Posted on 10/13/2011 11:02:38 AM PDT by justsaynomore
Art Laffer, a former member of Reagan’s Economic Policy Advisory Board and the man who created the Laffer Curve, has now come out and endorsed Herman Cain’s 999 plan, saying that it will undoubtedly be a huge boon to economic growth. This is very good news for Herman Cain:
HUMAN EVENTS – Famed supply-side economist Art Laffer told HUMAN EVENTS that Cain’s “9-9-9″ plan was a pro-growth plan that would create the proper conditions for America’s economy to grow and thrive again.
“Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy,” Laffer told HUMAN EVENTS in a statement. “The goal of supply-side tax reform is always a broadening of the tax base and lowering of marginal tax rates.”
Added Laffer: “Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9.”
Laffer also said that “such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment.”
I might support a 9-9 plan, without the income tax.
But it is crazy to just create a new additional tax while keeping the old taxes.
I remember when the Prohibition came along and the government said that they would replace the Whiskey tax with the income tax. Now we have both the whiskey tax and the income tax.
I also remember when the state and locals said they would replace our property taxes with sales taxes, now we have both property taxes and sales taxes.
Then the states said they would replace the sales tax with an income tax, now we have all 3, a state sales tax ,
a state property tax, and a state income tax. Additionally, some cities also have additional taxes.
From now on, no more new taxes until you permanently get rid of the old ones.
Another issue I have with this is the practicality of submitting a plan of 999 to the congress and actually getting them to pass 999. Do any presidents get exactly what they want? No. There will be debate and haggling in order to come up with a number. That number may end up being a 14-14-14 plan, or a 13-20-7 plan, or a 12.7-11-14.2 plan.
Nice try. The present system, which uses taxes as an instrument of class warfare and income redistribution, is the foundation of the socialist takeover of America. Make everyone pay, and the basis of Demonrat power will be destroyed. Besides, Cain’s plan is just a start. The POTUS is not a dictator (yet) and we will have an impact via Congress...as long as we evict all the phonies, reach-across-the-aisle scum like McCain, Pansy Graham, McConnell, et al. The war will continue.
Yes it is. and it's not about revenue. Think of all the personal information the government has to keep on each and every one of us just to verify that taxes are paid. They have to know where you live, where you work, how much you make, how much you paid for your house, and just where you spend your money and invest your money.
This is not a money issue it is a threat to freedom.
Excellent observation!!!!
“. They can’t prevent it being increased by some 2/3 requirement—that too can be amended. “
OK...do you have a better plan and a better candidate? I would like to see a Flat Tax or a Fair Tax (NO deductions, no loopholes), but this is a start. The Pubbie Congress and “compassionate conservative” POTUS Jorge Boosh did nothing about the redistributionist tax system, and now we have an overt share-the-wealth Marxist as POTUS.
They are simple questions, can YOU not answer them simply?
I can understand that fear. My thought is, is that it’s a step in the right direction (IMHO). Everyone pays the same tax and the tax code is understandable to the public. That is huge.
Can you not do your own research? I did.
The situation we are in now is the result of consumers buying things they can't afford, and with the consumer I include government.
If you as a consumer want to be a debt slave, that is your choice, but don't expect the government to encourage your behavior (as they have been). Why has the idea of saving up money to buy things not occur to people anymore?
If it were up to me, there would be a constitutional amendment to remove the income tax and all federal revenue would be from a retail sales tax. I mean a retail tax too. I do not want a VAT that hides taxes from the consumer. I want everyone to know the cost of government first hand.
What part of my analysis do you disagree with? The fellow’s question was specific and I did not address the politics of such a change.
Apparently you agree that the change would be regressive. Given that the electorate has been widened from the time of the Founders it would be difficult to obtain political approval. They (well at least the Hamiltonians) warned of what would happen with expanded democracy - national bankruptcy. That is one reason democracy was confined to one element of government, the House of Representatives.
Until you have a majority in both Houses non-conservative votes will have to come from those we are opposed to. It is a fact of politics which is different than war.
We are not in a “war” since we are not killing each other and fighting in the streets. If that were the case we would have won long ago. The weapons in our fight are ideas.
I would prefer the 888 or 777 plan. I'm half joking here.
Cain says he can get his 999 plan passed in the current congress. I don't believe him. We can't even overturn Obamacare, let alone get all of the democrats to jump on board and support 999. If I were ever to support this, it would have to be via a constitutional amendment so Nancy Pelosi and Harry Reid couldn't jack up those rates to 15-15-15 or 20-20-20 in 2 years.
That being said, I still don't like the idea of having to pay nearly $4,000 in taxes for a $25,000 vehicle. If I purchase 2, which would be my case since I leased both of my vehicles at the same time, I would be paying nearly $8000 in taxes within 1 week just on 2 purchases. And that's if the democrats decided that they would roll over and support the plan at 9%, which they will never do.
I itemize my receipts every year. I know what I spend and how much I pay on sales taxes. I can promise you that I will reduce my spending if it means I'm going to pay higher taxes.
No evidence of your own research at all. I doubt you understand Cain’s proposal at all.
” just wish they would come out and show exactly what the breakdown would be for each $10,000 of income.”
It would be $900 for each $10,000 of income.
(.09)(10,000) = 900
Not hard.
Oh I'm in full agreement that everybody needs to get some skin in the game. And when we say it, we mean everybody, not just the top 50%.
Agreed.
FWIW “Defenders” with bad attitudes like you earn more detractors for those persons and ideals are supposedly defending.
You, amigo, need to do some research on Dale Carnegie!
I understand the thought of not getting into something you can't afford. It's a good practice to try and stick to in most situations.
I would never get into a house or car payment that I knew I couldn't afford. Can I afford to drop 25k in cash for a car? No. I wouldn't do it if I could anyways, though. That car is going to depreciate to hell and back. I could lease that car for 3 years for much lower payments and invest the rest, or use it for something else, or save it, or pay down other debts.
I know I'm rambling, but I fully understand the thought of not getting in over your head and paying off debt. It's a process my family has really tackled over the past 5 years.
You’re right. But I don’t care about Dale Carnegie or taking time from some important things I’m doing to answer a question you can research yourself. Now do it or get lost.
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