Texas is doing better than the other states because it has a 1% (for most entities) franchise (corporate) tax and relies on nothing else but SALES tax for revenue.
Yes. Sales tax. The same tax that FReepers are having a fit about with Cain’s plan.
The US, in general, is doing poorly because it has one of the world’s highest corporate taxes at 35%.
Do we need energy production? Heck YES! I’ve been screaming about this for years.
But that is only one component of the solution. A component that Cain agrees with. He wants to exploit our energy resources as well. Just because the press is focusing on 999 doesn’t mean that this is all there is to the man’s plan.
(He also wants to secure our borders, encourage legal immigration of immigrants that will actually contribute, deregulate EVERYTHING, restructure social security to stop it from being a Ponzi scheme and turn it into an actual investment program for retirement...)
Check out the graph on this page and you’ll see our problem. (It’s the purple line) Japan is the only country that rivals us in the corporate tax arena.
http://en.wikipedia.org/wiki/Tax_rates_around_the_world#List
I’m sorry. Germany is right up there with us and Japan.
That sounds like Perry.
Texas has no income tax...6% sales tax and most municipalities add theirs to it...mine is 2.25%, so we pay sales tax of 8.25% and would be paying 17.25%. Texas does not tax food ('cept in restaurants) or medicine...9 9 9 would.
There are two things I like about sales taxes...you can control what you pay by controlling what you buy and spend. The other, drug $$$ is taxed.
As I have said before, I'm afraid the mathmetician might learn to count to 10...then 11...then 12. ;)
Do we need energy production? Heck YES! I’ve been screaming about this for years.
I agree with Perry and Palin. I think it's stupid we depend on countries that hate us for oil. And the EPA is after our refineries. Obama's administration will everything in their power to hurt the US but send our rigs to help Brazil (I think) where Soros had made a billion $ investment on off shore drilling. BO shut drilling down in the GOM and the rigs went to help Soros.
Most Freepers, I’d say, aren’t against a sales tax. We are against 2 sales taxes, in other words, double taxation for the same product.
And that’s what Cain’s national sales tax would be, double taxation. One state sales tax... and then another national one; all on the same product.
Not to even mention how what may start as 9% can change when a new party is in power. Just look at our federal income tax; it started out as just 3%... and during WWII it hit up to 94%. If it had never been introduced, it could not have been adjusted up to that insane rate.