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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
.
Cain is a fraud and a shyster and a relentless self-promoter. He probably dreamed this thing up while he was in the shower one morning. The country is in trouble, he thought; people dial 9-1-1 when they need help. Ah! A brilliant idea! I’ll dream up a tax plan and call it 9-9-9! That’ll get me the publicity and boost I need among the simpletons who’ll latch onto anything that sounds good even if on close examination it makes no sense.
When Chris Wallace asked him for the names of the famous economists whom he claimed helped him develop the plan, he couldn’t name one. He said they didn’t want their names released to the public. Wallace didn’t let him escape with that dodge and he pressed Cain, “Well, if it’s such a good plan and they’re proud of it, why wouldn’t they want to take credit for it?” Cain had no answer. Of course not.
Take an average family in this country - husband, wife, and two kids. Give them the median family income of $49,500 per year. Now look at their taxes. Individual deductions are $3650 for each person, standard deduction is $11,400 for a total of $26,000 in deductions and a taxable income of $23,500. That gives them an income tax of $2687.50. The current child tax credit brings that down to less than $700 in taxes. The Make Work Pay credit brings them to zero. So all our family pays is the Social Security and Medicaid taxes of 6.5%, for a total tax bill of about $3200.
Now lets look at them under the Cain plan. No individual deduction. No standard deduction. No credits. Just a flat tax of 9% for a tax bill of $4455. That's an increase of $1255 in income tax alone. But Cain does allow a deduction for charity, so let's say that they tithe 10% of their income to their local church so they can take advantage of the one deduction Cain's plan allows. That reduces their taxable income to $44,550 and gives them a tax bill of $4009. Still an increase.
Now, of that remaining income available to them, our couple will pay an extra 9% on everything they purchase. Every article of clothing. Every bite of food. Every service they contract for, including rent if they don't own their own home. That's easily another $3000 or so in taxes. So under Cain our couple has seen their taxes go from about $3200 to upwards of $7000. Their taxes under Cain easily double.
Can someone explain why anyone would vote for a man hell-bent on doubling their taxes?
WRONG! What both Cain and you gloss over it that half of that 15.3% is paid by the employer, not the employee. And while people like Cain like to say it's still part of the cost of hiring people, there is no reason to believe that a company that is already paying it's employees the minimum amount the laws and market will allow is going to magnanimously give the 7.85% they no longer have to pay to those employees. They will just treat it like any other cost reduction,and add it their bottom line.
OMG old people will be forced to eat cat food!!!!!!
If we keep 0bama old people will be dead for the good of the whole.
To boot, cats wouldn’t see a food shortage
*************************************************************
More than likely we’ll be eating the old people after we eat the cats.
“Cain’s plan would give us the lowest corporate tax rate among major industrialized countries, spurring investment and significantly boosting our competitive position.”
from here: http://www.naplesnews.com/blogs/residents-corner-dave-trecker/2011/oct/08/economy/
Uh. We already pay sales taxes anyway. With no income tax, money to buy shouldn’t be a problem.
Ok, that is a point...
Then we are destined to fail as a nation.
Your contention is that if my company didn't have to pay payroll tax then my salary would be 7.65% higher? Or that if corporate taxes are cut then business will pass the savings along to the consumers? Will all due respect, that's the craziest thing I've heard in a long time. A company's first duty it to their shareholders. THey will pay a person as little as they can get away with, and charge as much as they can get away with, and any savings anywhere along the line will go in their pocket and not in mine.
Not true. I paid those taxes all my life, but I'm RETIRED now, on a fairly small income. So, no payroll tax to cut, but additional taxes on income and food, fuel, and everything else.
It would be a serious blow to retired people, many of whom are barely making ends meet now. You work all your life paying into the social security system, and then not only do they give you less income than you could have gotten from a private retirement account, but they change the rules on you after you're retired and can't do anything about it.
The way to fix the current corrupt tax system is gradually--to cut out the special deals, cut out the rules designed for one corporate buddy and nobody else, gradually simplify it. That doesn't sound like such a great rallying cry, but it's how it ought to be done.
And also cut the tax rates, like Reagan and Bush did.
You are correct. The Dems want to keep raising taxes and the Republicans just want to tinker around the edges.
LOL. NOT THIS CRAP AGAIN!
There will be an income tax. And the sales tax will be in addition to that and in addition to existing sales taxes, So if you're currently paying 8.25% as I do then you will be paying 17.25%. If you weren't paying much in income tax as many people aren't you will suddenly be paying considerably more. That's a tax increase by any rational definition.
What’s the solution? There will never, ever be a “no taxes at all” tax plan.
I think the 999 is a good way to go. First of all, the 9% sales tax will be very visible and hard to change. Second, the 9% personal income tax forces everybody to pay something. 50% of the people pay nothing, get income credits and are the most greedy and ungrateful wretches imaginable. If you want grandma slicing and frying of dog food burgers, just re-elect the Food Stamp President or Rino clones of Romney, Huntsman, Newt, etc.
Interesting posting history. Nothing but vanities.
Could be worse. At least you don’t have a blog. Points for that.
2%.
I don't know about you, but I'd like to be able to keep the difference between what I would have paid under the original plan, and what I pay now.
You assert that common sense and voters would have prevented this tax inflation. There's just one flaw in your logic: You leave out the part where people who don't pay taxes get to vote anyway. Those people are becoming increasingly common, so when they use their sense in deciding how to vote, I guess you could call it common sense, which is not so fortunate for the increasingly less common voter who does pay taxes.
Try your best to tear down his ideas but at least he has some. I am all for getting taxes from those working under the table and using tax loopholes.
Going going gone;: IRS tax and tax attorneys
Wanna see real patriotism
http://www.youtube.com/watch?v=8yDRtZsfOtQ
Cicero, in the post he has them earning $22,000 at Wal-Mart. I was pointing out his error in not taking into account the payroll tax on those earnings.
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