then why don't you do it? If it's so great being poor it shouldn't be that difficult to acheive it. Show me, where are all the people scrambling to be in the lower 47% just so they don't have to pay taxes. Did you even think before you posted or did your knee just jerk?
seneca, and how much will that couple of k the poor will now have to pay help? If we took all of Warren Buffets and Bill Gates net worth it wouldn't even make a dent in the debt, but at least it wouldn't make their lives even more financially miserable, but a few k really hurts the little guy trying to get ahead.
I like the simplicity of it, buts that's about it. At first glance, it seems the 9% corporate income tax on gross receipts encourages employee outsourcing. Purchases from other firms are a tax credit, and reduce a firms overall taxable gross income. Whereas, if a firm retains their staff, gross taxable income is higher = lower profit. I could be wrong, but it looks terrible. Taxing on gross receipts is retarded, anyway. Business margins are often less than 10%....
it would really be bad to take a loss for the year and still owe taxes. Are you sure about that? Tax on gross? nah, I don't think so. Really? As I understood it, all income is taxed at ordinary rates. so they say no cap gains, but cap gains a dividends are just treated as ordinary at 9%, which would be good for me. For that matter, if they are relying on my revenue for the 9% sales tax the country will be broke, because I hardly ever buy anything. But I don't know how the corporate rate works, it can't possibly be on gross can it?
So the idea is that the 9% national sales tax applies to *everything* purchased? Like, when you buy 100 shares of AAPL, you pay a 9% tax? What about a house? Dishwasher for the house? Replacement dish rack for the dishwasher for the house? Or are we already starting to list exemptions and recomplicating the tax code?
I don't buy anything now that I can afford it because I already own more than I need or even want. But boy I sure could spend it when I was raising kids and was always flat broke. At 9%, in one year I probably could have paid a days salary for the guy who empties the trash on Air Force One.
no, it's just at the retail level, which is the one thing I like about it. Hopefully a carpenter would be exempt when he buys a saw.
Sure, I get that. But it opens a lobbyists wet dream of vague exemption-ness...that saw is useless unless the carpenter can grab a drive thru breakfast, so no tax on egg mcmuffins...etc ad nauseum... There is no system of taxation that we cannot screw up. It seems, again, the poor are getting raped on this. No tax on buying 100 shares of AAPL, a decidely non-99% thing to do, but tax on the notebooks the seven year old needs for school. Tax on everything at Walmart (eg, "retail"), no tax on anything bought from a BMW dealer. Etc. Cain is a "great American hero", so I'm sure he will soon rectify his "I have no idea" statement and replace it with actual real world specifics. And of course, none of this addresses the spending side of the problem.
that's what I was asking, How is a 9% rate lesss complicated than a 28% rate? If I use my car for my business do I still need to pay the extra 9% for gas? If I own a restaurant, do I pay 9% on my tomatos? What if I buy them at the grocery store? If I'm incorporated, how is it simpler? don't I still need to prove I had expenses? 9 is better than 10 I'll grant you that, but how is nine simpler than 10?
if you really want to make it simple, why not make it 777? or for those who think it's too simple how about 12, 12, 12?