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The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
"You're talking a $2,700 tax increase for people with incomes between $10,000 and $20,000," said Roberton Williams, a senior fellow at the Tax Policy Center. "That's huge."
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.
"It's very, very regressive compared to the current system, and that's largely because we're exempting capital gains, and we're taxing your spending with the sales tax," Williams said. "People at the top end don't spend all their money and they get a lot of capital gains, so they are doing pretty well here."
“We like to say that dependability is more important than ability,” Bill Belichickism....
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Re: The Cain 9 9 9 plan the rich pay less and the poor pay more
Originally Posted by khayos
So, should 47% pay no taxes?
They pay no INCOME taxes is what you meant to say, they pay payroll taxes,sales tax,property tax,State tax. Also most of the upper class don't pay there full income tax because of deductions....its fun to learn!=)
So the rich pay one more tax then they do, you want a cookie?