Meet The Candidates: 2012 GOP Thread

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Originally Posted by saden1

They pay nothing? They already pay sales tax, property taxes, and state income taxes. I mean, it's not their fault that when it's all said and done they make so little income and consume most of their income to live a normal life.

Screwing people who make 40K or less isn't a winning formula and will hardly generate any meaningful income for the government seeing how 16 million of those who pay no taxes are the elderly and the plan calls for no taxes on the elderly at all.

I hear under Cain's plan, Buffet would pay roughly 1% income tax plus a few thousand dollars for his food, lawn maintenance and travel expenses...oh and that big screen TV that will be charged at 17%. LOL...ludicrous!

Screwing seniors was Bill Clinton when he added the tax to SS.

You will have to pay federal taxes on your Social Security benefits if you file a federal tax return as an individual and your total income is more than $25,000. If you file a joint return, you will have to pay taxes if you and your spouse have a total income of more than $32,000.
Use the Internal Revenue Service (IRS) Notice 703 shown on the back of the Social Security Benefit Statement, SSA Form 1099, to determine if any of your benefits may be taxable.
Social Security has no authority to withhold state or local taxes from your benefit. Many states and local authorities do not tax Social Security benefits. However, you should contact your state or local taxing authority for more information.

Ludicrous, is the example you used and our current tax system.