Posted on 10/13/2011 5:19:07 AM PDT by Cincinatus' Wife
Herman Cain's "9-9-9" tax reform is attracting enough attention to become the focus of this week's Presidential debate. As a plan for overhauling revenues and unleashing the private sector, it's a bold gambit that shows Cain is willing to take chances and shake up the Capital.
The 9 percent business tax is a stroke of genius. It would give us the lowest business rates in the world and would make us the "tax haven" for investment from everywhere. The stock market would barely be able to stay abreast. The 9 percent personal income rate would eliminate all the deductions and put everyone on a level playing field. Tax collection from "the rich" would skyrocket because no one would hide income anymore, but "the other 99%" would make out as well. Cain's plan would fold in the 15 percent payroll tax so the new 9 percent rate would be an improvement - but would end the immunity that the bottom half has from paying any taxes at all. Altogether a good show.
The stickler is that 9 percent national sales tax. That's where things start to fall apart....
The sales tax has long been the preserve of the states and is now imposed in all but five of them (Alaska, Delaware, Montana, New Hampshire, and Oregon). The informal arrangement has been that the federal government gets income taxes, the states get the sales tax and local municipalities are granted the property tax. Often they poach. States and even cities have imposed income taxes and have also started trespassing on the property tax. But for the federal government to demand a 9 percent sales tax would be a whole new departure. Combined with state and city levies, it puts us near 20 percent, which is black market territory.
(Excerpt) Read more at spectator.org ...
Spot on!
Thank you for adding another arrow to my quiver.
What housing industry?
You *really* love the present Tax Code, don’t you.
That was my point!
Now that’s interesting.
The empowerment zones are at 8%. That’s a lot better than the zero taxes many in these areas are paying now.
So beautiful.
You still didn’t address why you (apparently) don’t think that having everyone as a stakeholder in the tax rates, including the NST, would work to hold tax rates down.
You’re good.
I hate to drop the turd in the punchbowl, but lets get realistic here.
I want to make a comparison.
Obama, Gives a zillion speeches, exhorts the House (not Congress, or the senate) to pass his plan, the CBO says ‘We don’t score speeches’
Collective Media....Ho Hum.
Cain, Comes out with 9-9-9, meant to descrive his POLICY for the overhaul of the tax system, people like it, media freaks out and demand details down to the legislative enactment level.
It would be amusing if it weren’t so sad.
I expect it from the Libs, but the MS Cons. press should know better.
Also, I don’t see what’s so wrong about supporting a man who is a bold thinker and who puts a bold proposal out there that could cause his candidacy to sink or swim.
I’m only leaning toward Cain at this point, but I sure as Hell’s Bells find it ironic that someone would argue it’s somehow dumb to support a guy because of his ideas or his willingness to think big.
It also doesn't require 71,000 pages (the current Tax Code) to explain Cain's plan.
Good grief, have you ever heard of Art Laffer?
Of course, you can never trust the analysis of someone who supports the candidate offering the proposal, you can only trust the analysis of someone who doesn’t support the candidate. /s
I’ll remember that when we get to discussing Romney 89-point whatever it is plan (the one that is not “simple” like 999, so no one is even talking about it).
Oh, come on! Resist, we much!
You pay it at the point of purchase, just like state and local sales taxes and federal fuel surcharges.
It would be stated at the bottom of your receipt.
Way to go to support your man!
The fact is that no one is the least bit interested in Romney’s plan or in talking about it.
Try posting a thread on it to try to get some traction for Romney and see what happens.
Do you really think the people not paying taxes now are going to vote for Romney, Perry or any GOP candidate?
Just dayum.
I don’t care who you are, that’s funny.
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