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.
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I think that you are missing the point....
If 50% currently pay no income tax then any shift toward a 9-9-9 plan would automatically increase what they pay to 9% of what they spend. It will not fly.
Santorum nailed it last night...not a single hand raised.
btw...telling the average voter to go to a website to learn more about a tax plan will accomplish nothing. Cain either sells it in the face of the ridicule or he goes down with it.
I can see the obama ads now...
"To all you struggling out there to feed your kids, to pay the rent, to buy pampers for the baby...and who don't earn enough to pay income taxes...Herman Cain wants to add 9% to the cost of the food, the rent, the baby's diapers..."