Posted on 10/21/2011 5:39:01 AM PDT by normy
Taking aim at minimum wage laws, union protections, and even local building codes, Herman Cain has put the finishing touches on the last missing piece of his signature “9-9-9” plan – an elaborate proposal to create “opportunity zones” in inner-city America that the GOP presidential candidate will unveil during a major campaign appearance in Detroit on Friday morning.
(Excerpt) Read more at foxnews.com ...
OUTSTANDING!!!
Cain is now taking on the unions. Gutsy. Neither of the Establishment Candidates will get near that position.
Now all he has to do is say he likes Ron Paul’s Trillion Dollar spending cut plan and we have gold~!
What I love about Cain is that he believes everything he says. He’s a principled man who cannot be tripped up by the MSM, and that pisses them off to high Heaven!
One late change the campaign made – with Cain’s expressed approval – was to switch from the term “empowerment zones” to “opportunity zones.” The Cain team decided the word “empowerment” is too closely associated with liberal politics.Because, you know, the problem with empowerment zones was the name, not the federal government interfering in local government functions, using tax policy to force people to do what the feds think is best, or picking winners and losers.
But apparently, if the federal government makes unions the losers, some conservatives are happy to forget that we are for limited government and keeping the feds out of the state and local government's business.
Since they haven't officially published the plan for the empowerment zones, ooops I mean "opportunity zones", I'll refrain from discussing the details.
I just hope my county can get in on this, so I can pay less in taxes than other americans who are too stupid to get THEIR community labelled an opportunity zone.
Cain if he doesn’t win the nomination should be on the ticket.
Akin to the biblical prophet Amos, who critiqued the government of his day, Alexander’s preaching embodies the prophet’s burning plea: “let justice roll down like waters and righteousness like a mighty stream.”
“It’s not enough to talk about what black folks ought to do,” Alexander once said. “We have to also look at what government is not doing to ensure fairness and equal opportunity. God is on the side of the least of these. Jesus said ‘the first shall become the last and the last shall become the first.’”
This is the head pastor of the church where Cain preaches. Took it from the church website.
I listened to it honestly with an open mind - and it was complicated. No sales tax on used vehicles, "used" houses, etc. I don't think this is going to work. It is not a simple plan at all - and there are still loopholes. Deductions for charity, but nothing else? This isn't going to fly & the end result will not look anything like he is putting it out as now.
That's OK - no one's plan is going to look the same after the years it will take to rehash it & get something that will actually pass through Congress. NO ONE'S plan will.
Cain has made this plan the centerpiece of his run - I just don't think there is much meat in the rest of his positions. He has made some gaffes - but he is likeable and talks well. He is a nice guy - but I don't think he is ready for prime-time yet.
That's about the best endorsement a candidate can get!
If it upsets the unions, Cain is on the right path...
For example, look at the concept of “no sales tax on used homes”.
In simplest terms, a “used home” would be a home that was not bought from the guy who built it.
But home prices are not based on new vs used. Homes, almost uniquely in the market, are treated as eternal assets. If my house burned down, and they rebuilt it from scratch, it would be unlikely to sell for much more than my neighbor’s house, especially if my neighbor also replaced all his appliances.
So, what is to keep a builder from greating a subsidiary that does nothing but buy the homes from the builder? The builder builds them, then the subsidiary buys them, at some fraction of their real cost. The subsidiary pays the sales tax. Then the subsidiary sells the homes as used homes on the secondary market, for double the price.
OK, that’s more like tax cheating. Let’s look at what would happen in a market of $500,000 homes. On a new home, the tax would be $45,000. On the used home, tax would be zero. So, the used home sales price would increase by $45,000, or more likely the new home would sell for $45,000 less. Why? because the market won’t maintain an inbalance. People only slightly prefer new homes over used ones, and won’t support a 9% premium.
And since the price people pay for homes is what they can afford, the new/used prices will adjust to reflect the extra cost.
I wonder if adding additions to a home makes it new? Because if not, a builder might find it better to buy out some shanty town, and simply “upgrade” the houses and sell them as used refurbished mansions.
I’m sure home builders will have to do something, because this tax will pretty much destroy them relative to the used market, especially in a time when there is already tremendous pressure because of the large foreclosure market.
I missed the interview but I have to wait until more analyis is done. Mr. Cain is a mathematician, so this is elementary to him. I’ve never done well at math, so I, too, find the details somewhat complicated unless they are explained at the crayon level. I have used the calculators on my income...and depending how much “New” I buy, I can impact my tax burden. My job is to then figure out just how much ‘new’ stuff I actually do buy...my car is used, my house is used, many of my clothes/furniture is used. I haven’t figured tht out yet.
I also wish the media would give more time to some of his other points. His ‘outgrow China’ has appeal. He’s still my candidate...looking forward to watching him speak in Detroit today. After decades of government throwing money at cities and seeing them continue to deteriorate, I’d like to se what he has in mind.
The only ones who will be “ready for primetime yet” are those whom the media knows cannot beat Barack Hussein Obama.
Of course you won’t be able to deduct your mortgage and taxes. My daughter’s deduction is about 24,000 a year
Is it going to be places like Atlanta, Detroit,Chicago that are "entitlement/empowerment/opportunity zones"?
Will we need 1-12-12 in the Detroit suburbs to offset the no tax in Detroit? Does all the red tape including using union labor in the Detroit suburbs still stay in tact along with the tax hike?
Akin to the biblical prophet Amos, who critiqued the government of his day, Alexander’s preaching embodies the prophet’s burning plea: “let justice roll down like waters and righteousness like a mighty stream.”
“It’s not enough to talk about what black folks ought to do,” Alexander once said. “We have to also look at what government is not doing to ensure fairness and equal opportunity. God is on the side of the least of these. Jesus said ‘the first shall become the last and the last shall become the first.’”
From Cain's church where he preaches. This has been my big fear of a Cain Presidency from day 1.
There are some “complications”, but one of the objectives behind the plan is to make imports subject to taxation, and lessen the taxation of US produced goods.
Any US produced good or service has in its price all levels of US taxation. Imports have none.
Similarly, items made in the US exported abroad carry in its price all levels of US taxation PLUS consumption taxes or the destination country.
So the US produced goods have harder time competing in the US and abroad.
Phase One of Cain’s plan helps significantly, Phase Two completely levels the playing field.
The “new” vs. “used” is there so that the tax is paid only once. Good point about real estate. There will always be some controversial aspects of any plan...
This is what I’ve been saying all along. I’m stating to worry that Cain needs to get this albatross off his neck soon or Romney’s going to end up our nominee.
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