Posted on 10/15/2011 6:43:59 AM PDT by Solaia
Hi, Well, I've lurked here for some time now, and this is my first post. So hello everyone from a solid conservative living in NJ. I like Cain, and would love to see him in an administration. But I don't think he can win a national election. This is the kind of argument that will hurt him, and hurt him badly. His 999 plan, won't work. Even if it were to pass, I don't think it will work. I'm a CPA - and I have a Masters in Taxation. I was not surprised to see the AICPA cited in this Buffet article. When I first read it, I was thinking, what took so long? Cain will face an incredible lobby from business: Lawyers, CPA's, State Societies, the AICPA...and those could be people on the RIGHT. (well, maybe except for the lawyers) The Libs will go nuts with this plan. Anyhoo, I know we've talked about 999 here. But this was the first article I saw coming from the AICPA. I should also add that I'm a member of the NJSCPA and haven't seen anything from them yet. I wish Cain would begin to focus about his other merits and positions. Forget 999. We know about that. He's a successful businessman that wasn't born to wealth. He should be talking about his economic knowledge and his ability to create jobs - among other things. Hopefully he'll realize this before he begins to run out of money...
(Excerpt) Read more at news.yahoo.com ...
/thread
Why should this be a surprise? Buffet doesn’t pay his taxes under the current system either.
“...I’m a CPA - and I have a Masters in Taxation....”
And THAT, sir, is like am ambulance chasing lawyer testifying for lawsuits.
What you are saying is that you have studied much to qualify as a person who has knowledge of a set of rules set out by other lawyers - few, if any, of which have ever created anything nor run a real business.
Sorry, go out and learn something useful.
Part of the point of Cain’s plan is that there are also sales taxes, so that even if none of Buffet’s income is taxable, he still pays. Furthermore his 999 plan is a stepping stone to just sales taxes, in which case *nobody’s* income would be taxable.
Gee, a CPA is upset about a tax plan that will help every industry in the nation - except that of accounting. I’m shocked. /s
He’ll still get taxed on what he buys.
I look forward to the possibility of a 9% income tax and the 9% business tax...
but the 9% sales tax in a part of my state that charges 8.5% sales tax would be incredibly hard....
I think the flat tax for individuals and businesses is enought...raise it a bit if you must but I do not like sales tax part...
>>> Part of the point of Cain’s plan is that there are also sales taxes, so that even if none of Buffet’s income is taxable, he still pays. >>>
So true, and let’s not forget that all of the Corporations that Berkshire Hathwaway owns will also pay corporate taxes.
This post, and the link, are both incredibly shallow analyses as to be embarrassing.
Welcome to active FR participation.
Welcome to posting on FR, Solaia!
I have to agree with you. During the debate the other night when Cain repeatedly brought up 999, I got an ominous feeling. He is opening himself up for intense criticism by doing so and people like you who have done the math can see this.
He is my guy right now but I fear that he can’t win either. This morning on Fox and Friends, Rove pointed out how he is in western Tennessee on his book tour when he should be in the key primary states. Uh oh.
So, Warren Buffet has no business, is not an individual and never buys anything?
Oh, I forgot to warn you that Freeper posting is not for the faint of heart. See above comments!
So, who would you choose to analyze a tax plan -- a fry cook?
Buffet doesn’t pay income taxes now. If anything that’s the way it should be for everyone.
With due respect, your complaint sounds a little “gimme gimme” in the spirit of the Occupy Wall Street vein........
Oh, I forgot to warn you that Freeper posting is not for the faint of heart. See above comments!
Cain is the real deal and only the total destruction of the Tea Party will keep him out of the White House.
The Left is all for the last line—are you?
The reason I’m not an economist is that I’m smart enough to make two plus two equal four, but not smart enough to make it equal five.
>>> So, who would you choose to analyze a tax plan — a fry cook? >>>
How about a business man? Oh wait, that’s what happened here.
So who would you choose to analyze a new rule in football? A referee? Apparently you would. I’ll ask players and coaches.
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