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 ...
999 contains empowerment zones to make up for the forthcoming prebates of the Fair Tax. It’s a way to make the tax less regressive during the transition.
It’s a transition designed more to help purchasers than businesses. It would not attract business in the way you view the concept because it would not provide the long term stability that would make it cost effective for a business.
For this reason, the empowerment zone is not what you think it is. It’s simply a way to make taxes less regressive during the transition.
The Fair Tax has the prebate mechanism to ensure against the tax being overly regressive on the poor.
Empowerment zones are a Reagan/Kemp idea. And not a bad one at that, if applied correctly.
But traded stocks are fungible; when a company raises new capital for expansion or other purposes by floating a public offering onto the market, there is no principled basis to distinguish those who bought the particular new shares sold into the market as opposed to those who happened to buy some existing shares and thereby are supporting the market into which the new shares were sold, for purposes of taxation.
That's what I've been saying...!! Instead of 9-9-9, why not just 9-9, or 9-12, or whatever would make sense for the flat tax. The Russians seem to do OK with a 15% flat tax, but I don't know the rest of their tax structure.e.g., capital gains, etc.
We could simply have a flat 9% corporate, ??% flat tax, do away with capital gains, payroll taxes, death taxes.....look out!!
Nonsense. Most states already have sales taxes, so it's not like it's unknown territroy. It's far simpler to add up sales, and pay a percentage, than it is to try to comply with the tax code. And it's far more work for the governemtn to try to check the returns of hundreds of millions of Americans. And for the vast majority of Americans who don't own businesss, they would never spend one minute doing taxes.
Is the 9% sales tax in addition to the 6% I already pay in Pennsyltucky plus PA income tax? The FAIR TAX does away with ALL OTHER TAXES everywhere. The FAIR TAX collects from EVERYBODY without loopholes and deductions, and eliminates all other taxes.
Cain has said 9-9-9 is a transitional phase to implementation of the Fair Tax.
Fair Tax eliminates the IRS...bad idea huh?
Fair Tax eliminates Congress handing out tax goodies for favored businesses...bad idea, huh?
Fair Tax eliminates corporate tax, encouraging business to invest in the USA....bad idea, huh?
Fair Tax eliminates inheritance tax, payroll tax, capital gains tax, etc....bad idea huh?
There are books available to read up on Fair Tax, I suggest you read them.
The freedom, ease and lack of complexity would more than make up for any issues concerning possible future % increases.
Please GOD give us a fair/Flat/999 Tax. It will work, it will create growth and investment.
It's a miracle this country works at all with the cumbersome antiquated hyper complicated system of taxation.
The Dems think it's so easy to completely revamp our health care system with legislation. Well lets give them a dose of conservative legislative revolution with a COMPLTE overhaul of the tax system.
>> Also, you may not like the polls but when they ALL have Cain out front?
Polls this early are essentially worthless. In October 2007, John McCain was not even on the GOP nomination radar. Yet (sadly) he went on to take the GOP nomination.
Interestingly, Cain strongly endorsed Mitt Romney in early 2008. Then, Romney was ahead in the polls. How did that work out?
By the way — and it almost goes without saying — Cain’s endorsement of RINO Romney was a *major* lapse in judgment. Do you agree?
http://004eeb5.netsolhost.com/hc098.htm
Right
First he was running to sell his book.
Now he is running for VP.
Then they said he should be stomping around in iowa yet he is surging there without any real effort to date.
Then they said he has no money.
All this and he is SURGING.
Please note, Cain is surging by NOT listening to ANY talking head.
Thank God. He is his own man.
Part 1 is 999. It is a bridge to the Fairtax. But it will take some serious time to amend the constitution to kill the 16th.
Right
First he was running to sell his book.
Now he is running for VP.
Then they said he should be stomping around in iowa yet he is surging there without any real effort to date.
Then they said he has no money.
All this and he is SURGING.
Please note, Cain is surging by NOT listening to ANY talking head.
Thank God. He is his own man.
I didn’t say that you said he endorsed it. I was putting that clarification out there because I have seen some other threads where it was implied that Ryan endorsed the plan.
You are correct, he did say something positive about it, that it was starting the conversaton about changing the tax code. I think the fact that Ryan felt the need to clarify, and that an update was added, shows that he felt the article was a bit mis-representative as to how much support he was giving that specific plan.
Lol...Cain aka “Huckabee” will last long enough to keep the conservative vote split through SC. I would much rather have Cain as Romney’s VP than Bachmann, however.
Polls at this point are meaningless. Just ask President Thompson.
Funny, I was wondering the same thing that Lowrie might have been a Romney supporter.
I believe he endorsed Romney over McCain.
Havent we all been guilty of voting for the lesser of two evils?
At the Kansas City Fed and several corporate boardrooms. He was there getting rich.
And the Fair Tax idea is not original with him.
Cain, like Bachmann and Paul, is promising to balance the budget in the first year. Meaning MAJOR cuts to the the federal government. Which is music to my ears.
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