Posted on 10/16/2011 2:32:45 AM PDT by Cincinatus' Wife
Interesting post & thread. Thanks to all posters.
Cain would not try it without GOP majorities in both houses of Congress, to avoid perverting the plan. The 9% is “on top of” a much smaller income tax. The old, large income tax appears right now in the prices of goods and services.
“Damn straight. That’s the reason the rate can be lower. Everyone pays it. Not just the “top 53%” “
But SS and savings were already taxed once, 999 will tax it again. That wont sell.
Oh, the plan is garage sales?
NUTS Herman Cain!
How does this stimulate the economy are we to make due with 1950’s cars like Cuba?
Yeah buddy this guy is an economic genius.
Sure makes more sense that getting Gov out of the way of energy costs and regulation
The difference between the candidates can be boiled down simply. Perry supports the current 35-35-0 system in which politicians get to dole out tax breaks to ease the corporate rate (highest in the world). Perry wants to create jobs Texas-style in energy especially, dialing back EPA regulations. Cain is fundamentally different with his flat taxes. His way of creating jobs is to not confiscate income from job-creators or corporate profits. But some people have a legitimate beef with sales taxes by the Feds, it opens up a door they don’t want opened.
Hows that 401K working for ya?
Dont forget, you get to pay taxes on that and then Hermans gonna tax it again!
Thank you very much. You’ve put that more succinctly than all the articles I’ve read so far.
The Fed sales tax is troubling, but we’re definitely at a crossroads where we have to take some risks—leaving things as they are is a risk, too.
Lets call on the “Super Committee” for a decision.
I vote for a reasonable flat tax with very few deductions.
NO national sales tax!
It looks to me like he 9-9-9 is never going to happen without a Republican majority in both Houses, so that is a big if, and what if We get a Dem majority in 10 years?
We would need a Constitutional Amendment to keep the tax plan at 9-9-9. It will never happen because we can't even get a balanced budget amendment passed.
So Cain's tax plan is nothing at all, never will pass and can only be torn down for it's faults. So we go on to his border plan, 2000 miles of electrified fencing with enough voltage to kill anyone who touches it. How far is that gonna go in a general election?
Sounds like equality of opportunity. Anybody should have the opportunity to get wealthy and not have that wealth taken from them Obama style. The 9-9-9 plan simply does that, it does not take 35% of high earner's income and it does not take 35% of corporate profits. Those two money sources are the source of most new (lasting) jobs.
Again, this is only if you are dead set on going Galt. The average Joe — in retirement or not — will see retail goods get cheaper by 9% or more, because overhead for the businesses that manufacture and vend them just went down by 15-22%.
Maybe there could be a transition plan for funds saved pre-999 (non IRA/401(k)), but this is benign even as is.
Cain will add a federal sales tax and although I am not particularly happy with that, the economy will undoubtedly boom as we shift from consumption to production.
If we require class warfare to win elections (or pandering to class warfare) then we have lost. Taxes on the rich are nothing but a ball and chain on the economy, our entrepreneurial class is strong enough to overcome them for now, but that won't last forever.
Where does it say in his plan theat presciption drug’s and food will be taxed? Most states have those as tax exempt.
Prove it.
I’d like to see a flat rate, paid by everyone... with not exemptions.
That, and the corporate income tax rate ended, with the legal ‘person’ that a corporation ‘is’ paying the standard flat-rate personal income tax rate.
I figure it ought to be around 16-18%.
Where is Perry’s plan? I would like a link to what Perry thinks about our nominal corporate tax rate, the highest in the developed world. About all it does is allow politicians to dole out breaks to make it more competitive with the rest of the word (although still very high). Taxes on corporate profits take away from R&D and expansion (except where the benevolent Congress doles out breaks for those items).
Who is going to consume with an additional %9 tax?
The economy is stagnant now.
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