Posted on 10/12/2011 8:34:49 PM PDT by UnwashedPeasant
Few seem to know it, but Phase 2 of Cain's 999 plan is the FairTax. Cain's website says the following about the FairTax:
1.) Amidst a backdrop of the economic boom created by the Phase 1 Enhanced Plan, I will begin the process of educating the American people on the benefits of continuing the next step to the Fair Tax.
2.) The Fair Tax would ultimately replace individual and corporate income taxes.
3.) It would make it possible to end the IRS as we know it.
4.) The Fair Tax makes our exported goods and services the most competitively internationally than any other tax system.
(Excerpt) Read more at hermancain.com ...
http://www.youtube.com/watch?v=_lMmEhffs3k&feature=player_embedded
+20
Some of the stupidest remarks about Cain’s 999 plan have been those posted on FR.
From the “party of no new ideas”, Mr. Cain has brought forth a Big Bold New Idea, and people are responding very favorably to it.
It is a good economic plan, and a brilliant campaign strategy. Guess what everyone is talking about now? The 999 Plan.
/cheers!!!!
It’s far better than the system we have now.
And yet, somehow, even with the government riding my back, I've managed to have some money put away. And so here comes Herman Cain and his band of sales tax morons, all hyped about coming after what's left of my earnings, and trying to take another 33% of it everytime I try to spend it???
Big and Bold? Here's big and bold: F U.
I have converted 5 kids, ages 18-22, to Cain supporters just by telling them about the 999 plan. Once I tell them how it’ll help the economy, they’re on board.
My daughter is putting together a group to go vote together in the primaries next spring.
They’ve all decided to walk with a cain when they go to vote! My daughter is collecting them now. :D
(I thought that was awesome!)
GO HERM!!!! I really like this guy.
Yes, I meant cane! lol!
The FairTax is a horrible idea. What’s to prevent future congresses from increasing the FairTax rate to 10,000%?
/sarc
IMO, the FairTax will never work in the US. In fact it would absolutely destroy this countries economy. As would the 999 plan.
Federal sales taxes are simply an unworkable idea in the US. People mistakenly look at Europe and think wow this or that works there so lets do it here in the US. Well just like high speed rail, this ain’t Europe.
The American people are way to consumer oriented to ever convert to this system. We want lots of stuff and we buy lots of stuff. If you implement a 20 to 30 percent tax the American people would simply stop buying damn near everything. I live in Texas where we already have almost 9% sales tax and I buy lots of toys. Tack on another 20% or more tax to bring it to 29% plus and guess what? You guessed it, I don’t buy a freakin thing I don’t absolutely need.
Wake up people! This is an unworkable, never going to happen in the US idea.
The way to reform the tax code and get rid of the IRS is to go to a flat tax where everyone pays the EXACT same percentage on every penny they make. This flat tax would need to be 10% or less, preferably around 8%. It would not matter if you are working for minimum wage or you make 20 mil a year you pay the exact same rate. It should take only and exactly one calculation to pay your taxes, X amount per year times X%, end of story.
This would git rid of the IRS and government control scams via the tax code and give people incentive at all income levels to work as hard and as much as possible.
What part of ‘the prices will go down because the corporate tax rate will go down and will offset the 9% sales tax’ do you not understand, Huck?
Not only that, but you won’t be paying the insane taxes on gasoline, phone bill, internet, etc that you’re paying now. Yes, you’d have a sales tax on items that have dropped in price, but you won’t be taking a bath on things that you’re happily swallowing now.
My phone bill is almost double what the base price is just because of the Fed’s taxes and fees. Gasoline will go down.
And Cain wants to use our energy resources. I know that right now, my kids are seriously hurting with the gas prices. You work a minimum wage job - you’ll have to work for your first hour for free just to pay for your commute.
The MAIN argument that the media is having is that they don’t think 999 will take in as much as what we have now. They say that it won’t work because it isn’t going to rip Americans off ENOUGH.
And one more thing: I’d sure like some social security reform so hubby and I can get back some of the thousands of dollars that we’ve paid into the system. As it is, we’re watching $700+ dollars a month being dumped into a system that we’re assured won’t be there for us. I’d like to put that money into MY retirement plan so I’m not sucking off the next two generations when my time comes.
