Posted on 10/12/2011 5:07:23 PM PDT by DRey
Mr. Cain made it clear Wednesday his plan remained a work in progress. Visiting Concord, N.H., he added several new wrinkles. He would preserve the deduction for charitable donations, making the flat income tax not so flat; he would exempt any used goods, including previously owned homes and cars, from the national sales tax; and he would allow businesses to deduct new equipment purchases from their 9% corporate income tax, as long as the goods were U.S.-made.
Asked how that would apply to a computer designed domestically but containing Malaysian components and assembled in China, he replied, "I have no idea."
(Excerpt) Read more at online.wsj.com ...
There are so many lies circulating about the plan it is pathetic. Some Reuters dude is saying that existing wealth will be taxed at 9%.
Last nite the Bloomberg babe claimed they had scored it and found it short of revenue (Herman should have said, “was that static or dynamic scoring?”), but when you search for such analysis at Bloomberg, it comes up “No Results.” All these people saying “so-and-so and experts and everybody has scored it,”
.......but nobody will show their math.
These people are full of BS
So many people either do not understand or knowingly exaggerate the power of the president.
No president can implement a tax plan.
No president can even introduce a tax plan.
That power is reserved to congress.
A president can propose a plan, lobby for it, and orate about it,
but that is all he can do.
The president’s only “real” powers are:
CIC of the Armed Forces;
the congressional veto;
and nomination of justices to the supreme court.
Same old arguments “it hits the middle class and the poor the hardest”. All fueled by the leftist media. And yet, no one is showing their numbers to prove this assertion. Every time I see the numbers broken down the only ones who aren’t paying anything start paying something.
The so called “conservative economists” that say this plan is bad because Congress can raise the rates, which is crazy because they can raise rates now. In fact, it will be a lot harder to raise rates if everyone is paying the same amount! What Congress person is going to face THAT backlash.
I like what Kevin Hassett had to say today:
Kevin Hassett, an economist and senior fellow at the conservative American Enterprise Institute, praised Cain’s plan as moving toward a flat tax.
“If someone’s going to attack the 9-9-9 plan I would say they should be careful because you are talking about the Republican holy grail,” Hassett said,
The plan, Hassett said, hews to the conservative orthodoxy of “taxing consumption rather than success.”
The 9-9-9 plan made Cain and could break him. It will become a slower moving barge in the crossfire of a high tech naval war. Most such plans become easy targets—9-9-9, Obamacare, Ryan Plan, etc. While some pass and become law, most don’t. I think it’s safe to say that 9-9-9 won’t ever happen. I hope Cain’s political life is longer than his plan is likely to be. He’s a breath of fresh air.
Just the opposite. It lowers taxes on production and capital, allowing domestic producers to be more competitive.
It would be a powerful incentive for jobs in the US, not favoring overseas producers such as China as our present system does.
By the way, where is your boy Perry's plan? (The dog ate it)
Who cares? Cain’t plan will NEVER EVER EVER EVER EVER EVER get passed. It won’t even get out of Committee.
If it’s a choice between Cain and Mitt, I vote Cain.
Mr Cain is not the President nor is he arguing a bill before Congress. Mr. Cain's idea is a good start. You are hoping beyond hope he fails.
In the words of every other thread: "Thanks for re-electing Obama."
I would love to go with Perry’s plan but he doesn’t have one. He went into a debate on the economy saying details on his ideas are forthcoming. What is he waiting for, his memoirs on how to lose a Presidential election with a forward by Rudy Giuliani?
Perry last night was like showing up at school without your project for the big fair. Doesn’t it bother you how not ready for Prime Time Perry is? It is downright embarrassing.
Unless you are Obama.
Then all bets are off.
DOJ is just the police arm of the white house.
constitution used for toilet paper.
Congress ignored.
Help me understand.
The poorest taxpayers pay 10% Federal Income tax. Under Cain's plan wouldn't it be 9% PLUS a 9% Fed Sales Tax that currently doesn't exist? = a rise for the poorest taxpayers from 10% to 18% give or take? Thanks
I am aware Cain is not the president, nor will he ever be. Were he to become president, the plan would never see the light of day in Congress; however, since Cain is running on this plan alone, it is worthy of scrutiny.
Perry is a new entrant to the race. His plan comes out this week. And by the way, this is not a Perry thread. Obsessed much?
Hell you can make near $40k and have 4 kids...and a wife...and you will get back MORE than you paid in.
Other than that, I like Cain's position on the issues.
I am supporting Cain but I do have a question for you all.
If a woman is on SS at the age of 70 then does this plan make it more expensive for her to buy groceries, meds etc?
if a woman is making just under 20 grand then does she now have to pay more out of her wages?
Thanks in advance
Are you also saying the POTUS can't tell the DOE to do what they want to do? IOW, make regulations.
Are you also saying the POTUS cannot direct the Dept of Commerce to just make regulations?
So many people don't understand what the POTUS can do or not do. I agree.........
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