Posted on 10/17/2011 11:08:56 AM PDT by RockyMtnMan
I believe he mentioned on Sunday that SS is not taxable as it was already taxed. Neither is dividend income like the growth on a 401K. I believe that answers your concern.
Cain has not proposed any cuts in government spending. Cain’s only proposal is a Liberal Tax and Spend Scheme.
Not if the income tax were entirely repealed first instead of following this incremental step towards doing that.
Considering his tax plan eventually has no income tax, I think He’d be on your side.
Meanwhile, he’s proposing drastic improvements, even if they are reversible (though he explains why that becomes unlikely politically).
Under the plan 401k portfolios would rise in value significantly with a corporate tax rate of 9% and the elimination of the capital gains tax. The cost of goods and services would also fall with the elimination of the payroll tax.
As for fair, the SS administration says it will be insolvent before I retire, making my rate of return on contributions $0.
A booming economy will do more to save SS than the current tax code would ever do. Retirees should be more concerned about that instead of buying new goods and services. It also sounds as if “empowerment zones” would potentially buffer the impact on retirees.
Ditto!
Cain is nothing more than a Stalking Horse Candidate for Romney to split up the Conservative Vote so that Romney can win the nomination with less than 30% of the vote. Cain endorsed Romney in 2008 and he will endorse Romney again in 2012.
Didn’t see the dupe when I posted, maybe my FR search skills are lacking. :-)
He supported the TARP bailout in the strongest language possible, to the point that he wrote articles extolling the virtues of a bailout.
Government shouldn’t pick winners & losers
Q: Mr. Cain, you initially supported the TARP program?
CAIN: I studied the financial meltdown and concluded on my own that we needed to do something drastic, yes. When the concept of TARP was first presented to the public, I was willing to go along with it. But then when the administration started to implement it on a discretionary basis, picking winners and losers and also directing funds to General Motors and others that had nothing to do with the financial system, that’s where I totally disagreed. The government should not be selecting winners and losers, and I don’t believe in this concept of too big to fail. If they fail, the free market will figure out who’s going to pick up the pieces.
Source: 2011 GOP primary debate in Manchester NH , Jun 13, 2011
The 9-9-9 plan makes much of end of payroll taxes offsetting the sales tax, but retirees have already paid payroll taxes and now they pay income tax on their pensions and withdrawals from 401ks. So retirees appear to pay 18% with no offset via the end of payroll taxes. Why is this a fair deal for retirees or workers who have already paid payroll taxes for years? (This is not a statement, I’m looking for an answer.)
2. Your contributions to your 401k avoided a 28%+ (?) marginal income tax rate. They will eventually be taxed at 9%. Sweet deal for your generation!
3. We need a humming economy to be able to afford to keep your checks coming from the earnings of current workers who have little hope of receiving the same benefits without drastic change.
4. The sales tax will merely reveal the embedded tax in goods, not necessarily increasing the total cost.
5. If those whose earnings become your monthly check are celebrating this plan, you might want to keep the golden geese happy by supporting it too.
6. It might cost you something to save our nation from socialism. Wouldn’t that be worth it?
All part of the ol' switcheroo. Can you imagine how little preparation the GOP would have after buying all its advertising for a run against Obama if the Slave Party pulled it at the convention?
This is why I have advised conservatives not to run against "Obama," but to direct their attacks against "Democrat policies," linking them directly to socialism. It helps especially in the run to take back the Senate, and this time, we cannot suffer a center-left majority that is only nominally Republican. This is where the GOP really hurt us in Nevada and New Jersey in 2010. Having those two Senate seats is a big deal when the turnover is only one third of the Senate every election.
Cain’s National Sales Tax & Spend Scheme is a terrible idea. What is needed is a cut in government spending.
Cain’s outline of his spending cuts are on his website, and have been for some time.
Consider the situation:
(1) America elects a non-politician who runs on the promise of enacting a specifc tax reform plan.
(2)Congress refuses to enact his plan.
What would the 2014 congressional elections look like?
The patience of the American people has run out with politicians. It has simply run out. If #1 & #2 came to pass, I would expect the 2014 elections to be a bloodbath for Republicans. Literally guys that had been there 20 years would get kicked out.
Something would pass. Whether it would be exactly 999, I don't know. But politicians are about saving their hide before saving their power.
I’ve heard this argument before and as a spouse to a retiree, it interests me a lot, too. I’m voting for him though, because I think this is the best deal for my kids and grandchild.
What did you search under, keywords or title?
I didn’t say that tax cuts and spending cuts can’t exist, bubba.
I said that Cain proposed a Liberal Tax and Spend Scheme without any proposal for Tax Cuts.
I didn’t say that tax cuts and spending cuts can’t co-exist, bubba.
I said that Cain proposed a Liberal Tax and Spend Scheme without any proposal for Spending Cuts.
Which would result, even if true, in a deficit of about $1.5 trillion, given current spending. What is Cain proposing to deal with that?
I put in “9 responses*” in the search field.
Cain Train ping!
Is it your opinion that Cain won’t propose any tax cuts?
Its early yet. There’s a lot he hasn’t fleshed out yet.
Cain has proposed no Spending Cuts, only a Liberal Tax and Spend Scheme with a gimmicky name, 999.
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