(I can’t even bring myself to do the calculations to figure out where hubby and I would be in 25 years if we could invest that $700 a month. It hurts too much.)
Next time some MENSA decides to harp on about 999, this will be my NINE point response:
Yes, it does put a new “pipeline” in w/o ditching the income tax. But its worth the tradeoff and here is why:
1) The IRS could be reduced by 99%, saving many billions. The tax form would be a single 1/4 sheet of paper, about the size of the old W2 forms:
Line 1. How much did you make _________
Line 2. Multiply Line 1 x .09 _________
Line 3. Send in total from line 2
2) Adding a sales tax yes, but eliminating the Capital Gains tax, FICA tax and Medicare tax for both employee and employer, the communications and other excise taxes, and the Death tax, and the double taxation of dividends. A fair tradeoff.
3) It expands the tax base to all individuals. No more freeloaders. My guess is the first 25K of income would be exempted from the 9% flat income tax.
4) A 9% corporate flat tax would be a world beater. The problem of shipping jobs overseas would be greatly reduced, if not altogether reversed
5) Art Laffer is behind this plan. IMO, one of the finest economists alive.
6) It would become infinitely harder to raise taxes. Not only for the reasons Cain mentioned in the debate, but more importantly, when raising a tax effects 100% of the population, Congress will feel the heat like never before.
7) It kills off the class warfare on taxes. So fools like Romney and Pelosi can’t ply their poisonous trade anymore.
8) It would force a major collapse or at least a major rejiggering of the WTO. They would rule it unfair, we’d tell the to *$#@! off
9) The entire cabal of tax lawyers, tax accountants, tax planners and IRS agents would have to find a new line of productive work instead of leeching off the blood of others.
And yet, with zero corporate tax, zero FICA, zero Medicade, zero income tax...
You really don’t see prices dropping enough to mostly offset the sales tax??
As far as people only spending what they need to spend...
GOOD! We’d have more people saving and less people sucking hind t*t when it comes retirement time.
People are spending too much. This is how we got into the housing and credit crises. To much easy money. Too many easy loans.
Then people get old or hurt and look to the productive to bail them out.
Last time I checked, that was socialism. We need to encourage savings.
Thank you for explaining so clearly, what Herman Cain is proposing. I agree with you 100%!
And yet, with zero corporate tax, zero FICA, zero Medicade, zero income tax...Do you really think the plan is Nein!-Nein!-Nein! on taxes?
Huck the current system must be torn out by the roots. Those roots need to be soaked in non taxed deisel and burned to ashes.
Will people like you and I who have paid a fortune into the current failed system suffer a bit? Yes. But nothing like what has already been stolen.
Let’s take what we have now and leave a better world.
I’m not smart enough to know whether the 9-9-9 is the absolute best idea moving forward but I’m excited as hell to be part of the fight.
The world can bite me. I'm all for improving the system, but I'm not volunteering to be the guy standing when the music stops. No way.
Last I checked, everyone is in it for themselves. I'm not a sucker. No deal. The gubmint can bail out the banks, but we poor souls have to just pony up another 33% for the good of the country? Not if I can help it.
Cut spending. Cut spending. Cut spending. Cut spending.
“Do you really think the plan is Nein!-Nein!-Nein! on taxes?”
Oh yes! I sure do! :)
Here’s one more thing: Someone like Huck, who’s apparently retired... I wonder if he’s living off investments? Maybe something like a 401k? (I’m not trying to make assumptions but he did say that he’d manged to put some money aside.)
Many, MANY retirees and people planning on retiring, took a serious bath over the last few years with the stock market crash. They lost a lot of money and are hurting now. Many are delaying retirement until they can afford to do it.
If the corporate taxes go way down, the corporations do better and their stocks go UP. Way up.
Then our elderly will be doing BETTER - not worse. I want them happy, secure and retired. I’d love my generation to step in to fill those jobs. I want my kids employed.
When the country thrives, everybody thrives.
Maybe I’m just prejudice because I shop at goodwill and on craig’s list. :)
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