Tea Bagging Tax Rates

An analysis of Herman Cain's "999" tax proposal.

I know.. awesome, right? I wonder what we could do with the extra $25,000? Sure, it would suck to be the "middle class" and see your tax burden go up.. but fuck them. It's their own fault they're not in the top income brackets.

A middle income household making between about $64,000 and $110,000 would get hit with an average tax increase of about $4,300, lowering its after-tax income by more than 6 percent and increasing its average federal tax rate (including income, payroll, estate and its share of the corporate income tax) from 18.8 percent to 23.7 percent. By contrast, a taxpayer in the top 0.1% (who makes more than $2.7 million) would enjoy an average tax cut of nearly$1.4 million, increasing his after-tax income by nearly 27 percent. His average effective tax rate would be cut almost in half to 17.9 percent. In Cain’s world, a typical household making more than $2.7 million would pay a smaller share of its income in federal taxes than one making less than $18,000. This would give Warren Buffet severe heartburn.

So the simple idea is that you just need to make more than $2.7 mil a year. Easy enough.. right?

Oh.. and you know when you actually start making that kind of money, it's so much easier to cheat on your taxes because there is typically no W2 and you can manipulate your costs much easier. Your effective tax rate becomes even lower.

The idea here being that the smart people should have all the wealth, and everyone else should be more along the line of slaves. Sure.. the slaves will have teevees and basic cable and such, so it'll be much better than slaves used to have it.

Be sure and tell some kid that's graduating from high school that they'll get to spend the next 50 years working 40+ hours a week in order to make somebody else wealthier. That's if they're lucky and can find a job.