What do you think of Herman Cain 999 Tax Idea?

It's a good start.

We already pay sales tax for food and clothing.

We also pay personal property tax for our vehicles every year.

That's on top of state and federal income taxes.
 
The 9-9-9 plan is totally utopian. It would never generate enough income, not even with drastic spending cuts and restructuring the government. Really strikes me as a half-baked idea.

Here's what one of Bush II's former advisers said about the plan. Not that Bush's economic advisers handled their charge well, but if even they are disgusted, then it might be worth paying attention: http://abcnews.go.com/blogs/politic...adviser-calls-cains-9-9-9-plan-a-monstrosity/

From what I read here, the plan is actually going to eventually be a 30% nationwide sales tax. Absolutely ridiculous.

Other than that, I don't know much about this candidate.
 
I prefer the Fair Tax but Americans aren't yet ready to give up the IRS. So, Cain's plan is a compromise.
 
Reba said:
I prefer the Fair Tax but Americans aren't yet ready to give up the IRS. So, Cain's plan is a compromise.
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I would prefer it too, if it could ever work. I'm not sure if it could, and Cain's plan definitely won't.
 
Well, since the poor are paying nothing now due to being unemployed, gotta find a way to get tax dollars back from those UI checks. Maybe they can start saving aluminum cans and open a business?
 
seriously, I don't think people really understand that the higher the income, the better the standard of living becomes, even if the taxes are progressively increased for them. Rich people paying 40% tax rate is hardly the same as the poor paying 40% tax rate. The poor would be MUCH worse affected, not the rich. The rich still gets to live well while the poor gets poorer, literally.

For example, if your rent is at minimum $400 a month and you make minimum wages, you would be much more hurt by 40% tax than would you if you were making say $30 an hour paying 40% tax.

Progressive tax is extremely fair and right.
 
I would be in favor of either Cain's 9-9-9 or Reba's Fair Tax but only if ALL deductions for everyone are done away with.
 
rolling7 said:
I would be in favor of either Cain's 9-9-9 or Reba's Fair Tax but only if ALL deductions for everyone are done away with.
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What about corporations that move offshore to avoid taxes? What about wealthy Americans that make their money here, but suddenly become residents of other countries? Since the top 1% control such a huge portion of our country's wealth, and since they can afford so many of the options that allow them to hide their wealth, move, or move their assets, won't these top earners just "find another way" to keep their pile?
 
South Carolina:

General sales tax in my county is 7%.

Unprepared food sales tax is 1%.

Annual personal property on vehicles (6% for personal, 10.5% for business).

Annual property tax, depends on assessed value of house.

Annual SC state income tax, about 7% of net income.

Gasoline tax on each gallon.

Businesses licenses (really a tax; it's based on a percentage of your income); one for each county in which doing business (three), and several municipalities have additional fees.
 
saywhatkid said:
What about corporations that move offshore to avoid taxes? What about wealthy Americans that make their money here, but suddenly become residents of other countries? Since the top 1% control such a huge portion of our country's wealth, and since they can afford so many of the options that allow them to hide their wealth, move, or move their assets, won't these top earners just "find another way" to keep their pile?
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Those ploys work only for those who are under an income tax system.

Using a sales tax system, moving offshore, being residents of other countries, and hiding assets wouldn't help them avoid paying taxes. Every time they buy something in the USA, they will have to pay the sales tax.

That's what the Fair Tax is all about.
 
Reba said:
South Carolina:

General sales tax in my county is 7%.

Unprepared food sales tax is 1%.

Annual personal property on vehicles (6% for personal, 10.5% for business).

Annual property tax, depends on assessed value of house.

Annual SC state income tax, about 7% of net income.

Gasoline tax on each gallon.

Businesses licenses (really a tax; it's based on a percentage of your income); one for each county in which doing business (three), and several municipalities have additional fees.
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You make unemployment sound attractive. So why do you do all of this? Why bother working?

Let's talk about income for a minute. Most likely one or both of you draw Navy pensions. You also have jobs that pay, taking a guess, in excess of 50k each. Your home is paid for, most likely. So, you have a household income of 120k. You pay out a crapload in taxes, but when it is all done, you are sitting pretty well.
 
Reba said:
Those ploys work only for those who are under an income tax system.

Using a sales tax system, moving offshore, being residents of other countries, and hiding assets wouldn't help them avoid paying taxes. Every time they buy something in the USA, they will have to pay the sales tax.

That's what the Fair Tax is all about.
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So the market moves to Mexico. Can you imagine all of the car dealerships and Best Buys popping up in Juarez and Tijuana? It is all about greed. Those wealthy folks want to keep gobbling up bigger slices of cheese. They have the power and resources. Do you really think they will go along with this? Not me.
 
I like Cain alot.... 9-9-9 Has some flaws but I think it could work. It would be interesting to see what it did to home sales and home ownership.
 
saywhatkid said:
You make unemployment sound attractive. So why do you do all of this? Why bother working?
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That doesn't even include the Federal income tax that we pay. As independent contractors, it's about 30%.

Then there's the overhead: Hubby's business=fuel, equipment, supplies, repairs, maintenance, uniforms, advertising, and insurance.

For me=vehicle upkeep, fuel, professional insurance, membership fees, certification tests and maintenance, and continuing ed.

Let's talk about income for a minute. Most likely one or both of you draw Navy pensions.
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Which we pay income tax on.

My pension didn't begin until I turned age 60, this year.

You also have jobs that pay, taking a guess, in excess of 50k each. Your home is paid for, most likely. So, you have a household income of 120k.
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We don't even make half that much, including pensions.

Our home is not yet paid off.

My $3,200 2000 Jeep Cherokee is paid off. :D
 
saywhatkid said:
So the market moves to Mexico. Can you imagine all of the car dealerships and Best Buys popping up in Juarez and Tijuana? It is all about greed. Those wealthy folks want to keep gobbling up bigger slices of cheese. They have the power and resources. Do you really think they will go along with this? Not me.
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I do.....and I don't see a mad rush to Mexico in the near future. It's a little unstable down there. I for one would have doubled my efforts at those rates.
 
Cain has been right about just about everything, out of all the madness going on in DC, he makes the most sense. He was right about the unions backing the wall street protests, he was right about the protests being orchestrated to sidetrack everyone from Obama's failed policies, and he has been warning everyone that Obama's policies were going to fail .... for YEARS!
 
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