federal tax burden to only $145,000. so herman cain s 9-9-9 plan would result in the family making $50,000 a year paying $5,000 more in federal taxes. the family making $1 million a year would be paying $144,000 less in federal taxes. no surprise, donald trump really likes that. 9-9-9, whether you like it or don t a lot of people don t. a lot of conservative economic experts say it s a disaster. but it s something. okay? it s something. he s putting something out there. other people are putting out 97-page reports wait, wait, wait, wait. do you agree with 9-9-9? i don t agree with it. if he puts out there and it s wrong, does that make a difference? he s not catering to me. he s katering to a lot of
the remainder of that spending, they would pay $55,000 in federal sales taxes. the new cain federal sales tax. that would bring their total federal tax burden to only $145,000. so herman cain s 9-9-9 plan would result in the family making $50,000 a year paying $5,000 more in federal taxes. the family making $1 million a year would be paying $144,000 less in federal taxes. no surprise, donald trump really likes that. 9-9-9, whether you like it or don t a lot of people don t. a lot of conservative economic experts say it s a disaster. but it s something. okay? it s something. he s putting something out there. other people are putting out 97-page reports wait, wait, wait, wait.
million a year, that same shaped family making $1 million a year, is currently paying $289,000 in federal income tax after a $50,000 mortgage deduction and a $25,000 charitable deduction, which is reasonable to assume at that income level. under herman cain s 9-9-9 plan, that million-dollar family would pay 9%. $90,000 in federal income tax. assuming they put $300,000 or so in the bank and spend the rest, the remainder of that spending, they would pay $55,000 in federal sales taxes. the new cain federal sales tax. that would bring their total federal tax burden to only $145,000. so herman cain s 9-9-9 plan would result in the family making $50,000 a year paying $5,000 more in federal taxes. the family making $1 million a year would be paying $144,000 less in federal taxes. no surprise, donald trump really likes that. 9-9-9, whether you like it or don t a lot of people don t. a lot of conservative economic experts say it s a disaster. but it s something.
middle class families shouldn t pay higher tax rates than millionaires and billionaires. warren buffett s secretary shouldn t pay a higher tax rate than warren buffett. a teacher or a nurse or a construction worker making $50,000 a year shouldn t pay higher tax rates than somebody making $50 million. that s just common sense. and keep in mind, i m not saying this because we should be punishing success. this is the land of opportunity, but what s also a quintessentially american idea is that those of us who have done well should pay our fair share to contribute to the upkeep of the nation that made our success possible. i ve talked to, and most wealthy americans agree with this. of course the republicans in congress, they call this class warfare. you know what, if asking a millionaire to pay the same tax rate as a plumber makes me a class warrior, a warrior for the
middle class families shouldn t pay higher tax rates than millionaires and billionaires. warren buffett s secretary shouldn t pay a higher tax rate than warren buffett. a teacher or a nurse or a construction worker making $50,000 a year shouldn t pay higher tax rates than somebody making $50 million. that s just common sense. and keep in mind, i m not saying this because we should be punishing success. this is the land of opportunity, but what s also a quintessentially american idea is that those of us who have done well should pay our fair share to contribute to the upkeep of the nation that made our success possible. i ve talked to, and most wealthy americans agree with this. of course the republicans in congress, they call this class warfare. you know what, if asking a millionaire to pay the same tax rate as a plumber makes me a