and you will find that it is not 18%. that is an erroneous calculation because they are not taking into account the elimination of the 15.3% payroll tax. herman cain, republican front-runner for the presidency, thank you very much for joining me tonight. thank you for giving us extra time. lawrence, i would come back and have a chat with you anytime. thank you, sir. we will do it. i can t wait. thank you very much. good luck on the campaign trail. [ applause ] thank you. still ahead in this program, sarah palin finally formally confirms what anyone who s been listening to jonathan capehart or me has known for a very, very long time. she is the most recent losing vice presidential candidate who will never be president. and i ll be joined next by a man who actually worked with sarah palin, steve schmidt.
every single thing that they purchased, which and they use all of their income every year to purchase it. so it would be the most dramatic increase on the working poor in this country in taxation that we have ever seen. how could you justify that? well, first of all, your calculations are incorrect. remember, if they re working and they re drawing a paycheck, they are paying 15.3% off the top of their income. so relative to their income, they re going to go from 15% down to 9%. they re going to pick up a 6 percentage-point gain. now, if they are in fact in the lowest income bracket, that 6% will be more than enough to compensate for them spending the rest of their money and paying the sales tax on the remainder of their income. run the numbers is what i ask people to do.
go through the arithmetic. and you will find that it is not 18%. that is an erroneous calculation because they are not taking into account the elimination of the 15.3% payroll tax. herman cain, republican front-runner for the presidency, thank you very much for joining me tonight. thank you for giving us extra time. lawrence, i would come back and have a chat with you anytime. thank you, sir. we will do it. i can t wait. thank you very much. good luck on the campaign trail. [ applause ] thank you. still ahead in this program, sarah palin finally formally confirms what anyone who s been listening to jonathan capehart or me has known for a very, very long time. she is the most recent losing vice presidential candidate who will never be president. and i ll be joined next by a man who actually worked with sarah palin, steve schmidt. and later, what movie box office numbers tell us about the
taxation. 9% of their income they would pay and then they d pay 9% on every single thing that they purchased, which and they use all of their income every year to purchase it. so it would be the most dramatic increase on the working poor in this country in taxation that we have ever seen. how could you justify that? well, first of all, your calculations are incorrect. remember, if they re working and they re drawing a paycheck, they are paying 15.3% off the top of their income. so relative to their income, they re going to go from 15% down to 9%. they re going to pick up a 6 percentage-point gain. now, if they are in fact in the lowest income bracket, that 6% will be more than enough to compensate for them spending the rest of their money and paying the sales tax on the remainder of their income.
pay and then they d pay 9% on every single thing that they purchased, which and they use all of their income every year to purchase it. so it would be the most dramatic increase on the working poor in this country in taxation that we have ever seen. how could you justify that? well, first of all, your calculations are incorrect. remember, if they re working and they re drawing a paycheck, they are paying 15.3% off the top of their income. so relative to their income, they re going to go from 15% down to 9%. they re going to pick up a 6 percentage-point gain. now, if they are in fact in the lowest income bracket, that 6% will be more than enough to compensate for them spending the rest of their money and paying the sales tax on the remainder of their income. run the numbers is what i ask people to do. go through the arithmetic.