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 ...
who cares? i’m just voting against romney out of spite @ the GOP Establishment. i’d vote for newt gingrich’s divorce lawyer over mitt romney.
Since you seem to know the future....Can you tell me where the NASDAQ will close the end of the month.
TIA....
Who did you vote for in 2008?
Considering we are going to hell in a hand basket....maybe we all NEED to be having some “skin in the game”.
I want a conservative, a full conservative, not some half baked one which is liberal on social issues.
I want a candidate who is conservative all around.
First thing is to overturn this insane policy in the military of serving openly.
I still have pals left in and they are all pissed off over this, my sons are now not joining either.
Then repeal Govt health care, we should get full power the way the Dems are going so there is no excuse,
Then repeal everything this clown has done.
Too many people are missing the forest....
This is bold new action.....
The existing tax system is screwed up, the existing entitlment programs are screwed up, unsustainable and will ultimately bankrupt the USA....
What Herman Cain’s plan is the start of a national debate about how to implement a fairer tax system that limits the ability of the government to shackle the American people. Take the power out of the hands of government and put it back into the hands of the people. What’s not to LOVE?
Cain’s plan is not a miracle plan, if that was the case there wouldn’t need to be a debate, but it does do some good things. It gets rid of the progressive taxation that is screwing up the economy allowing Liberals to wage classwarfare. It gets rid of the taxation that inherently creates a dependent society. It saves tons of money by eliminating the IRS, and reducing reporting requirements and filing requirements that businesses and individuals spend billions on every year. These savings can be applied to pay down the national debt. Businesses will be able to reinvest and expand without worrying about all of the tax code implications.
That is my MIL and wife’s question.
Though it will never get passed anyway or I doubt it .
No. Everyone pays 15.3% payroll tax.
Employers match half, but that is considered part of compensation, so if that half is taken out, then compensation goes up. So indirectly, employees pay it.
Sales tax is a different animal. The Fair Tax HR25 is well researched and it shows that there is 22% embedded taxes in everything you buy, including food, including medicine. Fair Tax takes embedded taxes to zero. 999 also reduces the embedded taxes. So the end result is yes, they will pay 9% but the item itself is reduced.
Some people take issue with the food and medicine being taxed, but again, they don’t take in to account the reduction due to embedded taxes . If that becomes an issue, they could provide a prebate and offset it somewhere else , but I would think that needs to be the only exception because you do not need to start opening up a ton of other deductions, or then it ends up a mess.
PLUS, used goods are not taxed at all. If you are the poorest of the poor, there really isn’t a need to buy a new car anyway, right?
There is a welfare to work idea called “empowerment zones”, that has more deductions to get people off welfare into jobs.
I will say this - this whole thing has really gotten me to thinking just how comfortable we have made it in the US to stay “poor”.
And I don't think he minds the scrutiny unlike the other candidates that don't even have a plan to talk about.
Not that I think it will pass but if that is right then my MIL who already can’t afford her meds and food a lot and my wife will now be out of pocket.
Like I said I can’;t see it ever getting passed anyway .
I’ll take this weeks Lotto numbers too please.....
Idiot!!!
5.75 income tax plus 15.3% payroll tax or half, which every way you look at it, is still less that 9%
*** Sorry that should read
5.75 income tax plus 15.3% payroll tax or half, whichever way you look at it, is still MORE than 9%
will there be a way where it will not go up because we all know that as soon as a VAT is imposed then the left will jump right on this new tax and raise it?
See my post above
How does it penalize manufacturers of new goods? You are for Perry right?
...........Art Laffer likes it.....
It is not a VAT. It is a point of sale tax.
What is to stop them from raising taxes now?
Nothing.
999 has more built in limitation than our current tax plan:
- is transparent, so everyone will see what Congress is trying to do if they try to raise rates.
- because everyone is paying, there is no class warfare. If they try to raise the rates, there will be public outcry of raising taxes on the poor.
- Cain will ask Congress to write in 2/3 majority rules to keep from changing rates - if they will is another question. It has been done, historically.
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