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How would the 999 proposal effect retired senior citizens who owe no income tax?
Wiki User
∙ 12y ago
You would pay the 9% national sales tax on most any service or large ticket purchase. So if you bought a new dish washer 9% would be slapped onto the sale price. The estate tax would be phased out so any wealth you accumulate would not be taxed twice upon inheritance. The income you derive from ordinary investments that are not tax sheltered would be subject to a 9% income tax. However, if you collect only social security and receive regular IRA or pension distributions than your tax burden is zero for income. If you made over $44,000 of total income than you would pay tax on half of your social security income for the year. I believe this to be the best proposal since Steve Forbes brought up a flat tax several elections ago, his marginal rate was much higher though and not popular at the time.
Wiki User
∙ 12y ago
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Wilson pushed for the proposal and ratification of the 16th Amendment to the Constitution, which makes a a federal income tax legally possible. Before this amendment, the federal government could not impose any direct or "head" tax on its citizens.
