much better than Obama's things will get better at some point plan.
the plan sounds as if it had been devised by a cpa from cleveland...oh, wait, it was.
i am retired earn $60k/ yr. the 999 plan would cost me an additional $3400 in fed. taxes and an additional 9% added to our local 8.75% sales tax.
at the same time, my wealthier neighbors would experience a tax reduction.
another conservative republican making sure that the greed of the rich remains well-nourished.
Personally, I am not a fan. The 9% sales tax makes no sense at all. How is the economy supposed to grow if we discourage people from buying products. Producing is nice, but does not mean much if no one buys the product. Secondly, it would not encourage people to save because people do not need encouragement to save, they money to save. For 30 years, median middle class income adjusted for inflation has declined. Add the fact that the cost of living has steadily increased over that same period. The result is that people have nothing to save. This plan does nothing to address that fact. As far as cutting taxes to stimulate the economy goes, we extended the Bush tax cuts last December and seasonally adjusted unemployment has been 9.1% for three consecutive months. Even Ron Paul calls the plan regressive. I guess we should expect this from a guy that proudly admits to knowing very little about politics.
If his 9% sales tax only applies to new products, why would anybody buy a new car? What kind of impact would that have on the auto industry? What is the incentive for buying a new car and paying an additional 9% when you can buy a year old car and avoid it. So, after destroying the auto industry what's next? How about the building and construction trades? Nobody would build a new house. So, new housing construction would be impacted. In fact why would anybody buy anything new?
If I live in a state without an income tax like Florida, I now get a 9% income tax. If I live in New Hampshire where there is no sales tax, I now get a 9% sales tax. If I live in a state like Alabama with a 9% sales tax, I now get another 9% on top of that so the tax is now 18%. So now a great percentage of an average persons income is spent on this crap. The rich person gets his taxes lowered to 9% and the fact that he has more disposable income to begin, with means that the entire plan has no adverse affect on him at all, while at the same time stomps on the average person who now spends a greater percentage of his money for his everyday expenses. Herman's apples and oranges explanation is nothing but fruit salad designed to put more money into the pockets of the rich.
He should go back to selling pizza, $9.99 for a large 4 topping sounds good,,,but then Godfathers? Maybe not :-P
How could wiping out the current tax code and replacing it with a 9-9-9 plan increase federal taxes by $3,400 of someone making $60k a year? Currently, the lowest tax rate I am aware of is 15%, so 9% would be a decrease. Off of the top of my head, I do not recall if $60/k is in the 25% or 35% range. It replaces the current tax structure - It does not add to it. How does a 9% sales tax discourage someone from buying? Our current sales tax is right at 9% now. Actually, about 30 to 40% of the price of goods is from various taxes added to the cost. So the price of goods would actually decease and encourage people to buy. Herman Cain has turned one company after another around. That's exactly what this country needs, instead of someone running spending billions to accomplish nothing. Cain would chew Obama up and spit him out in a debate, while Obama stood there whining about it being Bush's fault.
by GA Anderson 2 years ago
Much is heard of a demand that corporations and the wealthy pay their "fair share" of taxes, but I have heard little of what that share should be.With only a single restriction; that the discussion is about legal tax actions, what should that "fair share" be?One could say that...
by Holle Abee 7 years ago
http://www.realclearpolitics.com/video/ … taxes.html
by Brian 2 years ago
This is not a current tax, or one that is planned, this is my own idea. (United States)I am just curious if you would favor a 5% national sales tax if the money from that tax went back to the people, in the form of bi-annual stimulus.1% of the tax would go to the people. That tax would be...
by cameciob 5 years ago
and probably all accounts comming from MN, in the account that the state had passed a law to collect Internet taxes. So, that will not pay any advertising fees to accounts in Minnesota.I used to make some pocket change from Amazon every month....I am sad and mad ( I just lost my full time job with...
by Susan Reid 6 years ago
Forget who is behind bringing these 12-year-old allegations forward at this particular juncture (ladies and gentlemen, place your bets. I'll wager even money that it was Perry and not Romney).Politics is a dirty business. Nothing's too low.So as we know, sexual harrassment charges were leveled...
by Stacie L 7 years ago
FRANKFORT, Ky. (AP) - Republican U.S. Senate candidate Rand Paulsaid Tuesday the federal tax code is a "disaster," and he wantsto replace the income tax with a retail sales tax.Paul said that he would support changing the federal tax code toget rid of the Internal Revenue Service, and he...
|HubPages Device ID|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Google Analytics|
|HubPages Traffic Pixel|
|Google Hosted Libraries|
|Google AdSense Host API|
|Conversion Tracking Pixels|
|Author Google Analytics|
|Amazon Tracking Pixel|