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  #1  
Old October 13th, 2011, 09:28 AM
shadroch shadroch is offline
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Default 9-9-9

What is it about this plan that anyone but millionaires likes?

Cain calls for a 9% sales tax that seemingly would be on any and everything, from food to airplane tickets to your internet service, so everyones bills would increase 9%.

He calls for a 9% income tax where one could only deduct charitable donations. We would lose the deduction for our mortgages, and there are no deductions for children, nor would there be any earned income credits.

A family of four earning around $25,000 currently pays no federal income tax and no national sales tax. Under his plan, they would now pay 18% of their income in federal taxes. Does anyone think takinganother 20% of the income of Americas poor is a good idea?

The top 2% or so of the population would see their tax rate go down from 35 to 9, and the taxes on capital gains, estate taxes, ect,ect would go to zero. Earned income rates would be 9%, investmet income would be untaxed.

Business would pay 9% of their gross reciepts, being able to only deduct the cost of raw materials. Wages, advertising, rent, ect,ect would not be deductible.

I tried to do a quick run thru of the numbers and it seems like anyone making under 50,000 would be in the red, people making over $300,000 would make out like crazy and I have no idea how many businesses would survive paying 9% of gross reciepts in taxes. Most fast food places don't see a 9% profit.

If I'm missing something, please educate me.
  #2  
Old October 13th, 2011, 02:16 PM
Billy C1 Billy C1 is offline
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Default

And here's the next in line political thread---------mods should nip it in the bud!!!!!

BillyC1
  #3  
Old October 13th, 2011, 02:32 PM
blackjack avenger's Avatar
blackjack avenger blackjack avenger is offline
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Default missing the point

Fair income tax?
Who determines that?
Shadroch
Qfit
Me
Obama
Romney
Cain?

The people should not tolerate the government taking the fruits of their labors. the road to serfdom?

Lets not forget cash seizures. Seems the government is starting to feel entitled.
  #4  
Old October 13th, 2011, 10:00 PM
BJinNJ BJinNJ is offline
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Default Not A Good Deal, IMHO

I'm against giving the gov't ANY new tax, like VAT or 9% Sales Tax.
They can't manage what they have now, and have actually screwed
it up that no one KNOWS anything about the Income Tax.

Once the 9-9-9 gets in, it will become 10-10-10, then 12-12-12.
That's how career politicians work. It's their family business to
suck the life out of us pee-ons.

If they want to scrap the current Tax Code, and start over with
no deductions, and a 12%-14% rate for everyone... maybe I'd go
for it. Gov't needs to demonstrate it can manage money
like it was their family budget. It'll never happen.

We need a balanced budget, term limits (no more career politicians),
simpler Income Tax, and NO double/triple dipping of gov't pensions.

BJinNJ

Last edited by BJinNJ; October 15th, 2011 at 09:06 PM.
  #5  
Old October 13th, 2011, 10:21 PM
tthree tthree is offline
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Quote:
Originally Posted by BJinNJ View Post
I'm against giving the gov't ANY new tax, like VAT or 9% Sales Tax.
They can't manage what they have now, and have actually screwed
it up that no one KNOWS anything abut the Income Tax.

Once the 9-9-9 gets in, it will become 10-10-10, then 12-12-12.
That's how career politicians work. It's their family business to
suck the life out of us pee-ons.

If they want to scrap the current Tax Code, and start over with
no deductions, and a 12%-14% rate for everyone... maybe I'd go
for it. Gov't needs to demonstrate it can manage money
like it was their family budget. It'll never happen.

We need a balanced budget, term limits (no more career politicians),
simpler Income Tax, and NO double/triple dipping of gov't pensions.

BJinNJ
x2
  #6  
Old October 13th, 2011, 10:59 PM
shadroch shadroch is offline
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The problem with that is a country is not a family. A family only needs to think month to month, a country needs to plan ahead and fund it. Suppose the country needs to upgrade the electric grid system. It might cost 100 billion dollars to do the job right. Why should the tax-payers of today pay the whole thing. Isn't it fair that the cost be put out over the long term so the people who get to use it in twenty years get to pay for some of it?
When we fought WW1 and WW2, the money didn't come out of that years budget, nor was it simply pushed forward like the current wars were. The American people bought War Bonds and the war was financed. Afterward, the bonds were paid off by other Americans, including the next generation of Americans. Most of the debt for both wars was paid by people that were not involved in those wars.
Why should the tax-payers of 2011 have to pay for a project that tax-payers in 2035 will be getting the benefit of? Why shouldn't they have some of the burden?
We currently have the largest number of American families living in poverty that there have been in many years. Does anyone really think that a plan that calls for those families to pay an additional 18% of their income in taxes is a plan that will put the country in the right direction?
  #7  
Old October 13th, 2011, 11:02 PM
shadroch shadroch is offline
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BTW- If a person joins the military at 18, he can retire at 38 with a half pay pension. It's really not enough to live on, so if he decides to take a job with the Post Office and works another 20 years, why shouldn't he be entitled to a second pension?
  #8  
Old October 13th, 2011, 11:12 PM
tthree tthree is offline
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Quote:
Originally Posted by shadroch View Post
BTW- If a person joins the military at 18, he can retire at 38 with a half pay pension. It's really not enough to live on, so if he decides to take a job with the Post Office and works another 20 years, why shouldn't he be entitled to a second pension?
There are people abusing this all over the place. That is what he is referring to. No show jobs with big pensions for the Governors buddies. Make a pension give him another no show job in a different area of government etc. You end up with three pensions without working a day of work. You just know the right people.
  #9  
Old October 13th, 2011, 11:18 PM
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zengrifter zengrifter is offline
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Quote:
Originally Posted by shadroch View Post
What is it about this plan that anyone but millionaires likes?

Cain calls for a 9% sales tax that seemingly would be on any and everything, from food to airplane tickets to your internet service, so everyones bills would increase 9%.

He calls for a 9% income tax where one could only deduct charitable donations. We would lose the deduction for our mortgages, and there are no deductions for children, nor would there be any earned income credits.
The whole point of a national sales tax - it would actually take about 13% - is to eliminate the income tax, not augment it. zg
  #10  
Old October 13th, 2011, 11:42 PM
shadroch shadroch is offline
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Quote:
Originally Posted by zengrifter View Post
The whole point of a national sales tax - it would actually take about 13% - is to eliminate the income tax, not augment it. zg
While I disagree with the idea of a national sales tax to replace the income tax, that would certainly make more sense than 9-9-9.
It was pretty interesting that when Rick Santorium asked the studio audience who wanted a 9% sales tax, he was greeted by stone cold silence.
Not a single person appeared to support it.
 

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