Posted on 10/08/2011 4:09:26 PM PDT by Clairity
The real political defect of the Cain plan is that it imposes a new national sales tax while maintaining the income tax. Mr. Cain's rates are seductively low, but the current income tax was introduced in 1913 with a top rate of 7% amid promises that it would never exceed 10%. By 1918 the top rate was 77%.
Part of Mr. Cain's appeal is his willingness to challenge political convention, and he certainly has with his tax proposal. Voters like that he isn't a lifetime politician but a successful business owner who has met a payroll and created jobs. But his endorsement of a sales tax on top of the income tax is a political gamble that would eventually finance an even larger entitlement state. Better to reform the devil we know—the income tax—than to introduce another devil and end up with ever-rising rates of both.
(Excerpt) Read more at online.wsj.com ...
You misconstrued...all I was saying is those we’ve elected have done a poor job. So to say that a person’s previous experience must include being “elected” to a political office is no guarantee they will do a better job than those who have never held a political office. I don’t think not holding political office should be a disqualifier.
“Once he said “Yes, we Cain,” I turned it off.”
That was a joke.
On the surface 999 may seem like a gimmick but there is solid economics to back it up.
I recommend that you watch the entire speech.
I also have a solution but only mention it to family members....:O) don’t need some government agency coming to my door...
I’m all about an nrst ... provided the income tax code is erased AND there is an amendment to repeal the 16th amendment.
Having an income tax and sales tax simultaneously is a good idea like smoking in a fuel depot.
jmo
I know Cain and I know his plan is intended to be a transition to the nrst known as the Fair Tax. But I don’t want to EVER have both an income and national retail sales tax. It’s gotta be one or the other.
If I thought this would happen I would support it, but I don't. Once they have a sales and income tax, they will never get rid of either one. They only way to a fair tax is to repeal the other taxes at the same time. Cain's plan is the worst of both worlds.
Between state and city sales tax, plus fed tax, I’d be paying more than 17 cents on the dollar! Yikes!
Right. All those State governors with “executive experience” have done such a great job controlling the growth of govt. and increasing individual freedom. Jimmuh Carter, Bush 2, Bubba Clinton, Mitt Romney... Yes, Romney was great at getting the MA legislature to push through Romneycare. Real leadership; just what we need.
Fritz I have the goal of the Fair Tax - but to me that means two things; the income tax code is erased AND an amendment to repeal the 16th is at least underway.
But why o why the hell would you expect anyone to trust any politician who says “oh... this income tax and retail sales tax combined is only temporary”.
LO frickin’ L.
I like Cain and I like the nrst given that we erase the income tax code [which the nrst Fair Tax does - the nrst also destroys existing income tax records save those of delinquents at the time of passage] AND get an amendment for repeal of the 16th going - which is part and parcel of the fair tax plan.
Now, lots could be better about the Fair Tax but it is by a longshot the least bad of any tax system.
My question has long been - why did Cain feel he had to invent this 999 plan - why not just stick w/nrst?
“...it imposes a new national sales tax while maintaining the income tax.”
Probably the only reason he has any traction at all..with the DC crowd
Exactly...you stated it much clearer than I did.
You are correct. Seniors take it on the chin with 999. I don’t think Cain has addressed it yet. He has said he will add a chilean style social security (10-20% of income), but he has not said how he’ll fund the seniors already on social security since his 999 doesn’t bring in enough to both pay government costs and pay SS and Med.
Unless he comes up with something reasonable, Obama will eat his lunch with the senior vote.
No, globalism and open borders is a political killer WSJ, not lowering tax rates and broadening the base where EVERYONE pays into the system.
I already spent waaaaaay too much time on FR today.
Did you read the excerpt I posted?
“Part of Mr. Cain’s appeal is his willingness to challenge political convention, and he certainly has with his tax proposal. Voters like that he isn’t a lifetime politician but a successful business owner who has met a payroll and created jobs. But his endorsement of a sales tax on top of the income tax is a political gamble that would eventually finance an even larger entitlement state. Better to reform the devil we know — the income tax — than to introduce another devil and end up with ever-rising rates of both.”
He is going to eliminate all the deductions and exceptions, then the tax rates can start and continue to rise. Remember, the income tax started as 1% ON THE RICH. making over $1 million, when that was real money and look where we are now.
Opening the door to both income tax and sales tax is handing the government the key to your house to rob you blind.
Very true; the half that pay NOTHING right now.
Call it a gimmick or whatever, Cain is a mathematician by trade and is much smarter than most people when it comes to numbers.
And he is 100% correct when he says there are a lot of stupid people in this country. Most people form opinions based on one bit of information or one sound bite without ever reading anything in it's entirety.
Y'all can stick up for the status quo on the IRS till you are blue in the face. I will vote for ANY candidate who swears to get rid of them.
the nrst should not be supported for any politician who doesn’t first admit that implementation of it requires an amendment to the constitution that SIMULTANEOUSLY: (1) repeals the 16th amendment income tax, (2) prohibits any kind of law by the legislature imposing a legislative income tax, and (3) institutes a national sales tax never to rise above X%.
Simple math on 999. If you have 2 apples and I give you one apple and take zero apples away from you, then how many apples do you have?
Now replace the word apple with the word “tax”.
There are many pluses for a nrst, ie. illegals pay, tourist.
However, what happens to inflation once all this money from overseas is repatriated[11 Trillion]?
There is nothing in the constitution limiting excise taxes. If they want to charge an excise tax on every good sold in the US, they can.
The same argument being placed here applies even more so to the current system. There is nothing to stop the current tax rates being hiked 20-50-80%
This argument is completely without any rational merit. It is the desperate flailing around by the status quo bots desperate to keep the current political crony rewarding tax system in place.
Every complaint being levied at the Cain plan is even more relevant to the current corrupt failed tax system.
Raising tax rates is actually harder under 9-9-9 since everyone pays so it is impossible to hide tax hikes as being only “on business” or “on the rich”
No tax system will ever be perfect. 9-9-9 elminated most of the current failed corrupt flaws in the current system while adding NO new flaws.
Arguing, as this author is, that we should cling to our current failed system because any replacement will not be absolutely perfect is childish and irrational.
The same argument being placed here applies even more so to the current system. There is nothing to stop the current tax rates being hiked 20-50-80%
This argument is completely without any rational merit. It is the desperate flailing around by the status quo bots desperate to keep the current political crony rewarding tax system in place.
Every complaint being levied at the Cain plan is even more relevant to the current corrupt failed tax system.
Raising tax rates is actually harder under 9-9-9 since everyone pays so it is impossible to hide tax hikes as being only “on business” or “on the rich”
No tax system will ever be perfect. 9-9-9 eliminates most of the current failed corrupt flaws in the current system while adding NO new flaws.
Arguing, as this author is, that we should cling to our current failed system because any replacement will not be absolutely perfect is childish and irrational.
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