Posted on 10/13/2011 6:38:03 PM PDT by casablanca
Republican presidential hopeful Herman Cain’s 9-9-9 plan will add $2 trillion to U.S. GDP, as well as create 6 million jobs, his economic advisor Rich Lowrie told Larry Kudlow Thursday.
Lowrie also said under the plan, business investments will increase by one-third and wages will go up by 10 percent.
“And if you fold all that growth together,” he said, “federal revenues go up by 15 percent.”
Cain’s 9-9-9 plan would scrap the current tax code and replace it with a 9 percent tax on personal income and corporations, as well as a new 9 percent sales tax.
(Excerpt) Read more at cnbc.com ...
Im suprised he had a advisor on that as he is a businessman and mathematician
With a Master’s in Computer Science.
>> Republican presidential hopeful Herman Cain’s 9-9-9 plan will add $2 trillion to U.S. GDP, as well as create 6 million jobs, his economic advisor Rich Lowrie told Larry Kudlow Thursday.
I’d like to see the math worked out, please.
Cain is my man but I'm pretty sure this one has zero chance.
(But, I like the numbers, and It's catchy)
Yay taxes
Cain needs to scrap the national sales tax part of his plan.
Me too, but even if it’s only 1 trillion GDP and 2 or 3 lousy million jobs, I’ll take it!
Obama’s plans all have negative numbers in them!
The overall tax revenue will be neutral, until the economy blasts off. Then the tax receipts will flow like water.
Obama did the math and he said it will not work.
That’s enough for me know 9 9 9 will work.
The beltway ruling class are trembling at the thought of lossing tax “carve out” favors which they use to reward donating special interest groups.
Then why does it need "economic development zones"? And why should government give tax advantages to some businesses over others?
National sales tax is not a good idea at all. It makes all businesses and all members of transactions tax collectors for the fedguv. Having owned a business for most of my adult life I can tell you that state sales tax audits are every bit as onerous as IRS audits anf federal sales tax auditors will be able to reach unimpeded into intrastate commerce at their whim including every transaction between any two citizens. Careful what you wish for.
Secondly Herman turns social security and medicare into full fledged entitlement, read welfare., programs by funding same with 999 general revenues. Under 999 nothing will distinguish Medicare from Medicaid since both will be funded from general revenues.
Is this really where conservatives want to go?
I like Cains boldness but I think the details and unintended consequences are undesirable. Like Paul Ryan I think the best route is the simplest, most efficient least intrusive tax and that would be a flat tax without the thousands of pages of bs.
Cain needs to scrap the national sales tax part of his plan.
***
A national sales tax turns ...
1) illegal aliens
2) welfare recipients
3) Section 8 people with BMWs
4) people who pay zero income tax
... into taxPAYERS. The national income tax will likewise turn millions of other Americans into taxPAYERS.
Everybody has skin in the game. No more mobs clamoring for goodies, or tax increases on the rich.
How will 6 million jobs be created? That’s a huge claim.
Absolutely not. That is the only way to get rid of the job killing taxes and to lower the corp. tax to the 9% which is what will drive the economy.
Yay a FAIR tax system that EVERYONE pays and the government no longer controls businesses and people via loopholes.
Yay to resetting the standard to less than 10% income tax—rewarding people for working hard.
Of course it has zero chance. I don’t think the legislature will let go of it’s “social engineering” using the tax code. But it is a good starting conversation. This is “out of the box” and original. Question though - a 9% sales tax and we get rid of Social Security tax? As a self-employed person I’m paying over 13% now! And if corporate tax goes from 25% or more to just 9%, won’t the cost of goods go down as well? Just wondering.
The idea of a national sales tax is not necessarily a liberal idea. In fact, most liberals consider sales taxes to be regressive as in requires a larger proportion of ones earnings to pay sales taxes the lower your wages.
Where did you get the idea that a national sales tax is a liberal idea? And where do the liberals keep their "playbook"? They seem to be just a befuddled, confused, and at cross-purposes as the conservatives these days.
two separate topics.
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