Cain said on Huckabee that seniors would be exempt from paying taxes and Cain is also going to be adding exemptions for families living in low income minority neighborhoods so they won’t be paying as much, if any, national sales taxes either.
Rich Lowrie, Cain’s economic adviser and the architect of Cain’s 999 plan, upon complaints from Democrats that the 999 plan would tax the poor, said that they were going to “fix” that by either reducing or eliminating the taxes required by those same low income families.
(Excerpt)
Lowrie says it’s just “Washington thinking” to look at whether modest-income Americans will wind up shouldering much more of the tax burden. He repeatedly refused to say how much more of the tax burden would be borne by the poor and middle class than under the current system. But he implicitly acknowledged the problem by saying that the campaign would “fix this” with a new empowerment-zone plan that would be laid on top of the 9-9-9 plan and would presumably lower taxes in inner cities. But how fair is that to people living elsewhere? And aren’t we back to more complexity?
(End of excerpt)
“Cain said on Huckabee that seniors would be exempt from paying taxes “
I watched it and I don’t think he said that, nor the rest about exemptions. We better watch that video again.
Honestly, none of that matters because 999 will never pass congress.
All that matters is that people like Cain, he’s a conservative, and he is now the Romney killer, which makes Cain my new best friend :)
was he referring to their social security tax, the national sales tax or both? 999 is a tax on consumption. A tax on consumption has never created employment or prosperity, it creates deflation and this is one of the biggest flaws in his plan. The 999 plan encourages saving; true, but just look at Japan to see how well saving money helps an economy to grow. The Japanese are known as savers and they are also known as having been mired in a deflationary spiral for the past 20 years BECAUSE OF IT. What is even worse is that our central banker friends will exacerbate the deflationary spiral by creating more money which will obviously result in a continuation of the Obama stagflation. 999 is dangerous. that it comes from the mind of a central banker makes it more so. Ultimately, a national sales tax should be resisted every bit as forcefully as the federal income tax was when it was forced upon us... by central bankers.
Cain’s 9-9-9 plans shed light on just how complex the current tax code is. Finally, we the people are having a robust debate tax reform.
I freaking KNEW it!
There is now way that a plan that taxes seniors would be put out there!
What I’m *hoping* they do is make it so that NOBODY pays taxes on the first $25,000.
It stays fair, but helps out the poor and middle class.
Now if people can get it through their thick heads that they won’t be paying MORE with the 9% sales tax, we’ll be in business.
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