Posted on 10/19/2011 11:22:57 AM PDT by TLittlefella
Anyone up for paying $18,000 sales tax on the next $200,000 house you purchase?
I didn’t think so. And for those of us who work our way up the ladder of success
at the workplace that next promotion may require moving to another city or state
another house and another $18,000 in sales tax. We are either going to become a
nation of renters or go bust trying to move up the ladder of success.
(Hell on the Middle Class)
Cain’s 999 plan is really the 999 plus 10 plan. Maybe you forgot that you no longer
have a Social Security retirement plan or a Medicare plan. You traded them for Cain’s
9% flat rate income tax. But never fear, Cain is going to put you into his favorite
Chilean model retirement plan that mandates you contribute 10% of your paycheck.
So it’s not just 9% payroll deduction – it’s a flat 19%. Take a look at his much
touted Chilean retirement plan.
The Chilean retirement plan isn’t all what it is cracked up to be, is it?
So let’s take a look at a nice married couple just getting started in life.
One flips burgers at Mickey D’s the other works at Wal-Mart. Their combined income
is $50,000. No problem figuring the payroll deductions under Cain’s 9% + 10% plan.
Their total payroll deductions will be $9,500 leaving them $40,500.
Under the current tax system that same couple using the standard 1040EZ tax return
would pay $50,000 minus $18,700 (married couple deduction) = $31,300 taxable income.
Per page 29 of the tax table they would pay $3,861 in taxes leaving them $46,139.
There it is in black and white, the couple pays $9,500 in taxes under Cain vs $3,861
using the current tax system.Of course, I haven’t even figured in the 9% sales tax this
couple will have to pay on every burger they eat, every can of soup they eat and every
roll of toilet paper they buy.
Granted, this couple could be very thrifty and buy used toilet paper to save a little,
but all in all it’s (Doomsday for the Poor and Retired.)
Cain’s 999 plan is a great example of smoke and mirrors and Cain himself is becoming
the typical career politician flipping, flopping, and failing the truth meter.
Electrocuting aliens one day and claiming it was just a joke the the next day.
Guns and live ammo on the border one day and it ws just a joke the next day.
Trading one American hostage for gitmo prisoners one minute and not the next.
Against a national sales tax one day and then creating a plan with one the next day.
Cain said because Anwar al-Awlaki is an American citizen it is not okay to kill him,
next time Cain is asked he says it's okay to kill Anwar al-Awlaki.
Against auditing the Fed one day and then for it the next day.
Against Government bailouts one day then for them the next day.
Against a Muslim in his cabinet one day then okay with it the next day.
Against raising the national debt ceiling limit one day then okay with it the next day.
If you want to see first hand proof of Cain’s flip flops check out the video on this link:
Cain Flop Flops.
At the end of the video on that link was a dazzling display of just how ill prepared Cain
is to be President as he went round and round with Eliot Spitzer.
Cain is a man lost at sea and if we turn the ship over to him he will shipwreck us on an
island of uncertainty forever.
At first I really liked Mr. Cain and the idea of having a non career politician for a president
but Cain needs to think more and speak less about things he knows nothing about.
The truth can be brutal, democrat voters were bamboozled by Obama in 2008.
We need not be smoke and mirrored by Cain in 2012.
Don’t ask me what candidate is any better because I just don’t know.
Thomas Littlefella
“And replaces it with a 9% corporate tax”
Uh, no, I believe he replaces the corporate tax with the 9% corporate tax.
A business transactions tax would radically broaden the base for businesses. Each business would pay tax on gross receipts less payments to other businesses. Allowing the subtraction of payments for intermediate goods yields the value added by the company. Subtracting investment as well yields a subtraction method value-added tax. (Page 7)If Herman Cain's own web site calls it a value added tax, why are you arguing with him?
My not so perfect understanding of 999 - You have a 9% VAT tax as part of it. Consequently - every time something is sold there is a 9% tax included. So I believe successive buyers are going to pay a VAT again.
Am I wrong in my understanding folks?
Family is indeed the corner stone of civilization.
Why do you think there are less divorces on the Asian continent than any other. But family integrity has nothing to do with tax breaks. That is no different than the welfare queens who never stop having kids because each additional kid brings in more benefit checks.
If you want more kids, more power to you. Just do not expect the single tax payers, the empty nesters, the retired, etc to support your larger no. of kids via tax breaks.
Who will pay for the college tuition of those 7 kids? Other Tax payers? This is what is wrong today. Every one wants a tax break for their favorite choice. Whether it is a McMansion with humongous interest or 7 kids in every pod, or growing corn, or drilling for oil, or installing a Solyndra panel or your roof....on and on. No wonder the budget is busted, and economy is on life support.
Cain did say that 999 must be accompanied by a 2/3 majority required in congress to increase taxes.
I don’t think Cain’s 9-9-9 is well thought out, it’s just catchy.
At least one of his supposed economic advisors has backed off of it.
It is easier for congress+president to increase invisible percentage tax such as income tax brackets or social security percentage. Are you aware that social security percentage has been tweaked 23 times since inception?
OTOH, to give a close to home anecdote, my wife knows exactly the sales tax percentages in every town and mall nearby, but could not tell me what percentage we paid on federal income tax last year, the year before or previous 10 years.
You’re right but so many people here have latched onto him, apparently for emotional reasons, and will hear nothing against him.
They will defend him even if they have to make it up.
I agree 100% it was not well thought out. It is very lacking in details and the more details that come out the more problematic the plan becomes.
He could regain a lot of credibility if he just admitted the plan needed a lot of rework and until the rework was completed he was not going to talk about the plan anymore.
Cain already stated that only those buying a brand new home would pay a tax buying homes previously lived in zero tax. Whoever wrote this doesn’t know what they are talking about at all.
Also IIRC the first $20K is not taxed under this plan so in reality their income would be $30,000.
I guess you can explain the difference? I don’t have a candidate of choice. I’d take any of them over Obama. That said, I don’t know if any of them fully understand how far gone we are or are prepared to do the things necessary to turn the ship around.
Yes, he does. But since he also eliminates the business deduction for wages, the wages are taxed at the corporate tax rate of 9%.
The vast majority of Americans don't have to botther with all those nuances, because their returns are simple unless they start making over 100K.
Above that, the more you make, the more complex things can get.
But if you make that much money, you hire a pro and it's his problem, not yours.
Right you are.
It's a gimmick--thrown out to the voters like red meat to attract them.
Were he to be elected, you won't hear about this plan again.
I wasn’t arguing the point with you philosophically. I was telling you that you’ll never leave to see it changed, and explaining why.
“Am I wrong in my understanding folks?”
Yes, it is a retail sales tax, not a VAT tax.
“You should tell that to Cain’s scoring team, who said this about the business tax...If Herman Cain’s own web site calls it a value added tax, why are you arguing with him?”
Debate is circling around whether 9-9-9 proposes a *new* VAT tax. We already have a corporate tax, in case you didn’t notice.
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