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.)
Thank you for explaining so clearly, what Herman Cain is proposing. I agree with you 100%!
What part of "corporations will not lower prices when their taxes go down" don't you understand, Marie? Why should they? Have you ever been in the corporate world? Sheesh!
And what part of "once the sales tax is added, it - and the corporate tax, and the income tax - will then be raised once again by Congress, as proven absolutely and beyond a shadow of a doubt by history" don't you understand, Marie?
999 doesn't cut spending. Spending is the problem - not raising more tax revenue! 999 doesn't get rid of the income tax. 999 adds a gigantic new federal sales tax, on top of state, county and city sales tax.
The ONLY thing that makes this plan look like anything other than the complete economic destruction it represents is the flat-out lie that these rates will stay at 9%, and then the graduated income tax will be gotten rid of later in favor of a flat tax.
Horsepucky. There is NO WAY the Rats and RINOs would EVER let that happen. They'd 1) completely block getting rid of the income tax, and 2) OBVIOUSLY raise the 999 higher and higher and higher.
A conservative should be running on CUTTING SPENDING - not adding entirely new tax streams for the government to play with! Geez!
Apparently you don’t understand it is not a business income tax. You can’t compare the insanely high business income tax rates today with Cain’s gross sales tax for businesses. It is a tax on gross sales less dividends, investment goods, and purchases from businesses. Wages are not deductible. A company could be barely profitable and be put into the red by this tax. Even if a company makes no money, they owe the feds tax. The estimates on this are that it will bring in $600 billion a year which is more than what the feds currently take in. It also favors capital intensive industries rather than labor intensive ones. The prices of goods, on average, would not go down.
The flat personal income tax is a good idea.
None of this will ever pass in its current form because it is a regressive tax package that the Democrats will block because they’re constituents would actually have to start paying income taxes.
It’s a nice marketing pitch for the primaries.