Sure, I got a plan, but I'll show it to y'all later!
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 ...
Since Cain has offered no tax caculator site to refute this kind of analyses of his tax plan, the media gets to define and caculate it for him.
Although simplifying the tax code is an important part of ending government corruption via buying loopholes, it will be protrayed as a tax increase on the middle class at a time when the middle class is suffering under the weight of this economy. It also is slammed for introducing a new consumption tax that we all know would not stay stagnant at 9%.
The 999 plan is a very weak campaign centerpiece when it comes to the general election.
Read Cain’s Lips: ALL NEW TAXES!
It would be a better plan if it exempted tax on food.
I already see the flaw in that scenario - they do not account for the payroll taxes being eliminated.
A family of 4 making under $50,000 is likely getting a bunch of free government stuff.....this article does NOT analyze all this very well.
Sure, I got a plan, but I'll show it to y'all later!
999 has no chance of passing. 999 won’t even get out of committee.
It has problems because Herman Cain probably thought it up while he was on the treadmill.
But it’s a starting point. You want a Flat Tax? A Fair Tax? Electing Herman Cain is the best chance you’re ever going to get to throw out the current tax code and implement a more sensible system.
home mortgage interest deduction gone
child tax credit gone
business expense deductions gone
and I don't even pay payroll taxes because I am self employed, I would be totally screwed under 999.
As a small time retailer, I would like to know what it would mean to me and my biz. Would I have to start charging my customers 16% tax on everything? (state + new fed.) Does the state tax go away or what?
I too am concerned about this 999 stuff which to the average Joe, is interpreted as a tax increase. A delivery truck guy told me yesterday that he doesn’t want to pay an additional 9% tax on his purchases.
Love Cain..see my tagline. But he really doesn’t need to ID himself so closely with this plan and keep repeating how much he believes in it. He can sell himself on who he is without it.
How about an analysis from a conservative instead?
http://www.redstate.com/apocomilitiaman/2011/10/12/rough-math-of-the-999-plan/
The left is TWISTING the numbers in Cain’s plan to try and make it look bad. Many FReepers are falling into this trap. Please learn about the plan yourself and stop blindly following the leftist talking points. They are going to do this to everyone but Romney.
agreed- if he’s just going to sit back and take it rather than fight back with real numbers he’s just another GOPer that fights like a little girl...and he does not seem anything like that at all...
my MIL is on SS, she is old, she cannot afford half of her meds, and can only buy enough food for two meals a day.
She has no car, no luxuries like eating a chocolate bar, she cries her eyes out when she can’t give her grandkids a present at Christmas and birthdays.
Now she will have a 9% tax on her.
Aye that is not going to go well in the election and the left are going to crucify him for this and what is to stop the left raising this 999 to 30, 30 , 30 in the future.
Cain is better than Romney by far but he better get this tax plan sorted out than just saying 9,9,9
That plan will not go to well with people down here in FL and the older poorer folks in the south
We know how the left will swing this
the rich see their taxes go down by over half while those living on SS and have no money left over and have no nothing to enjoy but live like hermits now see an increase in their food, medication, clothing bill.
I want a flat tax, personally, but I don’t think it is wise to run on that as a central economic plan to fix the economy. I am against introducting a new pot of money for Washington - a consumption tax.
Debates on reforming the tax system is better done once in office because it won’t win an election.
Reread the article. I think they do account for payroll tax savings.
What kind of government stuff can I get?
The purpose is to stimulate economic growth and make us more competitive wrt to jobs by shifting to consumption taxes, not more Bush/Obama popular give-a-ways. Those were how we ended up with half the country paying no Federal taxes (except entitlement ones) and more and more of them losing their jobs and supporting more handouts.
Heck, the specifics of Obama’s Christmas gift ‘Jobs bill’ all poll well. But they wont make the voters happy when they lose their jobs anymore than they were happy with Bush in 2008.
Yes.
Does the state tax go away or what?
Not unless the state ends it. The federal government cannot repeal taxes that the states enact.
“It’s going to raise the price of just about everything by about 9 percent,” said former George W. Bush economic policy adviser Bruce Bartlett. “We know from experience and analysis that that tends to hurt people with low incomes.”
Alright. And wouldn’t prices drop with the concurrent drop of corporate taxes, offsetting the 9% sales tax by a LOT?
Yes. Yes they would. It is NOT a zero sum game.
If you don’t believe that prices will drop as the corporations have the heat taken off of them, then you don’t believe in supply-side economics, the free market and the laws of supply and demand.
In other words - you are NOT a conservative.
How ‘bout the rest of Cain’s plan? Deregulating the energy sector. Opening up our natural resources?
How would $1.50 (or less) for a gallon of gas effect the working class and the working poor?
How about LESS FREAKIN’ POOR PEOPLE? More jobs means more working people and less people worrying about the 9% sales tax.
How about retirees doing MUCH better as corporations thrive and their investments begin to take off? How about the huge number of Boomers who want to retire and can’t because they’ve take such a bath in the stock market over the last five years? I’ll bet they’ll be happy with corporate profits.
You are being taxed this much now in the form of hidden taxes. 999 is revenue neutral, people.
Every time people scream about the 9% sales tax, the more I’m convinced that such an obvious tax would hold itself in check against increases over the years.
Not so with the hidden corporate taxes. We pay it every time we buy anything, but we don’t bawl and cry about it because it’s not *obvious* to us.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.