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
.
I must “Meet the New Math” you are using.
This is a horrible example and not truthful at all.
Secondly, assuming by some miracle the current income tax is abolished, the starting percentages of the 9-9-9 plan would inevitably increase over time. What's to prevent it from becoming the 99-99-99 plan?
Paraphrasing the other poster:
Smart man
Dumb plan.
It's the truth - give me an example how it's wrong?
Yep - You get it
Congress, even if the GOP controls both houses, is not going to overhaul the revenue system. They just won't.
Cut or eliminate income taxes; levy sales tax instead.
Tax my ability to BUY; not my ability to EARN!
“It will significantly increase your taxes!”
Lies..
It’s official folks. The Hermanator is the new front runner.
The problem of taxes is just too important to turn off our brains and let any one man do the thinking for us.
Good. I have some hard questions for the new front runner.
You can make $22,000.00 a year working as a greeter at wall mart?
The economy is driven by demand and the consumer's ability to buy the goods business creates. Discourage that by taxing it and your ability to earn may be in jeopardy.
The benefits far outweigh the cons. The IRS currently has almost 120,000 employees. The equivalent of about 6 Army divisions. I don’t even think we HAVE six active divisions in the US Army.
Shut down the IRS as we know it today. Give all the old employees a night stick and put them on the Mexican border.
And, yes, I’m another that thinks everyone ought to pay something. A big lie put out by the Democrat Party is that even though the “poor” may not pay income tax, they pay payroll taxes.
That might be true - until you factor in other deductions plus the wealth transfer payment better known as the Earned Income Tax Credit.
Throughout history there have only been two types of leaders/politicians - income redistributive and income growth. Keynesians are income redistributive. Cainsians are income growth.
TL you need to learn about basic economics and the Laffer Curve.
Yup....Mr. Congressman is going to give up his leverage over lobbyist by giving up their most important tool in getting campaign graft...err. I mean contributions
it's worth trying though...
Then show where he is wrong.
This is a fight between the seen and the unseen. As an employee it only appears that you pay half. This is a typical money illusion of the left.
Your employer pays the other half, but pays it regardless of whether it goes to you or to the government. In other words you pay the whole thing.
Just like you pay corporate taxes, commercial property taxes, and so on and so forth. It’s all passed through to individuals in the form of higher prices.
What’s to prevent it from becoming the 99-99-99 plan?
***
Same things that kept the income tax from starving you and everyone you know to death.
1) common sense
2) voters
“999” upside down is “666”!!!
I think Cains “999” plan needs further clarification and also in depth studies need to be prepared. So far I like Herman, but his “999” plan raises many questions.
For instance:
Most states already have sales taxes. Let’s assume you purchase a new vehicle for $40,000.....
A 9% National sales tax would be $3600 and a State sales tax @ 7.75% would be $3100 equates to $6700. In addition vehicle license fees and other fees could push taxes another $600 or so (estimate)...and don’t forget the fuel/energy taxes and all other BS taxes. Talk about being in the poor house.
Proposed Solution....
I think we need a 111 plan!
“give me an example how it’s wrong?”
Ok. You assume that the cost of consumer goods will stay constant after a cut in corporate tax income to 9% and the elimination of the payroll tax. That’s your first mistake. There are others.
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