RE: Look, pal. I’m not gonna be potus.
This is not about you or me, this is about any candidate who would propose to reform our tax code. ANY PROPOSED REFORM would necessarily FLATTEN and SIMPLIFY our tax code if not via 9-9-9, then by some other means. So if we critique Cain’s plan, we ought to discuss our preferred alternative.
RE: Different variations of a flat tax I’ve seen over the years and running the numbers, go from 17% to 23%.
I assume this will be a flat tax with NO EXEMPTIONS ( If you start adding exemptions for this or that, then we’re back to social engineering again ).
Let’s take it at 20% for simplicity’s sake.
If so, then a person earning $20,000 will pay $4,000 off the bat in taxes. A person earning $30,000 pays $6,000 and a person earning the national average of $50,000 pays $10,000.
With the current convoluted tax code with all its social engineering, many people pay almost close to nothing ( that’s why close to 50% pay no taxes ).
I’d like to ask Rick Santorum how many of these low income earners will raise their hands with this plan in place.
BTW, you do know that 9-9-9 is a transitory tax plan towards ABOLISHING INCOME TAXES ALTOGETHER in favor of a Fair Tax in the longer term..
Right. This about Cain's tax plan which imo, is a gimmick to attract voters. Its plain dumb. Take out the sales tax and may be then we can talk. Otherwise, its a moot point. No one will buy into it. Frankly, without the sales tax component the entire plan falls apart and that is fine with me.
>>>>>>in favor of a Fair Tax in the longer term..
A national consumption tax or national sales will never happen. The Fair Tax is going nowhere. Thank God.
A return to Reagan era tax rates, c.1988 would be a better option. A flat tax would be the best option.