But we didn't know just how regressive until now. The Tax Policy Center -- a joint project of the Brookings and Urban Institutes -- has calculated in detail the impact Cain's plain will have on a people in several different income brackets. What they found is that 9-9-9 translates essentially into a significant tax increase for the vast, vast majority of Americans, and a tax cut -- in some cases a massive one -- for people making over $200,000 annually. Under the 9-9-9 plan, everyone with income below $200,000 will pay a significantly higher share of federal taxes than they do right now, while everyone with income above $200,000 will contribute less overall to federal revenues. People making over $1 million would ultimately pay a 174 percent smaller share of federal taxes than they do now. Tax Policy Center's raw numbers are below. Here they are in handy chart form. Click to enlarge. http://tpmdc.talkingpointsmemo.com/...verybody-who-makes-over-2000000.php?ref=fpblg
You are so predictable. You waste all your time trying to go after whoever is surging in the GOP polls. Let me help you out here. Just focus all your attacks on Romney and Mormons because Cain has about as much chance as being President as the Easter Bunny. I'm just trying to make it easy on you. I hate to see you waste your day going after candidates that don't have a chance.
there have been several of the et intelligentsia come out praising 999 as brilliant. just trying to shine a little light on his bs. if the country is actually stupid enough to elect another republican i think romney is the best of the lot.
Well, let's say the sun rose in the west tomorrow and Cain became President, first of all, this "999" plan would be modified 1000 ways from Sunday by the time it ever made it to the floor of Congress. I'm sure there would be 1000 different provisions put in to make it less regressive. The truth is, at the end of the day, it would be a liberal's wet dream. And many on the right are starting to see that and hence why it's getting criticism now from the "right" and not the "left". But surely you must know all this. Anyway, carry on...
Capital gains taxes, estate taxes and all forms of hidden taxes,gasoline taxes will be abolished under this plan. We must remember the interplay of the 9's. The corporate taxes will be lowered at every level of manufacturing. Costs of products will go down. Companies will have the option of lowering prices of finished goods. Those that do will get more sales. Those that do not will get less sales. It will create normal competition in the marketplace. The end result is the consumer will pay 9% sales tax for cheaper goods. Looking at the 9-9-9 plan it is very important to look at the entire picture. Not just one piece. 9-9-9 is not something Herman Cain dreamt up, it or its variations have been tried and tested in places like Hongkong,Singapore,etc, where it has allowed a country like Singapore which had the GDP of Botswana in the 60's to become the only country in Asia with a AAA rating and massive foreign reserves. That government actually has not borrowed to finance deficits for what appears to be more than 20 years Wealth creation will almost certainly occur under this plan and every segment of society will be uplifted. This should be the proper role of government policy, not to play one class off against the other.
All the things you said are true and I agree, there are plenty of ways to make it work. However, the next time the left controls all three branches of government it will become the 30-30-30 plan. And that is the problem. This is what happened in Europe, especially in the UK. There is no provision to stop this from happening.
You don't help a drug addict get off drugs by giving them more drugs and you don't help an inept government that spends far too much correct their spending problem by opening up more revenue streams. Neither Singapore nor Hong Kong spends anywhere near the ridiculous amount of money we spend on offense, so those examples are non starters. Remember, we are basically outspending the entire planet on offense. http://www.wealthwire.com/news/global/1259 So, I'm going to have to disagree that the Pizza guy jingle (999) is somehow going to solve our economic woes; even forgetting the fact that adding a national sales tax on top of a state sales tax, when real wages are declining, unemployment is rising, and food and gas prices are heading to the stratosphere, is about as dumb as it gets.
The problem I have with this is that I could lower my finished price, but so could my competition, so the downward pressure on my margin (and theirs) would not be relieved. Assuming this deflationary wave is hitting companies upstream AND downstream I'm really not going to be able to sell more product. I wouldn't expect even a surge of "pre-equilibrium" sales, because all of us in the supply chain are going to be anticipating lower prices "tomorrow".