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 ...
You do know that in many states the only source of revenue for small towns are the grocery store via sales tax on food, right? Tax the poor folks, they are used to it.
oh good grief, I had forgotten about the child tax credit.
I have 4 kids I can’t afford to lose that credit!
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.
But the main point is that with a marginal income tax rate of 9%, instead of your current rate plus the 15% payroll tax, those deductions wouldn’t be big enough to worry about too much. Deductions are precious only because tax rates are so high. With low tax rates you won’t miss them.
I kinda think that most of this group won't be voting on the right side of the spectrum anyways.
No bias here...
DO NOT WORRY ABOUT 999 it will not pass! Who cares if it has problems??? It won’t even get out of committee. It is a starting point.
As far as I'm concerned he hasn't come up with anything yet to make me think he would make a good Pres. Until he came out with this 9-9-9 insanity, I thought he would be an improvement over the establishment RINOs, but his idea national sales tax ON TOP OF INCOME TAX is the worst thing I've heard yet - by far. (plus he's anti-gun, but I was willing to ignore that. Bush was anti-gun and he didn't do much harm)
IF he came up with dissolve the EPA, Dissolve HUD, and do away with the ATF. I would think that these actions would garner conservative support.
But, instead of talking about specifics of cutting government, he's just talking about new taxes. New taxes are kind of like cutting a hole in the side of the Titanic to let the water out
Are you saying you like the tax code as it is because your son doesn’t have to pay? So now we are playing the semantics game, and you are calling me an ass? I stand on principles, no matter how inconvenient they may be.
“This would advance the Left from sin taxes to the Federal right to impose total sales taxes. There is a huge difference.”
Congress could do it today... What stops them? The voting block that comprises of the 47% that pay no taxes (most of which is the lefts voting block). Under 999 that 47% starts to pay their fair share, no?
Exemptions for the truly needy like the elderly could be given a granted.
Under the 999 plan as calculated in the two different links provided in this thread my family will come out 1.34-2.12% ahead. I used my actual house hold budget numbers from last year including all of my sales receipts.
I like it but I know it would not get through congress. However, it does bring the discussion to forfront where I would like it to stay. With Cain as a candidate, it will.
The funniest part of these threads is that people are acting as though Cain is already president and he is trying to dictate congress to pass this plan as it is on his website. Give me a break.
We conservatives need to be smarter than this.....
once the AD;s run stating diapers, food, medications, clothing, etc will all cost another 95 then don’t expect many to vote for that and I can tell you now having talked to people today that there is no one wanting this extra tax.
Then imagine how the AD’s will run when it states Soros, Trump, Cain, Obama see’s their taxes go down to 95 while those who are poor are now paying an extra 9%
Whether I agree or not is not relevant but this plan needs to be changed a bit so as the elft cannot run AD’s like that
I remember when Ryan came out with his plan and I said it was not a good idea to be public and I got shot down off a few on here.
How did that turn out,.yea very badly even republicans were not running from it.
Cain is great at not being PC but to not be PC before he is elected is not good.
Can’t be saying things like he would not have a muslim for instance
nope
“DO NOT WORRY ABOUT 999 it will not pass! Who cares if it has problems??? It won’t even get out of committee. It is a starting point.”
BINGO!!!!!! We have a winner. I ahve been saying this on every one of these 999 threads.
I’m curious if the analysis accounts for replacing energy taxes, federal gas taxes, 30% phone taxes with the 9% tax.
We already did the croney capiatalism known as enterprise zones thanks to Kemp.
There was huge fraud uncovered in this scheme as it was enacted by the diversity Feds in HUD and their community organizing pals in the cities. It failed. We do not need to repeat failed ideas. That is for the socialists to do.
Exactly, this is what happens when folks have been relying on the deduction tit for so long, addiction is tough to cure.
We’re in a fairly high bracket, and break about even.
Paul Ryan thinks it is a good idea to run a campaign on cutting social security, too.
No thanks on the 9% consumption tax. Cain is doing really well and I’d have no trouble voting for him if he won the nomination, but I oppose 999. Lets just focus on reducing taxes/regulation and curtailing entitlements. This 999 stuff has no chance to pass, and Cain is going to have to start making himself known for something else because once the public really understands 999 it is going to flop badly.
Pass or not is shows us the underlying thought processes of its creator. Committed to supply side economics, believes everyone should have “skin” in the game and that taxes are too high. Try to glean any of that from the other contenders.
“aye I bet you lived on the streets, have you hell, you lived in a house growing up I bet, I bet you had parents didn’t you?”
You know, if you could write a coherent sentence, I would probably have better luck figuring out what the heck you’re talking about and formulating a response.
“personally I like the flat tax from what I know.”
I keep hearing about 9-9-9 becoming 30-30-30 etc.
What I don’t get is what prevents a flat 10% tax from becoming a flat 20% tax etc ?
Why can’t the same argument be made against the flat tax?
It all depends on the safeguards set in - like a 2/3 vote to increase any federal taxes regardless of the tax code.
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