Lie #1. It doesn't mention the “empowerment zone” ghetto tax deductions at who knows how much of a rate. It doesn't treat everyone equally.
It also claims everyone will save 15% off their personal tax bill from eliminating the payroll taxes. That is less than truthful because half of that is a savings to business, and there is nothing to say that it will be passed on to employees.
The 9% sales tax is a major turd in the punch bowl for the average Joe.
There is nothing in the plan on his website that says it wont be charged on used items or on services. That would be a major hit to consumers.
Savings would lose 9% of their value instantly. ( Taxed twice).
Seniors get hosed big time by having SS income taxed at the full 9%, even those just scraping by.
It has zero chance of ever passing and once you take that away, what the hell is left of Mr 999 ?
The “Cain train” is the fast track to the Romney nomination.
I like the idea of a sales tax though. It allows the drug dealers, hookers, loan sharks, organized crime, and cash players the opportunity to contribute to tax revenue.
spot on, I admire Cains optomism, but once his 999 plan was shelved by congress, what’s his plan B?
If he did my some miracle manage to get 999 passed, it would hurt people like me the most. I am self employed and thus currently pay no social security or payroll taxes of any kind. I also have most of my money tied up in real estate which I currently get to depreciate and also deduct the interest portion of my payments from my taxes. Also, as a small business owner I have must purchase large amounts of supplies needed to run my business.
999 would destroy my business, destroy my personal finances, and destroy what’s left of the home market and sink most small business owners.
Frankly 999 would be even worse than Obama which on the grand scale is mostly just more of the same.
Agree and also the people who would get hosed the worst are young families with kids; they are up and coming—their kids need homes, furniture, food, shoes, cars, clothes, school supplies, etc.
Young families are at their peak for consumer item demand.
Cain says 9-9-9/Fair Tax would end the embedded taxes in all consumer products but does any one really believe that manufacturers would lower their prices because they paid less in materials taxes on the way to the store shelf???
The costs would come back in distribution-—fuel tax to get the goods to the store shelves.
It also claims everyone will save 15% off their personal tax bill from eliminating the payroll taxes. That is less than truthful because half of that is a savings to business, and there is nothing to say that it will be passed on to employees.
You’re campaigning hard against Cain.
The 9% sales tax is a major turd in the punch bowl for the average Joe.
Seniors get hosed big time by having SS income taxed at the full 9%, even those just scraping by.