Posted on 10/21/2011 12:29:30 PM PDT by Evil Slayer
Republican presidential candidate Herman Cain said on Friday that poor Americans will not have to pay the 9 percent flat income tax under his now-famous “9-9-9” tax reform plan.
During a speech in front of a vacant train depot in Detroit, the former Godfather’s Pizza CEO staunchly defended his signature tax proposal from critics who say it will raise taxes for lower-income Americans.
Cain’s plan would throw out the current tax system in favor of a 9 percent corporate tax, a 9 percent income tax and a new 9 percent national sales tax.
He said Friday that poor people under his plan would be exempt from paying the income tax.
“If you’re at or below the poverty level, your plan isn’t 9-9-9,” Cain said. “It’s 9-0-9.”
The former pizza executive also unveiled his proposal on Friday for “opportunity zones” to help “renew distressed inner cities.” His proposal includes offering tax exemptions to businesses that invest in these zones.
(Excerpt) Read more at dailycaller.com ...
Then what good is it?
So basically the ONE selling point this thing had is off the table. As I knew it would eventually be—I just didn’t think it would be immediate.
The primary benefit of the 9% sales tax is to put everyone into the game.
And those not paying income tax now and not paying income tax under 999, will be paying the new sales tax. So, i don’t see how this solves what Cain says it does.
So that basically negates the whole “skin in the game” talking point...
Slashing corporate tax isn’t a selling point?
Good time to open an automated liquor store in the inner city.
i thought that was going to drop from 15 % to 9
i don't care - i still like 9-9-9 more than any other plane
just for the PIWER (of the 85,000 page tax code) that it would take away from the government
I thought that was going to drop from 15 % to 9
I don't care - I still like 9-9-9 more than any other plane
just for the POWER (of the 85,000 page tax code) that it would take away from the government
I thought it brought in the 47% who didn’t pay taxes now? 999 is a mess.
So this plan STINKS ON ICE, as I have been saying since it came out.
If he keeps watering it down, it’s gonna be back to what it is now.
“So this plan STINKS ON ICE, as I have been saying since it came out.”
There needs to be a Goodfellas flat tax that everybody pays so everybody has an interest in keeping it down; “F*** you, pay me.”
Bummer. I’m all for a regressive tax. At least some folks start paying, thus taking the temptation to have productive folks to “pay their fair share” off the table.
This plan is falling apart so fast I can’t keep track.
First it was 999, then it some opportunity zones it would be more like 333, now we find out for anyone below the poverty line it will be 909 (and presumably in opportunity zones it will be 303). Before we are done all the good this plan was supposed to achieve will be wiped out.
So . . . if the poor are exempt, then maybe it is a new federal tax on the middle-class and it’s not so simple after all. Cain is losing it now, he’ll drop.
No president can wave a magic wand and change the tax code. A president can ask for tax code changes and sign legislation. All tax laws originate in the House of Representative Ways and Means committee. I believe that is in the constitution.
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