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Varney is here to talk about millionaires and apparently they aren't paying their fair share. >> stop it. >> that's what it said. >> it's tax the rich. what this group wants to do is to raise a new tax on millionaires so above the first $1 million they want the state tax to be 13.3%. >> we have a graphic on the big wall. >> put it up. and over $2 million, they want 15.3% in tax from the rich. >> stuart, if you are making that kind of money out in california and something like that comes down the pike, i would move. >> yes. you would lose and you would move: people are leaving california in dro...

And some of the accusations that they made were just flat-out wrong. we are going to document those. >> all right. so that i understand, i am trying to dig into this. educate me. i understand you can't pick and choose. have you to look at it as a package deal. 9-9-9. you can't say sales tax, 9%, have you to look at the whole package, right. e >> in correct. >> now -- can you do this, though -- i am trying to understand. i looked at tax brackets. and if you are in the 15% tax bracket, under the 9-9-9, your taxes would go down, income tax would go town by 6% to 9, right? >> correct. now, remembe...

And some of the accusations that they made were just flat-out wrong. we are going to document those. >> all right. so that i understand, i am trying to dig into this. educate me. i understand you can't pick and choose. have you to look at it as a package deal. 9-9-9. you can't say sales tax, 9%, have you to look at the whole package, right. e >> in correct. >> now -- can you do this, though -- i am trying to understand. i looked at tax brackets. and if you are in the 15% tax bracket, under the 9-9-9, your taxes would go down, income tax would go town by 6% to 9, right? >> correct. now, remembe...

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...

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...