Cain also annouced a 909 plan...you have heard about it
I like the 9-9-9 plan. It’s actually an 8.75-8.75-8.75 plan but that doesn’t sound as catchy.
TAX TEA NOW! The Tea Party candidate wants to tax tea—and everything else! And the Tea Party is buying it! It’s hilarious!
I prefer Newt’s plan..create jobs. The plan includes:
1.Stop the 2013 tax increases to promote stability in the economy. Job creation improved after Congress extended tax relief for two years in December. We should make the rates permanent.
2.Make the United States the most desirable location for new business investment through a bold series of tax cuts, including: Eliminating the capital gains tax to make American entrepreneurs more competitive against those in other countries; Dramatically reducing the corporate income tax (among highest in the world) to 12.5%; Allowing for 100% expensing of new equipment to spur innovation and American manufacturing; Ending the death tax permanently.
3.Move toward an optional flat tax of 15% that would allow Americans the freedom to choose to file their taxes on a postcard, saving hundreds of billions in unnecessary costs each year. This optional flat tax system will preserve deductions on charitable giving and home ownership, and create a new personal deduction of $12,000 for every American. This deduction is well above the current poverty level, ensuring that this new system does not unfairly target the poor.
4.Strengthen the dollar by returning to the Reagan-era monetary policies that stopped runaway inflation and reforming the Federal Reserve to promote transparency.
5.Remove obstacles to job creation imposed by destructive and ineffective regulations, programs and bureaucracies. Steps include: Repealing the Sarbanes-Oxley Act, which did nothing to prevent the financial crisis and is holding companies back from making new investments in the U.S; Repealing the Community Reinvestment Act, the abuse of which helped cause the financial crisis; Repealing the Dodd-Frank Law which is killing small independent banks, crippling loans to small businesses and crippling home sales; Breaking up Fannie Mae and Freddie Mac, moving their smaller successors off government guarantees and into the free market; Replacing the Environmental Protection Agency with an Environmental Solutions Agency that works collaboratively with local government and industry to achieve better results; and Modernizing the Food and Drug Administration to get lifesaving medicines and technologies to patients faster.
6.Implement an American energy policy that removes obstacles to responsible energy development and creates jobs in the United States.
7.Balance the budget by growing the economy, controlling spending, implementing money saving reforms, and replacing destructive policies and regulatory agencies with new approaches.
8.Repeal and replace Obamacare with a pro-jobs, pro-responsibility health plan that puts doctors and patients in charge of health decisions instead of bureaucrats.
9.Fundamental reform of entitlement programs with the advice and help of the American people.
Secret knowledge to the math challenged... (Shuuush)..
9/9/9 is 27%.... true its a little less than whats paid now..
Most americans have no idea of what they actually pay in taxes..
That is.... the ones that pay taxes..
Course everybody pays taxes... business pay zero taxes..
It is passed on as the cost of doing business.. in “the price”..
TAXES are a major part of the price of ANYTHING you buy..
Federal, State and local taxes.. fees, penaltys, licenses, permits, citations, and other GRAFT..
People forget what Fascism “IS”...
Good argument by Mr. Cain.
I don’t think empowerment zones or 9-0-9 are good ideas,they are steps towards the complexity and favoritism we have now.
Discussion is fine, but it helps if politicians tell the truth. Mr. Cain states that "we eliminate the 15% payroll tax" but fails to point out that he replaces it with an 18% payroll tax, since individuals end up paying 9% on their total income, and businesses end up paying 9% on all of the salaries they paid to employees, since salaries are no longer deductible under his plan when corporate income is computed.
So from the point of view of small businesses, and people that currently don't pay much in income taxes, like families just starting out, or people with new businesses, even before the 9% sales tax Cain's plan increases their taxes.
Also the idea that adding a national sales tax makes for less paperwork and a smaller IRS is nonsensical. With a national sales tax every transaction will end up being subject to IRS scrutiny.
IN case anyone has missed this - here is an excellent interview with Rich Lowrie where he takes caller questions about 999 (Lowrie is one of the co-creators of the plan)
http://www.c-spanvideo.org/program/CainsTa
Non politician-check.
Degree in mathematics,masters in computer science-check.
Successful CEO where only results matter.-check.
Knows the Lord.-check.
Yup...he’s got my vote.
Nein Nein Nein
Even if that were true, our current tax code is leaving us with trillion dollar deficits and Cain had offered no solutions on how he will deal with them.
So if a business had a billion dollars in what Cain classifies as taxable revenue and $100 million in profits then it's tax bill is $90 million dollars. If the business has a billion in those revenues and $100 million in loses then its tax bill is still $90 million dollars. How is that good for business?