Posted on 10/08/2011 5:27:08 PM PDT by TLittlefella
It will significantly increase your taxes!
Here is a good example:
A retired couple collecting social security and supplementing their social security
with a $22,000 income working at Wal-Mart currently pays zero tax.
With the 999 plan they will pay $1980 (9% of the $2200). Then they will pay another 9%
national sales tax on food, clothing, gas, etc. Assuming they eat soup all week and dress
in rags they will undoubtedly spend at least $200 a week ($926 sales tax per year).
So the 999 plan will cost this retired couple $1980 + $926 = $2906 in taxes.
There are millions of Americans who would find themselves paying one hell of a lot
more taxes under the 999 plan.
How long would it be before the 9% National sales Tax becomes 10% - 11% etc.?
If you are 30 years old or younger it will be 25% by the time you retire.
Cain fails to provide significant details of his 999 plan:
Will social security income be taxed?
Will retirement income be taxed?
Gross income less charitable deductions – Goodbye mortgage interest deductions.
Empowerment Zones will offer additional deductions for those living and/or working in
the zone. What the hell kind of deduction is this? Sounds to me like this undefined
deduction is some kind of ghetto deduction, another welfare type benefit for those
already sucking up food stamps and welfare checks?
I do hope in the next debate they quiz Herman for more details on his 999.
Does anybody know if the Tuesday debate will be televised? What channel?
Herman – a great man
With a terrible plan
Thomas Littlefella
.
OMG old people will be forced to eat cat food!!!!!!
Actually, they come out ahead on the 999 plan because you forgot to subtract the 15.3% payroll tax on the earnings which is eliminated by Cain.
And what about the unemployed? Don’t you care about the unemployed?
Scrapping our ridiculous tax code, lowering business taxes and eliminating taxes on capital will provide an environment for businesses to grow and provide jobs, and encourage businesses to locate in the United States as opposed to overseas.
It’s the same problem with any tax scheme. They can start it at any rate they want, to get it passed. But as time goes on, they can raise it to whatever they want for any reasons and rationalizations they want. Natl Sales tax, Flat tax, etc. Invent new taxes. Whatever.
Who really gives a s about "old people". If they had saved a little money during their lives, they wouldn't be eating cat food.
I’m with you about the danger of the national sales tax growing, but I think this is less likely since it is very visible, unlike income tax hikes which are invisible.
But I have NO SYMPATHY for people who pay no taxes now as per your example. Everyone should pay something, instead of half the population paying NOTHING.
Fair tax is phase II
Purely unsubstantiated Dem scare tactic comment. The problem in this country is too many people skate on paying taxes so that they care little how they are spent and who they vote for. Maybe if this old couple payed on their side income, they would be less likely to pull the lever for freebies in the polling booth.
Here’s the problem. We’re in a mess. But nobody is willing to give up their piece of pie, or even make it a little smaller. Everybody agrees something must be done to fix the economic problems of this country...just don’t hit me up for any of the dough it’s going to take to fix it.
I totally believe in cutting spending, but there are so many entitlements that we can’t touch because of “political ramifications”...the elderly’s being one of the biggest, that it is hard to fathom how we can significantly reduce spending.
it boggles the mind why not just go with the Fair Tax...more people are familiar with it, its easier to explain and it eliminates the Income Tax FIRST!
That visibility really shouldn’t be overlooked. There’s a reason that Michigan’s sales tax hasn’t been raised for so long. Its political suicide to do so.
Laffer and Forbes support it. You don’t even give correct information.
And I’m willing to pay a little more in the short run as a very low income person in order to get government under control so I can prosper in the future.
9% of $2200 is $1980? That's news to me. And Cains plan, hich you fail it mention is a phanse out plan and into a complete "fair tax" system.
And why shouldn't someone pay taxes on $22,000 earned?
If we keep 0bama old people will be dead for the good of the whole.
To boot, cats wouldn't see a food shortage.
The overwhelming majority of people don't pay 15.3%, currently they pay 5.65%. Last time I checked 5.65% is less than 9%. Then people will be paying an additional 9% on virtually everything they buy. An average family of 4 earning the median family income of $49,500 will probably see their taxes more than double under Cain's plan.
It’s a wise step to have an transition plan, rather than jump instantly to the Fair Tax. The man’s a mathemetician for goodness’ sake. I’m quite certain he’s on firm foundation with his math.
Meet The New Boss is correct. Also, with lower business taxes, consumers won’t be end up paying for the highest corporate income taxes in the world. Yes, they ARE paying the price of that now. Add to that the increased number of available jobs that they could choose from. So, your couple will make out quite well.
If Cain was running on a campaign that called for doubling your taxes would you vote for him?
My guess is going straight to the Fair Tax would simply be to much a shock to the DC blood suckers....the ones living off the tax code by lobbying and passing legislation on who wins and who loses
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