Skip to comments.
Cain's 9-9-9 Plan Gets a Closer Look
Wall Street Journal ^
| 10/12/11
| John D. McKinnon
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 ...
TOPICS: Politics/Elections
KEYWORDS: 999; cain; dumdumdum; hermancain
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80, 81-96 last
To: CSI007
81
posted on
10/12/2011 7:20:51 PM PDT
by
DRey
(Perry/Rubio 2012)
To: Tzar
On the same page as you, I think.
To: relee
He needs to add a balanced budgent amendment and/or a limit on federal spending. This would quickly shut up the naysayers who think the 9% sales tax would turn into something higher. Problem solved.
83
posted on
10/12/2011 7:22:26 PM PDT
by
grumpa
To: DRey
Used goods are not taxed. Yes, Im for Perry.
Not at first, at least...
84
posted on
10/12/2011 7:25:18 PM PDT
by
magritte
To: DTxAg
So then what's the backup plan? The backup plan is to make sure we elect supermajority REAL conservatives in both houses who can over-ride any presidential veto.
Then direct them to pass a balanced budget amendent, tackle the massive fraud in the Medicare/medicaid program, and reform the entitlement program and tax code.
That would be a good start.
85
posted on
10/12/2011 8:02:02 PM PDT
by
Texan
To: DTxAg
Let's expand that model to a retired couple living on SS alone (God help them) or SS and dividends. They would gain from paying no tax on dividends (if I understand correctly). However they would now pay an additional 9% on virtually everything they buy, including food which used to be exempt.
The question is, would they benefit or get hosed?
86
posted on
10/12/2011 8:21:45 PM PDT
by
Texan
To: grumpa
He needs to add a balanced budget amendment and/or a limit on federal spending. This would quickly shut up the naysayers who think the 9% sales tax would turn into something higher. Problem solved.And as soon as he includes 'a balanced budgent amendment' to the 999 plan, I will shut up. Until then, I believe a new tax, a national sales tax, is dangerous.
87
posted on
10/12/2011 8:42:49 PM PDT
by
relee
('Till the blue skies drive the dark clouds far away)
To: DRey
Still shucking for amnesty???? Not haveing much luck, maybe that is having no luck. Old doofus perry sliding on out.
88
posted on
10/12/2011 10:56:54 PM PDT
by
org.whodat
(Just another heartless American, hated by Perry and his fellow democrat)
To: DRey
Still shucking for amnesty???? Not haveing much luck, maybe that is having no luck. Old doofus perry sliding on out.
89
posted on
10/12/2011 10:57:11 PM PDT
by
org.whodat
(Just another heartless American, hated by Perry and his fellow democrat)
To: Texan
Let's expand that model to a retired couple living on SS alone (God help them) or SS and dividends. They would gain from paying no tax on dividends (if I understand correctly). However they would now pay an additional 9% on virtually everything they buy, including food which used to be exempt.
With no other income, the couple on SS loses 9% since they are subject to national sales tax. With other income, it's unclear since Cain's website says there is no capital gains tax but a tax on gross income would include any capital gains (yes, capital gains are income under current law). In that case, the couple either pays 0% or 15% capital gains tax and some taxes on part of their SS benefits. 9% on the dividends and 9% sales tax is probably more than they would pay in taxes now.
90
posted on
10/13/2011 5:11:23 AM PDT
by
DTxAg
(The Presidency is not an entry-level position.)
To: Texan
Sorry, meant to say:
With no other income, the couple on SS loses 9% since they are subject to national sales tax. With other income, it's unclear since Cain's website says there is no capital gains tax but a tax on gross income would include any capital gains (yes, capital gains are income under current law). In that caseUnder current law, the couple either pays 0% or 15% capital gains tax and some taxes on part of their SS benefits. 9% on the dividends and 9% sales tax is probably more than they would pay in taxes now.
91
posted on
10/13/2011 5:13:30 AM PDT
by
DTxAg
(The Presidency is not an entry-level position.)
To: Repeal The 17th
You forgot the Presidential power of the executive order; constitutional or not.
92
posted on
10/13/2011 7:16:31 AM PDT
by
rrebo
To: relee
agree.
This new tax imposed would be the lefts dream.
Like Michelle Bachmann said.
Will it be the 15, 15, 15 plan or turn into a 30, 30 , 30 plan.
All I know is that my MIL who is on SS and dirt poor, no car, no luxuries even like some chocolate, can’t afford some food she wants, lost a load of weight and only can afford half of her meds will now have a new 9% added thus she is out of pocket even more,.
Maybe Cain who is my man thus far as he is better than Romney needs to address this because I guarantee the left will go and attack this like mad and down in FL many older folk will not be happy seeing less money in their pocket while Trump down the road gets his taxes cut over half.
Not saying I agree with that but saying how it will play out and to win the election he needs this state .
93
posted on
10/13/2011 7:18:53 AM PDT
by
manc
(Don't fall for the trolls who promote the protests on here, Marriage= 1man+1 woman)
To: Texan
the latter in your question.
94
posted on
10/13/2011 7:20:17 AM PDT
by
manc
(Don't fall for the trolls who promote the protests on here, Marriage= 1man+1 woman)
To: DTxAg
unning for President on a tax plan that increases taxes significantly on the middle class is not a real smart idea. A tax plan that significantly helps the economy is going to look better than "soak the rich" or whatever Obama is running on. The other thing is that Cain has demonstrated economic leadership, Obama is just an idiot who has never worked in a real business, never had a real job and certainly never created a single job.
95
posted on
10/13/2011 3:11:05 PM PDT
by
palmer
(Before reading this post, please send me $2.50)
To: manc
while Trump down the road gets his taxes cut over half Then you need to join the Obama campaign. He has promised to soak the rich.
96
posted on
10/13/2011 3:13:00 PM PDT
by
palmer
(Before reading this post, please send me $2.50)
Navigation: use the links below to view more comments.
first previous 1-20, 21-40, 41-60, 61-80, 81-96 last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson