Detailed text transcripts for TV channel - MSNBC - 20111020:00:36:00
$8,400. under cain's 9-9-9, their tax burden would increase, federal tax burden, to $13,500. that same family making $1 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...