I’m not sure why the tables didn’t align correctly, maybe someone can fix that (or folks can go to the original article)
Only after the house and senate have their say. The tax attorneys and accountants will fight any change to the last k street. Thug standing.
Cain's 999 tax plan is nothing but a gimmick, a political ploy. Just like his Chilean plan is for SocSec. Cain is pandering for votes with a tax plan that expands the current federal tax system to include a national sales tax and that opens the door to the next step, a European style VAT, or Value Added Tax.
This morning Steve Moore, who knocked this plan initially, said this plan would be like rocket fuel for the economy.
**However, on closer inspection, one can see what is likely to be the unedited stream of conscience thought of a singularly brilliant individual. Despite the explanatory shortcomings of the brochure, the “Vision for Economic Growth” is quite simple in nature.**
Sorta like the Constitution!
Every whiner should print and study this carefully for a Eureka moment.
Thanks jsnm;)
Well Axel don’t you think you should let Fr know exactly who you are?
Romney, Connaly (when he was Dum or Rep?) BTW what project were you and Lemmie working on in east AUSTIN.
Frequent contributor to FreeRepublic? Townhall.Com.
AND SALON!
Where is the TRANSPERANCY?
The table also does not take into account the 46% of the US population that does not pay any income taxes. Would they now be required to pay at least 9%?? Would welfare recipients be required to pay 9% on the money they get from the govt? When the one starts spouting off about paying their fair share I keep thinking about the 46% who pay nothing.
Numbers and plans on paper don’t lie but they also do not account for the avarice and duplicity of the professional politicians controlling the process.
In this respect there is little to differentiate between the establishment pols in both parties.
The more money available to the politicians the more they will spend. Because they cannot be trusted in the slightest, the only workable solution to the budget and deficit crisis is to cut spending.
Once the Big Government politicians have a sales tax and an income tax effective at the same time they will never let it go.
“Can it work” is is superseded by “can it pass Congress?”
I like Cain and I like 9-9-9, but I think we know the answer to the question above.
However, I appreciate Cain at least OFFERING a new tax future.
What are Mitten’s and Perry’s plans? Tinkering on the edges. Status quo.
My questions: What will a 9 percent sales tax do to people who already pay up to 7 percent in sales tax? How will it affect revenues for those states when people start buying less? ...Does a national sales tax mean we can get rid of punitive taxes taxes on things like alcohol, cigars and fuel? If 9-9-9 works to balance the books for the government we have, why not go 7-7-7, and balance the books with a smaller government? Maybe that could create a movement that would get us to 5-5-5. Can we also have a moratorium on fed growth?
I doubt 9-9-9 will ever see the light of legislation, but it is a good conversation starter on tax reform and smaller government.
Cain’s plan is FAR TOO CONSERVATIVE on how much the base would expand.
He could implement a 9 - 9 - ZERO plan, and the Federal government would still end up with an enormous surplus provided it simply froze spending in place (minus Obamacare)
I think it would be far easier for him to pass a 9-9-0 plan than it would be to add a new federal revenue engine in the form of a national sales tax.
No matter how you slice it, a federal sales tax is going to cut into state/local government’s ability to generate revenue the same way they do today.
We would be seeing states and local governments shifting taxes to more hidden areas, and raising income taxes at their level in order to compensate.
I say LEAVE THE SALES TAX OUT OF THIS Herman!
Other than that, Cain has my full support!
Sales tax revenues are vulnerable to economic downturns. When the economy tanks, so will government revenues, at the very time you need government to provide support through the safety nets.
Income tax is much more stable and not as subject to the vagaries of consumer psychology. And there is nothing unfair about a progressive income tax as long as top rates don’t become unreasonable. Those who earn more use more services. Though there is something to be said for almost everyone paying a share no matter how small to have some ownership in the system.
If you put income tax and sales tax in, you’ll end up with both rates rising.
Sales tax revenues are vulnerable to economic downturns. When the economy tanks, so will government revenues, at the very time you need government to provide support through the safety nets.
Income tax is much more stable and not as subject to the vagaries of consumer psychology. And there is nothing unfair about a progressive income tax as long as top rates don’t become unreasonable. Those who earn more use more services. Though there is something to be said for almost everyone paying a share no matter how small to have some ownership in the system.
If you put income tax and sales tax in, you’ll end up with both rates rising.
The problem is not the tax code. The problem is the trade agreements. Where are the tariff revenues? We’re taxing individuals 9%, and corporations 9%, how much are we taxing imports from other countries? Average tariff is 1.3%. And the consumer will pay 9% regardless of who he buys it from. So foreign competitors are at an advantage.
Too bad this thread is about done.
Cain, if you want my vote and a lot of others’ you’d better drop the sales tax now.
We can’t compete with China and other countries that are not subject to similar regulations as ours. If you tax their imports you are inviting a trade war. Use common sense and reverse all of the regulations that are destroying our competitiveness. ALL OF THEM!
Too bad this thread is about done.
Cain, if you want my vote and a lot of others’ you’d better drop the sales tax now.
We can’t compete with China and other countries that are not subject to similar regulations as ours. If you tax their imports you are inviting a trade war. Use common sense and reverse all of the regulations that are destroying our competitiveness. ALL OF THEM!
When they get back to you can you please ask them to identify the $2.2 trillion in cuts they will have to make in order to balance the budget under the 9-9-9 plan in the first year? Thanks in advance.
No. Introducing a sales tax just opens another revenue stream. Soon enough 999 will become 101010... and so on infinitely.
As an interim position, perhaps, leaning toward pure fair tax... but then there is nothing to keep a later congress on the path of removing all other revenue streams...