do realize that under 9-9-9 or Fairtax you will no longer have a 401k, nor will you be able to right off the interest on your mortgage. Last year my effective tax rate on income was 9.58% after factoring in all my tax breaks, even though my top marginal rate was 25%. Cain's plan would drop that to 9% but that drop would be more than offset by the 9% national sales tax, which would cost me close to another $1000.00 per year just on groceries. I would have paid more in taxes last year under 9-9-9 and my tax situation isn't that unusual. [/QUOTE]
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