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 ...
I suspect the rate will be at the combined 16% unless/until the state legislature lowers its own state tax rates or (more likely) looks to other revenue sources to make up the difference
The federal gas tax was not included in the list of taxes that Cain said the 9-9-9 plan was replacing. So it remains and the price of gas goes up an additional 9%. Another $270 per year.
Say Fed Tax Ford paid to make that car is about 20% to make it and is passed on to that family in the price of the car so $35,000 is now $28,000.
What if the Fed Tax is zero? What if it isn't passed on?
I've seen that and been charged of that many times, which is a laugh. However, Cain and his supporters are making Perry look a LOT better, lol.
Perry is now jeered at for not having a "plan." Why should he? Why are conservatives looking for government fixes? How about a simple message of less government, not more?
The Cain campaign is taking us way off the issues we should be concerned about, with an eye to the proper role of a POTUS, and this derailment being effected by the "Cain train" makes me wonder if he isn't working for Ubama and the democraps!!
The rest of your post is excellent too. We need to be in a vetting mode, vis a vis the candidates, not being apologists for their schemes.
I’d hate to try to write that law. Imagine trying to define what sorts of additives don’t qualify as a second ingredient. If bread has both whole wheat flour and oats...what then?
Flour, on the other hand would be tax-exempt.
Regulations like this are made all the time.
My Get-Well plan would be even more simplistic than Cain's:
Just cut spending until the government spends less than it takes in.
But I can't see the Big Government democrats and republican doing that either.
So here's my personal plan:
I'm stocking up on short term and long term essentials.
I don’t have any employees, beelzebubba. I am a sole proprietor. Got It? I sell things to feed my pie hole. Table top capitalism baby! And no—if you find the chance to add a little geld into the pocket you will. You don’t make it up on volume. You go broke making money. You are sounding like the idjit I knew that bought it for a buck and sold it for a buck fifty....no longer in business. yeah, yeah, yeah....see you at the fair!
I suspect the rate will be at the combined 16% unless/until the state legislature lowers its own state tax rates or (more likely) looks to other revenue sources to make up the difference
Perry is now jeered at for not having a “plan.” Why should he? Why are conservatives looking for government fixes? How about a simple message of less government, not more?
I would, however, say this is one of the things that is wrong with our current system. The fact that your household brings in over $200,000 but you only pay property taxes, means our system is broken. Everyone should pay a share of the services our “Government” provides. I'm not talking about all the entitlement programs that our gov’t shouldn't be providing anyway, I'm talking about things gov’t should provide, like Police, Schools, and Military.
Again, not knocking your ability to avoid taxes... I'm knocking the system that provides ways for people to avoid paying taxes. It's like using a toll road without paying the toll. People think it's a great scam when they are able to avoid paying a toll on a toll road. If everyone did that, then there would be no road to drive on. Things cost money, and they have to be paid for somehow. Avoiding taxes is great for you, but it merely moves the burden to your family, friends, and neighbors.
Forbes had greater liabilities than his tax plan. His tax plan wasn't able to overcome them. Forbes did not come across as a leader. It is also a new age. The mainstream media does not control the flow of information any longer. The biggest hurdle Republicans must overcome is the fear about expressing their convictions. Cain does not have an ounce of that fear.
They lose sales of the the car.
But you are right in that it may not be passed on but that will be because so many people are back to work, and so many businesses are making more money that people can now afford existing price, an natural inflation of supply side economic kicks in.
Conservatives have a bad habit of knee jerk platitudes, often of which contradict one another.
For example, they tell families to help family members who are injured in war or who are old and can’t work and ridicule families who support their children just out of school who don’t have jobs yet. They ridicule college students who take out loans in a mindless slogan - not recognizing that a lot of families can not afford to help children with college and we would have a caste system if not for college loans.
This is the way of some modern conservatives who do slogans w/o thought. I don’t believe that is true of most conservatives.
I didn't realize that you set the rules of what I could post and not post. I'll be sure to give your comments all the consideration they deserve. Cain is shaping up to be just another big government Republican.
Well it’s not like I don’t pay any taxes, in addition to property taxes, I do pay income tax, and my wife pays payroll taxes for her portion of our income, my total taxes paid for last year excluding state and local sales tax was around $40,000.
We’d need a whole new section of the IRS to monitor a sales tax code with that many loopholes.
We ignore these realities of an injured and betrayed middle class at our own peril. The public has been abused by one too many fake economy "bubbles."
What if it isn’t passed on?
Sure it will.
Competition will ensure that tax savings are passed on by manufacturers.
Sure it will.
Suppose you control one car company, and I control another. if you dared keep any or all of your tax savings, I will put you out of business, take your customers, grow my market, and increase my profits. You’ll either react by learning your lesson and following my lead, or going out of business.
check your mail
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