[scooby321]

She is a Tax Lawyer?

[MNJohnnie]

Of course it was rather dishonest of Ms Bachmann to leave out the fact Cain’s plan eliminates the business matching taxes on SS and Medicare.

[NC28203]

From the Laffer article in the WSJ:

“Thus, Mr. Cain’s 9-9-9 tax base for his business tax is $9.5 trillion, for his income tax $7.7 trillion, and for his sales tax $8.3 trillion. And there you have it! Three federal taxes at 9% that would raise roughly $2.3 trillion and replace the current income tax, corporate tax, payroll tax (employer and employee), capital gains tax and estate tax.”

It would appear that about 38% of the revenue from the 9-9-9 plan would be derived from the corporate tax. Looking at the current Monthly Treasury reports, corporate income tax accounts for about 8% of revenues under the current plan. Assigining half the retierment/insurance receipts brings the corporate share to 26% of revenue.

[Williams]

Agreed. Likewise in adding the 9% sales tax, I believe Cain is eliminating other taxes paid by workers, and lowering most people’s income taxes to 9%.

You only pay the 9% on certain goods and you only pay that tax when you choose to buy something. Lots of money is spent other than on goods.

Laffer explained this best, how the idea is good because it will recapture all the money being hidden from the system at present, as well as tons of money being parked overseas.

[avacado]

"Bachmann attempted to paint the 9% corporate income tax in Cain’s 999 plan as a VAT "

For clarity: She wasn't talking about the 9% corporate tax as a VAT. She was talking about the 9% sales tax as being a VAT.

[tflabo]

I like MB but she’s way out of her league. She’s just along for the ride at this point but we need her voice back there in the congress. She can debate the merits of 9-9-9 in congress when Herman Cain is president. Michelle we love ya but please exit the stage.

[Uri’el-2012]

Michele Bachmann

She claims to have a Masters in Taxation.

She is either dumber than a box of rocks

Or extremely disingenuous.

She like all the other Tax Attorneys
will be out of business w/ 999.

[Hatteras]

I think the fact that almost everybody was taking pot shots at the 9-9-9 plan without having their own plan is quite telling. Nobody impressed me last night. But Cain has signaled that he is willing to do the heavy lifting. The rest just want to sit around whining with one thumb in their mouths and the other up their butts and playing "Switch".

And Perry is toast. How in the heck did he ever get elected once (for ANYTHING!) is beyond me.

[ngat]

So this whole campaign has now turned into a debate on Federal Tax Policy. So we are fighting about how the Federal Government can extract the money it requires to harass us with and pay themselves a better living than the people who produce that living.

And all they had to do was get some guy to say nine three times.

[wilco200]

All these arguments are crap.

The best tax plan is Paul’s - eliminate the IRS make the income tax 0

[Joe Miner]

Yes, I know the payroll tax is deductible for businesses, but that just lowers the amount they have to pay by their current income tax rate (35%), it does not eliminate their tax expense. When a company writes off that 15.3%, it still ends up being a direct cost to the company of 9.95% of their payroll amount—still more than Cain’s 9%.

The company doesn't pay 15.3%, the employee has to pay half of that. Also the FICA part is capped at something like 100K in income after that there is no FICA just Medicare. I don't think the nerd's calculations are accurate.

[ken21]

But, what Michele Bachmann did was not honest. She deliberately withheld information in an attempt to mischaracterize Cain’s plan as a VAT, and confuse people over the effects of the 999 plan vs. the current tax system. A lie by omission is still a lie. Michele Bachmann crossed the line in Las Vegas.