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 ...
Why? Ronald Reagan reformed taxes in 1986. What happened to his reform after 20,000+ amendments to the Tax Code since?
For the sake of argument, what is to prevent Democrat Senators from passing the 9-9-9 plan without transition and then filibustering the transition and killing it?
They will compromise it away baby.
Cain has no experience in the District of Corruption.
Bye Bye!
Are you saying there wouldn't be a 999 in that case?
----
Send treats to the troops...
Great because you did it.
www.AnySoldier.com
(An entirely free service)
Democrats supporting 9-9-9 sans transition and Democrats supporting Obamala are mutually exclusive.
But Obama supports a National Sales Tax and a VAT.
So they will come together and have a lovefest when they get down to brass tacks.
You think Cain’s proposal will sail through intact?
They worship the activity they call ‘Compromise’.
Oh they will pass 9-9-9 all right. No problem for Libs/RINOs to get behind that. But they will strip out the transition to FAIRTAX.
And if Mr. Herman is elected and he has 9-9-9 land on his desk passed by Congress sans transition; a tax plan carved, sliced and mushed to appeal to Americans who need tax reform, who will gain in take home wages, and Corporations salivating for their 9%....
Is Mr. Herman going to Veto it because it doesn’t give him everything he wants? Why for shame shame......
Welcome to the District of Corruption Mr. Cain. Hold your nose and sign us over to future years of Socialism just like the Euro weenies. After all, we should be more like Europe N’est-ce Frickin Pas?
I am the source.
Answer is in Post #65.
How can someone who is getting a free ride (paying no taxes) “get their taxes back”?
Duh?
>>out of touch with reality.
Reality has nothing to do with this GeeOpie Log Cabin Cain-wreck.
I am no expert on the Fair Tax, but one of the things the Fair Tax does iirc is that it “rebates” spending at the poverty level.
Basically it works like so: say the poverty level is $15,000 a year, and the Fair Tax is set at 30%. The poor will then get $5000 a year rebated to them, because that is what they spent on taxes. (just using round easy numbers - the actual FT numbers are different). This may not be the same as the “free ride”, and you are right the Fair Tax does not stop Welfare or any kind of Block Grants or Social Security or Medicare. All that stays. The only thing the FT changes is the way the tax money is collected.
I do not know how the mechanism of the rebate works, because it seems to me then that the Fair Tax requires some kind of reporting to the federal government to prove you are poor. So the FT is not the panacea Conservatives want in the sense that it doesn’t scale back government it simply broadens the base to include all spending on new goods.
Tax Rebate Checks.
George “Jorge” RINO Bush offered to mail ‘em twice to 144 million filers.
And there is no problem with doing this and doing it this way as long as it is done the same for every qualified tax paying American.....
which is what the FAIRTAX does.
Because essentially the FAIRTAX is saying that in America there is no federal taxation up to the level of essential purchasing (aka poverty line). Ergo, those at or below the poverty line (e.g. grandma on Social Security) are untaxed.
Every qualified individual (as defined in the FairTax H.R. Legislation) will receive the same tax rebate check every month of about 23% of the poverty rate which last checked was $10,226 and equals on a monthly basis about $196.
That means Billionaire Warren “Tax the Billionaires” Buffett will graciously receive his $196 a month (which he can give to his secretary) the same as Grandma receiving her $196. The same for all with no adjustments to living in NY versus SD etc.
So no taxation on anyone in America up to the level of essential living and then it is federal taxation on RETAIL products and services after the essential spending level is reached.
And since the FAIRTAX wipes out all the increases in prices of RETAIL products and services from Federal Income and Corporate taxation, the prices to the consumer will remain stable.
Lol.
Greetings fellow “mean and nasty” (who dares to observer the Emperor is strolling down the avenue in his $999 underwear) person.
The part of the idea I like the best is that even those that now are getting a free ride have to pay somethingDon't count on it untill after the pie in the sky rhetoric and the wishful thinking is over. Then, when the real legislation comes up for a vote...if ever.
I’m not sure what you’re referring to, but the point of the national sales tax is that everyone will pay it.I'm not sure what you're referring to but from Cain's own website his "2nd phase" is instituting the Fairtax plan.Sure, they may eventually exempt a basket of basic goods from the tax
The Fairtax plan calls its plan "progressive". They have a chart in their FAQ showing MORE negative taxes paid out than under the current income tax.
Also, nothing (except education) is exempt from the tax under the Fairtax plan...
If you're going to support Cain's plan I suggest you do a lot more studying before continuing to misrepresent it.
“The United Socialist States of America will have:
1. An Income Tax
2. A National Sales Tax
3. A VAT”
Yep, that’s exactly what Cain has proposed (even though he isn’t honest enough to call the 3rd tier a VAT).
http://blog.american.com/2011/10/cains-9-9-9-tax-plan-the-good-the-bad-and-the-ugly/
It starts at 9-9-9 and after that, the sky’s the limit. A consumption tax is a great idea: I’m more dubious about whether a VAT is the best way to get there.
My statement did not misrepresent either the Cain plan or the Fair Tax.
You admitted you didn’t know to what I was referring, but that didn’t stop you from taking your valid points about the Fair Tax and turning them into a basis for gratuitous personal insult.
I wasn’t even talking about what you’re talking about.
I was referring to the fact that some states exempt a basket of goods from their sales tax or they tax it at a lower rate. I was suggesting that since this practice was already occurring, it might be a model for how a NST was structured in the future.
It was a simple aside, based on real facts. It was not a misrepresentation of any tax plan, nor do I require more study before I understand it.
(Sniff) It's beau-i-ful! (sniff)
Do you know the super secret handshake, too?
“and inspiration of Reagonomics)”
Laffer didn’t work for Reagan or play any role in developing Reaganomics. But he has been very accomplished at promoting that idea.
“Its also a prelude to the VAT.”
No more than state sales tax is prelude to a VAT. It would ring the same alarm bells. It could also be written into the legislation that it can’t turn into a VAT.
We have a VAT tax in this country already. It’s called the corporate income tax. Every business in the chain of production pays that tax. That’s why we need to lower the corporate tax and shift it to the sales tax to get rid of the embedded tax in the cost of their goods and put it up front where people see it.
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