Their report looks at all three of Cain's taxes; the 9% income tax, the 9% business tax, and the 9% national sales tax.
In summary, if you make under $200K, you'll see a net tax increase on average. Over $200K you'll see a tax decrease. Again, this takes all three taxes into consideration.
If he sticks to this plan, he'll just keep getting hammered on it. From what I've heard his main suggestion to cut your taxes with his plan is to buy used goods. But what would that do to job creation?
Which is it? The new taxes will bankrupt those under 200K or it won't produce enough revenue? If hundreds of millions of Americans are paying more taxes, it looks like it would increase revenue for the treasury.
Irony? Could Herman Cain(R) be the mastermind behind the largest tax revenue increase in decades?
Actually both. the worst of both worlds. Rise taxes for those uner $200,000 and decrease revenue since the majority of the tax revenue, well over 65% comes from those making over $200,000 so if thier taxes decrease then the people who produce the most revenue will decrease and transfer the burdon to those under $200,000. THAT should get a lot of votes! :bash
Conservation Voice wrote: Look, we all know the federal government. No matter who is in charge, they're never satisfied.
9-9-9 would become 10-10-10 and then 11-11-11.
Not to mention NO ONE will vote this in! NO ONE will vote for something that today came out and showed will increase taxes for 84% of Americans. People making between $40,000 - $50,000 with have an increase of about $4400 per year. Taxes on people making over $1 million will have their taxes cut in half. It is political suicide.
Conservation Voice wrote: Look, we all know the federal government. No matter who is in charge, they're never satisfied.
9-9-9 would become 10-10-10 and then 11-11-11.
Not to mention NO ONE will vote this in! NO ONE will vote for something that today came out and showed will increase taxes for 84% of Americans. People making between $40,000 - $50,000 with have an increase of about $4400 per year. Taxes on people making over $1 million will have their taxes cut in half. It is political suicide.
I wish I believed you were right, but my fear is people will actually vote for this man and his 999 plan, it sounds so catchy....and everyone wants to simplify the tax code.....no one really thinks beyond the idea to the consequences. And doesn't Can sound cool in the debates?
Unless the Republican party really holds his feet to the fire and makes him spell out exactly what this plan entails, then puts it out there for the voters in words they can understand, Cain may indeed be your candidate for President.
Conservation Voice wrote: Look, we all know the federal government. No matter who is in charge, they're never satisfied.
9-9-9 would become 10-10-10 and then 11-11-11.
Not to mention NO ONE will vote this in! NO ONE will vote for something that today came out and showed will increase taxes for 84% of Americans. People making between $40,000 - $50,000 with have an increase of about $4400 per year. Taxes on people making over $1 million will have their taxes cut in half. It is political suicide.
I wish I believed you were right, but my fear is people will actually vote for this man and his 999 plan, it sounds so catchy....and everyone wants to simplify the tax code.....no one really thinks beyond the idea to the consequences. And doesn't Can sound cool in the debates?
Unless the Republican party really holds his feet to the fire and makes him spell out exactly what this plan entails, then puts it out there for the voters in words they can understand, Cain may indeed be your candidate for President.
Most pundints and analysts are calling this a 2 man race again between Perry and Romney. They all feel Cain's plan is going to bring him down quickly and Perry just came out with another part of his plan today.
Conservation Voice wrote: Look, we all know the federal government. No matter who is in charge, they're never satisfied.
9-9-9 would become 10-10-10 and then 11-11-11.
Not to mention NO ONE will vote this in! NO ONE will vote for something that today came out and showed will increase taxes for 84% of Americans. People making between $40,000 - $50,000 with have an increase of about $4400 per year. Taxes on people making over $1 million will have their taxes cut in half. It is political suicide.
I wish I believed you were right, but my fear is people will actually vote for this man and his 999 plan, it sounds so catchy....and everyone wants to simplify the tax code.....no one really thinks beyond the idea to the consequences. And doesn't Can sound cool in the debates?
Unless the Republican party really holds his feet to the fire and makes him spell out exactly what this plan entails, then puts it out there for the voters in words they can understand, Cain may indeed be your candidate for President.
Most pundints and analysts are calling this a 2 man race again between Perry and Romney. They all feel Cain's plan is going to bring him down quickly and Perry just came out with another part of his plan today.
Viking,
Read Laffler's column in the Wall Street Journal supporting Cain's plan?
Mike Rosen was also endorsing the 9-9-9 plan today on his program. He thinks if the TEA Party is able to take the Senate in 2012 along with the Presidency the plan will pass.
Thomas Sowell: There are no solutions, just trade-offs.
Conservation Voice wrote: Look, we all know the federal government. No matter who is in charge, they're never satisfied.
9-9-9 would become 10-10-10 and then 11-11-11.
Not to mention NO ONE will vote this in! NO ONE will vote for something that today came out and showed will increase taxes for 84% of Americans. People making between $40,000 - $50,000 with have an increase of about $4400 per year. Taxes on people making over $1 million will have their taxes cut in half. It is political suicide.
I wish I believed you were right, but my fear is people will actually vote for this man and his 999 plan, it sounds so catchy....and everyone wants to simplify the tax code.....no one really thinks beyond the idea to the consequences. And doesn't Can sound cool in the debates?
Unless the Republican party really holds his feet to the fire and makes him spell out exactly what this plan entails, then puts it out there for the voters in words they can understand, Cain may indeed be your candidate for President.
