Posted on 10/13/2011 9:59:12 AM PDT by SaraJohnson
If you have a family of four with an income of just under $50,000, they could end up paying more under the Cain plan. Currently, they are taxed around $3,850 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500. That’s $650 more. Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit worth the same amount. Furthermore, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000. That means under the Cain plan that family could end up paying $2,725 more.
(Excerpt) Read more at abcnews.go.com ...
Thanks for correcting me about charitable deductions being retained in 999.
you know what you say one thing, another person says another thing , then another person says some people are too dumb to understand it, then another person says you’re not conservative if you don’t want this other tax at 95
I’ve spoken to 5 others who live near me and an accountant and all say differently to you and others on here.
The fact remains no one knows for sure how this will work out, if the 999 plan goes to a 20, 20 20 plan or if it will be even passed which is why I think it is time for Cain to not just print it and then have 20 people saying 20 different things and then have everyone arguing who is the better conservative .
Get him on a decent stage with a decent interviewer who understands money and then ask the hard questions like what safeguards will you put into place that this will not hurt those who live on peanuts a month or what guarantee do you have that the plan will not go to a 20, 20 ,20 plan?
All fair questions I think you will agree and fair points.
All this is doing is making people attack others for various reason or just because they want answers and some don’t like questions.
“empowerment zones” are not a conservative value either. Please explain that.
And if they corrected their math, the $2750 increse in taxes is reduced to $750 increase. Poor reporting by ABC.
I agree that every citizen should pay taxes. That way, when they start making their Federal chirstmas list, they understand it is coming out of their own pay check. Giving people tax refunds (tax credits) when they pay no taxes is the biggest scam I’ve seen.
The fact is Social Security wasn't taxed until Clinton, so I guess if they scrap the tax code it would no longer be taxable. Well in theory {:-) we should remember that Clinton taxed dead people retroactively.
er you have no idea how much money we make or how much we have, I’ll give you a clue.
Nothing, and no before someone starts, we do not eat out , we do not get take out, we live with in our means and we come from very poor backgrounds and live in a blue collar working class area though hardly anyone is working right now.
We are all helping each other as best as we can and I’m sure you would vote to have officials not raise our taxes like an extra 9% on top of a state tax of 8%.
I would vote the same way as I think this [plan will go no where if he were elected and I am worried that the left will rip his plan apart and we all know how they do that.
Monty, sorry just telling it like it is. :)
First off, some accountants will be out of work under this plan. I would guess, most of them don’t have enough details to say anything of substance because the LIBERAL media is distorting the numbers Nearly every number I have seen eliminates the 15.3 percent payroll tax. That is a hidden revenue stream that GOES AWAY. It is replaced by a visible revenue stream.
We pay hidden taxes all the time. That is a fact.
I’m not going to discuss the plan any more with you because you refuse to look at the numbers, you just want to follow opinions.
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For anyone else who might be interested, Cain’s plan got another nod today:
Paul Ryan ‘loves’ Herman Cain’s 9-9-9 tax plan
http://www.freerepublic.com/focus/f-news/2792277/posts
Here, clothing is taxed. Is it not everywhere?
BTW LOL can you give me some money seeing as you are giving it out?
Until one competitor decided to undercut your prices and see just a 24% profit. Then one of his competitors undercuts him and keeps just a 23% profit. And then....
Good question.
And who is going to successfully argue the caculations over whether it does or does not end in a shortfall in campaign sound bytes.
Obama’s media will swamp 999Cain right out of the gate.
Until an enterprising young start up decides they can live with a 10% profit selling the same product. Aren't you forgetting about competition? Margins are margins, some companies are better at squeezing out more profit with less overhead than others. There is a big difference between the first two 9's and the last 9. The first two are taxes on production whereas the last 9 is a tax on consumption. Market dynamics play a significant role in prices.
Yep, I remember being lectured on how McCain was the only candidate who could beat Obama based on his military experience and moderates. Then in 2008 Mr electable McCain flipped almost all his positions for the campaign he even took both sides of TARP, Most saw right through him the phony he was, then the doomsday talk about Obama couldnt save him. I will go for 'real' over a phony slick RINO.
The purpose of a consumption tax that does not apply to exports is that it rewards production and exports not consumption and imports. We cant be begging for handouts from foriegn countries forever just to win a few votes.
agreed on your last point
But start with those 49% then add all those on fixed or low income (iow...everyone living on Social Security) who will be impacted by DNC ads that will hammer the 9% extra cost on everything they need to buy (food, gas, medicine, diapers, books, fuel oil, cable, rent, clothing...everything)...and then explain exactly how anyone running on this scheme wins the WH --- after you've stopped laughing of course.
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