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October 18, 2011

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Obama 2012

I'm not going to get my hopes up this time. There's just no way the Republicans are going to nominate Herman Cain. President Obama couldn't possibly be that lucky.

DocEngineer

I’ve been contemplating the math on 9-9-9 and though still not certain on the details, it seems like a win for the average middle class family making $50K.

Current tax code

$50K/12 = $4166/month*assume a standard deduction of $11K so that the taxable income each month = $39K/12 = $3250

taxed at an effective rate of 22.65% (15% income + 6.2% SS + 1.45% Medicare) gives 3250*(1-0.2265) + 11000/12 = $3430/month (the standard deduction is essentially "tax free" income)

999 Plan – individual, non-business owner (no standard income deduction)
9% income tax gives 4166*(1-0.09) = 3791/month

Comparison to find break even on sales tax

3791-3430 = 361
361/(0.09 sales tax) = 4011…in other words, you would have to spend
$4011 on NEW STUFF to pay $361 in sales tax in a give month. Obviously, you can’t do that because it’s more than your take home pay after taxes.

Feel free to fire away at my math…I’ve got to believe I’ve oversimplified

Luke Kim

RONPAUL2012.COM

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