Most pundints and analysts are calling this a 2 man race again between Perry and Romney. They all feel Cain's plan is going to bring him down quickly and Perry just came out with another part of his plan today.
Viking,
Read Laffler's column in the Wall Street Journal supporting Cain's plan?
Mike Rosen was also endorsing the 9-9-9 plan today on his program. He thinks if the TEA Party is able to take the Senate in 2012 along with the Presidency the plan will pass.
For every one that endorses it, 20 are tearing it apart. If you really look at the numbers, unless people don't care if their taxes really go up, then it can't pass.
HERMAN CAIN: "It does not raise taxes on those that are making the least."
THE FACTS: An independent analysis of his tax plan, released Tuesday, concluded otherwise. The Tax Policy Center, a Washington think tank, said Cain's plan would increase taxes on 84 percent of U.S. households, hitting low- and medium-income households the hardest. The analysis said that households making $10,000 to $20,000 would see whopping tax increases averaging $2,705 — an increase of nearly 950 percent.
The rich, however, would get big tax cuts, the analysis said.
Cain's plan would scrap current taxes on income, payroll, capital gains and corporate profits. He would replace them with a 9 percent tax on income, a 9 percent business tax and a 9 percent national sales tax.
The study is in line with economic theorists — whether on the left or right — who note that sales taxes tend to hit low-income families the hardest because they spend more of their income than wealthier families do.
Unlike most states, Cain's plan would NOT exempt food or medicine from sales taxes. Used items, however, would be exempt.
Yep... Typical Rightie economics... Screw the low/medium households...Raise TAXES on 84% of the population...But make sure the top 1-2% get cuts and make out like crooks.
The Viking wrote: Most pundints and analysts are calling this a 2 man race again between Perry and Romney. They all feel Cain's plan is going to bring him down quickly and Perry just came out with another part of his plan today.
Perry is coming out with his tax plan and he's calling for a flat tax. I haven't seen any details yet, but in general a flat tax, if it has just one bracket, has one of the same problems Cain's 9-9-9 has. It cuts taxes for the wealthy, and increases taxes for most everyone else.
This is NO JOKE it can work if people will grow a set and follow through...
Since folks STILL don’t want to read, (and are willing to take what the Establishment Republicans will “force” on to you…)
I can give you facts, but I can’t help you understand, but I’ll be happy to help you understand…
Here are some of the advantages;
[center:1mgd6d6g]9-9-9 Summary (PHASE ONE)
[/center:1mgd6d6g]
[center:1mgd6d6g]“REMOVES all payroll taxes and unites all TAX PAYERS” (“Everybody paying their fair share.”, as the leftist would say, so they should like this plan)[/center:1mgd6d6g]
[center:1mgd6d6g]“PROVIDES the least incentive to evade taxes and the fewest opportunities to do so” (Getting rid of the “loopholes”)[/center:1mgd6d6g]
[center:1mgd6d6g]“Lifts a $430 billion dead-weight burden on the economy due to compliance, ENFORCEMENT, COLLECTION, etc…” (Pretty big CUT in Government)[/center:1mgd6d6g]
[center:1mgd6d6g]“ENDS NEARLY all deductions and special interest favors” (Getting rid of a lot of lobbyist)[/center:1mgd6d6g]
[center:1mgd6d6g]“EXPORTS leave our shores without the Business Tax or the Sales Tax embedded in their costs making them world class competitive. IMPORTS are subject to the same taxation as domestically produced goods, leveling the playing field.” (Sounds fair to me)[/center:1mgd6d6g]
[center:1mgd6d6g]“FEATURES ZERO tax on capital gains and repatriated profits” (Thus getting more production & jobs)[/center:1mgd6d6g]
[center:1mgd6d6g]“KILLS the DEATH TAX” (Your loved ones will love this one, I know mine will)[/center:1mgd6d6g]
[center:1mgd6d6g]“ELIMAINATES double taxation of dividends"(you paid it once Why twice)[/center:1mgd6d6g]
[center:1mgd6d6g]“FEATURES a platform to launch properly STRUCTURED Empowerment Zones to renew our inner cities” (Don’t totally agree with this, because who decides what Zones gets the breaks? But if done correctly Good for everybody)[/center:1mgd6d6g]
[center:1mgd6d6g]9-9-9 Summary (PHASE TWO):
[/center:1mgd6d6g]
[center:1mgd6d6g]“Ends the IRS as we know it and repeals the 16th Amendment” (“The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, WITHOUT apportionment among the several States, and WITHOUT regard to any census or enumeration.”) (GOOD!)[/center:1mgd6d6g]
[center:1mgd6d6g]“Ultimately replaces individual and cooperate income taxes.” (Nuff’ Said)[/center:1mgd6d6g]
The Viking wrote: Most pundints and analysts are calling this a 2 man race again between Perry and Romney. They all feel Cain's plan is going to bring him down quickly and Perry just came out with another part of his plan today.
Perry is coming out with his tax plan and he's calling for a flat tax. I haven't seen any details yet, but in general a flat tax, if it has just one bracket, has one of the same problems Cain's 9-9-9 has. It cuts taxes for the wealthy, and increases taxes for most everyone else.
Not even close. There are large deductions built in for the lower and middle class. I started a thread on what the plan might look like and how it will pan out for $40,000, $75,000 and $1 million. It is a huge advantage for the lower and middle class.
Which is it? The new taxes will bankrupt those under 200K or it won't produce enough revenue? If hundreds of millions of Americans are paying more taxes, it looks like it would increase revenue for the treasury.
