Some people will have severe culture shock and start paying taxes while they are b!tching about those who don't pay enough.
This is going to screw the middle class and small business owner. 1) Reduction of corporate tax won’t mean spit to most of us. You really think companies are going to lower the prices of their products when they pay less taxes? If so, I have a bridge to sell you (don’t forget your 9% sales tax). 2) 9% income tax will be a RISE in rates for most of us that are paying 15% right now when you figure there are NO deductions for mortgages or anything else. 3) You really want to add 9% sales tax to everything you buy, including real estate and autos? Not me. More red tape for small businesses who have to collect this tax and pass it on to the feds. 9/9/9 will destroy Cain’s chances and (right now) conservatives chances at beating Obama. If he continues to back it, he’s done.
Bingo!!
When 47% of the population pays no taxes at all, yes, MANY of those will have to start.
It is long past time for the deadbeats to “pay their fair share”...get skin in the game and have a stake in the future instead of old worn-out hippie dreams of socialist utopia that has yet to be successful anywhere it has been attempted.
I would even suggest we return to only those who pay taxes and own property be allowed to vote. That way the deadbeats, moochers and leeches could never be allowed to elect those in favor of increasing taxes on those who actually pay them.
The only problem is that population is a bunch of leeches and most of them don't work at all, deliberately, or work just enough to qualify for government benefits.
There is NOTHING in 9-9-9 that will require that population to WORK and contribute to society. We're assuming those people are going to immediately get jobs and start paying their share of taxes.
They aren't.
I’ve done some rough estimates with my household income and it looks like we will end up paying about the same when it all comes out in the wash.
BUT
If this causes prices to fall (not sure that it will) and businesses to be more profitable, then it will be worth it.
BUT
I have to wonder HOW Cain expects to get this through congress. No way in Heck it will pass. The current tax code is what empowers congress.
Even if a team of 1000 economic experts studied it closely and declared it would solve ALL our financial problems, congress would STILL vote against it, both Dems and Repubs.