Cain 999 tax plan, it is a catchy phrase but it is a political killer. You cannot win elections when you are telling the 50% of the population who pay zero taxes after filing all their deductions under the current tax code that they have to pay a mandatory 9% taxes on their income with zero deductions and an additional 9% national sales tax on every item they purchase including the basic items such as food and clothing.
Obviously you don't know what taxes are levied on the people, what part they end up paying (or having attributed to them), and what the 9-9-9 plan replaces.
Time for some RE-EDUMACATION!!!!
However, I'm not going to do the job in this thread. Rather, like other's I will be waiting on you to keep coming up with this point (easily refuted last evening by Cain himself) and knocking you upside the head with it.
Who is your candidate?
You said "...after filing all their deductions under the current tax plan...". Oh my. Where to begin?
Never mind, I don't have the time to bring you up to speed. Before you go and say something foolish like that again, perhaps you ought to first educate yourself on Cain's 9-9-9 plan, and WHAT IT REPLACES...
Wait until he tells them it’s a stepping stone to a 30% consumption tax. Cain has no chance. 9-9-9 makes him unelectable. If the Tea Party makes this mistake, like they did with Christine O’Donnell, and Sharon Angle, then they will reap what they sow.
I think a significant number of those folks vote Democrat, anyway. Not all, but a lot.
People are not listening to Cain's statements. He wants to do away with the current tax code with its confusing exemptions and loopholes...not add this 999 tax plan to it. Thus, a person's tax payments will be reduced from what they pay now because feds will be getting 9% versus 12% or up. You will have more, not less of your hard earned money for purchasing things...food, clothing, etc. And, there will be no tax on purchases of used items, only new. So if you buy things from a second-hand store, recycle shop, etc...no tax. Here's a summary:
Phase 1 Enhanced Plan Summary
Unites all tax payers so we all pay income taxes and no one pays payroll taxes Provides the least incentive to evade taxes and the fewest opportunities to do so Lifts a $430 billion dead-weight burden on the economy due to compliance, enforcement, collection, etc. Is fair, neutral, transparent, and efficient Ends nearly all deductions and special interest favors Ends all payroll taxes Ends the Death Tax Features zero tax on capital gains and repatriated profits Lowest marginal rates on production Allows immediate expensing of business investments Eliminates double taxation of dividends Increases capital formation. Capital per worker drives productivity and wage growth Capital formation will aid capital availability for small businesses Features a platform to launch properly structured Empowerment Zones to revitalize our inner cities
We all know the Fed has tripled the money supply since 2008. They have been printing money out of thin air to finance the Obama spending machine. While true Fed reform that restores sound money may have to wait for my election, the best thing we can do now is to pursue policies that increase the DEMAND for dollars to help mitigate the risks associated with the increase in the supply. Pro-growth economic policies equal a strong dollar policy
Go to Cain's website to read more and know what it is about.