Posted on 10/13/2011 6:38:03 PM PDT by casablanca
Republican presidential hopeful Herman Cain’s 9-9-9 plan will add $2 trillion to U.S. GDP, as well as create 6 million jobs, his economic advisor Rich Lowrie told Larry Kudlow Thursday.
Lowrie also said under the plan, business investments will increase by one-third and wages will go up by 10 percent.
“And if you fold all that growth together,” he said, “federal revenues go up by 15 percent.”
Cain’s 9-9-9 plan would scrap the current tax code and replace it with a 9 percent tax on personal income and corporations, as well as a new 9 percent sales tax.
(Excerpt) Read more at cnbc.com ...
Nervous Tick is the liberal RINO whining about the numbers behind Cain’s flat tax.
Well the numbers have been run and are out there. Art Laffer, Heritage, Bloomberg. Looks like Cain is covered.
READ about the Fair Tax, what and who it taxes, speak with knowledge and you might gain some support.
Went to Walmart today and checked my receipt...look how high the local and state taxes are here..spent 58.76 and they added TAX 1 7.225% which added another 3.80 to the tab and TAX 2 which added another 25 cents...NOW do I want an additional 9% on top of that? hell no...my total came to 62.81. Just do the math and add the 9% onto the 58.76
Cain/West! Two blacks, one self made businessman and a war hero can defeat, one and a half white men, one with plugs in his head and a 50% white cracker Marxist community organizer!
Good grief, are there any limits on the fedguv in your world?
A rational case can be made for the Fair Tax if the 16th Amendment is zrepealed but having a national sales tax concurrent with an income tax is insane.
Imagine the difficulty of repealing the 16th. 2/3 of the Senate, 2/3 of the House, then 3/4 of the states. For all practical matters, impossible.
I'm the guy arguing against concurrent national sales and income tax.
A person who buys a new share is providing new funds to the company that can be invested to purchase equipment, add employees, etc. A person who happens to be buying an existing stock at the same time may be showing his support for the company or just may be betting that the stock is going up, or that the dividends will continue to flow.
The person buying the existing stock will have a negligible effect on the price of that stock unless he purchases a huge block at a price significantly different than the market price.
These are completely different acts in kind even if the market makes them appear very similar in execution.
I can see where the existence of a market in a stock gives someone a reason to buy one in the first place. But the person that buys the stock in the first place helps fund the business, while everyone else is just hoping for future returns. These two distinct activities could be taxed differently without any violation of a moral or economic principle.
Yup.
Where does it say Jim DeMint likes the plan?
I agree. The national sales tax would increase on gasoline, energy, it would be on food and medicine, and all deductions would be eliminated on income tax. It will severely hurt the elderly on fixed incomes and the poor. These taxes would be on top of state, and local taxes. This is a bad idea as far as I am concerned.
Everybody pays their FAIR SHARE: 9%, 9%, or 9%.
999 is the mother of all unintended consequences.
Right and Prince Obama is a centrist.
I speak with knowledge oh great white father. The knowledge that advocating for another disguised revenue stream for the fedguv concurrent with an income tax is crazy #&%*.
You’re right from the perspective of the business, but from the perspective of the taxpayer it’s not a distinction that is feasible to make.
For example, when a company decides to make a new offering it solicits interest from investors and many investors will become interested in owning stock in the company; but only a fraction of those will actually get stock that is issued in the offering and even these are not buying it directly from the company but rather secondhand from underwriters who were the ones who provided the money directly into the company’s hands; and the remainder of new investors end up picking up stock in the market through dealers. It’s just not a distinction that we can feasibly make for purposes of the tax code and there is no good policy reason to do so either.
If I had my druthers, the limits would be as stated in the constitution. I'd eliminate easily 60% of the federal government altogether, including ALL entitlements for non veterans. My ax would fall on the dept of energy, HUD, BATF, Dept of Ed, Homeland Security, DHHS, EPA, OSHA and countless other Bureaus and Depts. I'd pare the Federal Register down to 100 pages. So yes, my limits on the federal government make Ron Paul look like a big gubmint type.
A rational case can be made for the Fair Tax if the 16th Amendment is zrepealed but having a national sales tax concurrent with an income tax is insane.
I'd say double taxation on dividends, Death taxes, payroll taxes, and Cap Gains taxes concurrent with an income tax is even more insane, in that it stifles business and job creation. I think a 35% corporate tax rate - 2nd highest in the industrial world - concurrent with an income tax is nothing short of lunacy. And most of all, the grotesque, loophole ridden tax code and the 120,000 IRS is straightjacket material.
His adviser is being very conservative.
Not only that, he would get the Feds out of my ass...he is not a statist.
Winner.
Different thread.
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