For that we completely lose the Inheritance Tax, the Capitol Gains Tax, and the income tax is completely reformed, and there is no payroll tax for Social Security and Meidcare.
A pretty good trade IMHO.
Particularly when the package requires the passage of a provision requiring a 2/3rds majority to increase any of the tax rates. we do not have that provision on any of the taxes now.
At this point, I am for his plan.
Don’t forget that we lose the gift tax, inheritance tax, death tax...
I’ll be able to send my mom $1000 and it’s nobody’s business.
“there is no payroll tax for Social Security and Meidcare.”
Then how will those two programs be paid for?
Out of the “general revenues”?
Regardless of whether SS and Medicare are solvent in the future (of course we know that they will not be), their respective payroll taxes provide a direct source of funding for them.
If anything, we have seen the revenues raised from SS “raided” from it’s (so-called) trust fund and used for other (general) purposes.
If the payroll tax (on both workers and employers) is ended, it’s going to take nearly all of the proposed 9% national sales tax to pay for SS and Medicare. Hmmm... on second thought, not only will SS/Medicare consume all of the 9%, it _still_ won’t be enough.
Retired folks aren’t going to like this, and they aren’t going to vote for it. The elimination of the payroll tax does nothing for them, AND, they’ll be saddled with a totally new tax of (at least) 9% on all their expenditures. And may even see their SS benefits cut on top of that (which may be likely no matter what happens).
Our side does not win votes with “plans” like this.
Whatever happened to G.H.W. Bush’s simple pledge:
“No new taxes!” ??
What has happened to “conservatism”?
Here on FR we revel in taunting others for “drinking the Kool Aid”. But seems like there’s pitchers upon pitchers of it, right here for the drinkin’!
Mr. Cain had better re-think his ideas.
Just sayin’....
“there is no payroll tax for Social Security and Meidcare. “
So which part of Cain’s plan of 9/9/9 pays for S.S. and Medicare (at least for folks over 55)?