Roth IRA holders will be nailed with 9-9-9.

[N54_Fan]

Quote from clacy:

I'm not sure how a federal tax system could eliminate and compensate for various state taxes. I'm guessing that he is talking strictly Federal, and whatever state taxes (income, sales and otherwise) would be up to the various states.

My current understanding of the 9.9.9 is that they represent a FLAT 9% tax of EACH of the following,...corporate, personal income, sales tax. The idea is that corporations would have a low tax and incentives to be in US. The personal income tax would be low at 9% and thus we have more money left and thus spend more money....which of coure is alos taxed at 9%. That way our consumption and purchases generate more corporate profits which starts the cycle again. This plan has NO bearing on STATE INCOME tax. At least that is my current understanding of the topic.

 

[clacy]

Quote from N54_Fan:

My current understanding of the 9.9.9 is that they represent a FLAT 9% tax of EACH of the following,...corporate, personal income, sales tax. The idea is that corporations would have a low tax and incentives to be in US. The personal income tax would be low at 9% and thus we have more money left and thus spend more money....which of coure is alos taxed at 9%. That way our consumption and purchases generate more corporate profits which starts the cycle again. This plan has NO bearing on STATE INCOME tax. At least that is my current understanding of the topic.

Agreed. Federal and State tax policy are two completely separate entities.