Posted on 10/15/2011 3:46:42 PM PDT by justsaynomore
Art Laffer (the originator of the Laffer Curve, and inspiration of Reagonomics) breaks down Herman Cain's plan
(Excerpt) Read more at video.foxnews.com ...
999 is intended to be a temporary bridge (1-2 years) to the repeal of the 16th Fair Tax.
http://www.hermancain.com/999plan.
As for your dire warnings - there is nothing to stop Congress from driving up tax rates now. Cain’s plan at least has these limitations on rates:
- It is transparent, so everyone will see what Congress is trying to do if they try to raise rates.
- Because everyone is paying, there is no class warfare. If they try to raise the rates, there will be public outcry of raising taxes on the poor.
- Cain will ask Congress to put in 2/3 majority rules to keep from changing rates - if they will is another question. It has been done, historically.
Great point. And it explains why Europeans cannot really understand Americans and vice versa. And this did not happen overnight; it is been going on for a loooooong time.
Thank you,
Jake
The best thing that will come out of the 9-9-9 plan will be an actual and genuine discussion, on a national level, of fundamental tax reform.
You are an ardent Fairtax supporter but a Cain detractor, but also don't like any other candidates? If you understand anything about the politics of the Fairtax, you would be supporting Cain right now.
If I’m correct about payroll not being deductible, it’s important to point out that payroll gets hit twice with the 9% tax: once off corp gross, then again on personal income.
A temporary bridge that will collapse.
Cain’s bridge is on a well-known road lined with good intentions.
A road straight to Hell that will leave future generations asking what were they thinking in the same manner that generations of knowledgeable Americans have asked what the backers of the 16th Amendment were thinking.
It is a matter of historical record that there were those in Congress at the time of the 16th Amendment that pleaded from the floor to not allow passage of legislation that would lead to the 16th Amendment because they could see the top income tax rate exceeding 7% and go as high as 13% and 14%. Such warnings were dismissed as hysterical and the pleaders were laughed off the floor.
Human nature has not changed.
Cain’s plan sounds good but is poison.
What Cain should do is to CALL FIRST FOR A REPEAL OF THE 16TH AMENDMENT and wait for the ratification of the repeal before implementing any new tax code.
But if he does that then his 9-9-9 plan dies.
Direct your energy here:
http://www.fairtax.org/site/PageServer?pagename=about_faq
Study Study Study and Ask Questions!
Ping, since you were complaining about the lack of economist involvement in the other thread. I think you need to get your facts straight when attempting to slam Cain.
Yes and you should be armed with knowledge from here:
http://www.fairtax.org/site/PageServer?pagename=about_faq
So that you can participate in that national discussion with all those around you as to why we should go direct to repeal of the 16th Amendment and enactment of the FairTax code of taxation.
Cain’s plan is poison.
I’ll be very interested hear where President Cain finds $1.5 trillion in spending outlays to make up for the revenue shortfall. He’s already promised to increase defense levels, so that leaves all of Social Security and then some...
I understand that fundamental tax reform in the FairTax will happen at the grassroots. It will not happen with politics in Washington. There are too many vested interests there. I repeat it will happen at the grassroots.
I will never trust a politician in Washington to lead with true lasting fundamental tax reform. They will always lace their tax sausage with poisons for future generations to digest.
Since 1913 there have been 5 major tax reforms each touting to be simpler and flatter.
Each such reform grew back like a cancer and metastacized back to complexity that stifled American business and commerce. Congress is like a drunk surgeon who uses a dirty dull blade to cut out a persons cancer tumor leaving clumps of cancer cells to grow back with a vengeance. And this practice will continue as long as this Surgeon’s license is still in effect and that license is the 16th Amendment.
Since the last major tax reform in 1986 under Ronald Reagan there have been more than 20,000 amendments to the US Tax Code. And the result is a mess. It is always this way and always will be until the grassroots reaches critical mass in turning enough Congressional Districts to the FairTax through Education, Passion and Determination.
There is a revolving door between IRS, Congress and Tax Lobbyist Firms inside the Beltway. They comprise a pay to play tax gaming industry where one pays to obtain tax favors. This nexis of vested interests forms the most powerful core of corruption in Washington. They will never allow the FairTax to move forward inside Washington and they will do everything to deride and smear the FairTax grassroots organizers in much the same way that the Tea Party has been maligned.
But those corrupt vested interests who are LIBERAL AND RINO in their views and that hold the reins of power over taxation WILL WELCOME THE CAIN PLAN! Because it gives them the VAT and they will never allow Cain to advance on his impotent promises.
Cain as President will not have the power in Congress and its tentacled corrupt vestments to move his agenda. It will be compromised away and leave a VAT in addition to the Income Tax.
MARK MY WORD THAT CAIN’S PLAN WILL LEAD TO SIMULTANEOUS INCOME TAXES, SALES TAXES AND VATS.
I don't see many liberals or RINOs backing Cain. Can you point some out?
gnip
Give me a break. I have been a Fair Tax supporter for four years, thanks to people like Cain and Boortz. Most Fair Tax folks I know are I favor of it, not as much as the FT but MUCH better than the current code. I think YOU need to STUDY STUDY STUDY
Yes, Union members I know of in Chicago are touting the 9-9-9 plan on the basis that “something must be done”, a “change is needed”.
And the blue collar unions are discussing the 9-9-9 plan now and are in favor of it. Their leadership is preparing to give the green light BUT NOT UNTIL OBAMA IS DEFEATED.
They will not go public with their support lest it give weight to the GOP led by Cain.
Again,
MARK MY WORD THE CAIN PLAN WILL LEAD TO SIMULTANEOUS INCOME TAXES, SALES TAXES AND VATS.
Are you saying these union members are supporting Cain because he is their second choice to Obama? Why would they support a tax proposal that disallows the deduction of salaries and benefits?
I have been here longer than you and know the FairTax advocates of Free Republic. They are NOT IN FAVOR of the Cain Plan.
http://www.freerepublic.com/focus/news/2785900/posts?page=41#41
http://www.fairtaxblog.com/20111005/9-9-9-plan/
Cain campaigns on passing his 9-9-9 plan AND PROMISES to scrap the income tax. It will never happen that way.
’m calling you out on this. You are a blatant liar. Laffer never says any such thing in the video.
Watch 1:14-1:30 in the video. "...those below the poverty level It replaces some of them so that they get their taxes back..."
I expect the usual amount of groveling preceding the apology you owe me for the public slander.
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