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 ...
Not so. From Cain's official website:
Individual Flat Tax – 9%. Gross income less charitable deductions.
I think there's more to learn about Cain's plan. Someone upthread mentioned they'd have to pay the 9% sales tax on utilities. In interviews, Cain has said utilities, property tax, car payments, mortgage/rent, inurance are not subject to the 9% sales tax. I think he may have said healthcare is exempt as well, but I'm not entirely sure. None of this is on his website, though. I'd like to see him get into more details like this, and post it in a FAQ on his website.
Perry already shot himself in the face, the damage is done. Romney pounded on him (I hate Romney for the record) and if Romney is scoring points at Perry's expense, then what does that tell you about Perry...
No, prices would not go down. In the real world, prices would remain the same, with a someone pocketing the profit and then only paying a 9 percent tax on it. So companies could then see a nearly 25 percent profit by keeping the prices the same.
I’m going to eat you for lunch, take your customers and best employees. My profits will be higher than ever, and you’ll either go out of business, or copy my approach.
You have no basis for saying I posted this reality check on Cain for Perry. I have ripped Perry on his vaccine and illegal alien crap on this forum, too.
All of them have pros and cons. We do ourselves no favors sticking our heads in the sand for any of them. Playing a rah rah echo chamber is how conservatives get caught with our pants down in elections.
Just to set the record straight, Bush and Perry are not best friends. Rove hates Perry. Perry hates Federal education mandates.
I had to look it up, all my income is rental income which is why I don’t pay those taxes.
My situation is more different in that regard than I thought.
I swear, I am so surprised that a lot of people on FR forget how a free market economy works. **Shaking head**
Right now Cain is really the only interesting candidate that I can see.
Perry has lots of baggage and apparently is not good at answering tough questions like on his Dream Act. Lets see Perry take on Lawrence O Donnell like Cain did last week. Talk about the Lion's Den. Cain is tough!
That is interesting given we sell Cain999 as ending loopholes for corporations and the wealthy.
Foundations serve as a central loophole for limo-socialists protect their wealth from taxation.
LOL!
Indeed, the 9-9-9 whiners are also playing into the Liberal portrayal of Tea Partying Conservatives wanting to cut “Big Govt” spending, except when the spending lines their pockets.
You are making the claim that Cain is not electable and Perry is,.
‘You got No heart’ Perry apparently is not good at answering tough questions like on his Dream Act. Lets see Perry take on Lawrence O Donnell like Cain did last week. Talk about the Lion's Den. Cain is tough!
Perry is a sub-par debater and most indies see him as Dubya II.
People understand that not all conservatives come from Texas.
Cain is anti-gun. I heard him say on his radio show that he wasn’t against some restrictions. IF you’re for some restrictions, then you’re anti-gun. SO bite me.
If you can dig one up, I’ll wager it’s not someone in Congress or any statewide office who thinks mentally retarded children who have committed violent crimes should be allowed to carry machine guns into courtrooms.
I respect your absolutist views on gun control, and share them, but I don’t expect any sane presidential candidate to openly espouse the views we share.
And you need to be more honest about Cain. All I have seen him quoted saying is that he thinks that what restrictions there are should be state and not federal. That doesn’t mean he thinks most restrictions are tolerable or constitutional.
“reasonable restrictions’ Is what every anti-gunner says from Sara Brady to upChuckie Schumer.
And leftists have come out as pro-jobs. Which doesn’t mean that conservatives who say they are pro jobs are leftists, or wrong.
You’re trying WAY too hard here. Feel free to quote Cain on the matter that concerns you, and remind us that his answer left room for interpretation. But stop the hyperbolic distortions.
His statement that only he has a heart for HIM giving in-state tuition discounts to illegals had GWB 'compassionate conservatism' written all it. That is basically what he broadcast to Republicans.
Cain truely is the smart guy on the economy when it comes to him compared to Obama.
The media made Obama smart and they will easily use 999 to make Cain “stupid” as demostrated in this article. 999 makes Cain a sitting duck. Obama should be a dead duck, but the media will do all they can to revive him.
>>In some areas of California there is a 10% sales tax. His plan means 19% tax on everything we buy.
So move somewhere with lower taxes, if you aren’t getting the benefit of your local taxes.
>>Plus, a national sales tax is just too easy to add one more penny. No one cares about one penny, right?
No, which is why tax increases get voted down routinely around the nation.
>>If he takes away the mortgage interest deduction, we will be punished for owning a home with property taxes.
With a tax rate of 9% you’ll be saving so much money, and the rate is so low you wouldn’t miss the deduction anyway. It’s like you’re jealous of the guy who just had them stop hitting his toe with a sledgehammer when you just had them stop hitting your tow with a framing hammer, because he got more benefit from the stoppage.
I was thinking more like "framing nailer"... nasty.
The problem here is: what is food? Is it anything “eaten?” Potato chips? Beer? Milk? Vitamins? Chewable vitamins? Dietary supplements? Chewing gum?
Anyone who can afford processed/prepared/packaged foods can afford the 9% sales tax.
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