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Under the 9-9-9 plan income is taxed at 9% and capital gains are at zero. I bought a stock on Thursday and sold it yesterday and made about $2000. Under the plan, I would pay no tax on that gain and it only took me a few mouse clicks and a few minutes of my time. Yet someone working at $10 an hour would have to work for 200 hours for that amount and then would have to pay 9% in tax. Somehow that just doesn't seem fair to me.
Talk about increasing the size and role of government, this idiot wants to introduce a monstrous 9% fed sales tax plus a VAT. Imagine how many new govt employees you will need to stop the thousands of new black markets that open up because of this. Spending will plummet, those making under $200k will see no benefit or will see their tax liabilities increase, making this the most regressive new tax in history.
The Tea Party and anyone supporting this plan are completely out of touch with reality.
I won't get Social Security back. I'm young. It won't happen.
Yes you will. Don't believe what they want you to believe. There are 47 million seniors and another 35 million coming on board soon, every one a voter, that are going to insure that Social Security stays solvent and is there for our grandchildren, just like it is there for us. We won't let them take it away from you. Rest assured.
The 999 is basically a major tax increase. Pretty weird hearing it from someone who pretends to be against high taxes.
For those of us who pay massive income taxes (despite being wage slaves earning far below $200,000 in a dual-career household), it would be a BIG tax break.
Which is why I know it won't go anywhere. How can Big Government continue to pay for its massive self, war-monger around the world, support our elite political class, and funnel billions to the ultra-rich as well as the "needy," without raking the working taxpayer over the coals and taking every bit of discretionary income he has?
On the other hand, considering how insanely irresponsible Washington is to spend 40% more every year than it collects in taxes, why not just "borrow" (i.e., print) ALL the money Washington spends? It's not like our national debt is even POSSIBLE to deal with, other than by default or total currency collapse.
A few years of tax freedom would give us prosperity like the world has never seen before--I know it would make even retirement possible for my family!
I won't get Social Security back. I'm young. It won't happen.
You are correct.
If more people understood that we get virtually nothing back for the enormous amount confiscated by taxes--not even from the single Federal program that promises we get something back eventually--Big Government would no longer be able to use us as their slave labor.
A bit of a correction of the actual facts is needed here .... Social Security taxes go directly into the general fund .... there is no SS trust fund account. There are only entries into an accounting system that keeps track of SS revenue, but every penny goes straight into the general fund like all other revenue collections. What that really means is that SS payments are in fact paid for with borrowed funds, since we are operating on a 1+ Trillion deficit, while collecting these funds under false pretense. It's just another tax, like all of the rest, and is handled no differently.
As for the 999 plan ... you don't need a degree in economics or mathematics to understand that a federal consumption or sales tax will punish the lowest incomes far more since they spend the majority of their incomes on consumption, as compared to the very wealthy who spend only a small fraction of their total income on consumption.
Further, anything that discourages "buying", like high sales taxes will result in further declines in consumer spending, worsening the economy.
This clown Cain ought to be booed right out into the streets. But, his purpose may simply be another "dive" by the republicrats for a second Obama term, since he's such compliant war monger .... just like that walking zombie John McCain was a total non-challenge no-contest plea in the first go round.
And the left are drooling at the prospects of a Black on Black presidential election.
No there is a SS trust fund. Money goes into the SS trust fund and is either used to make payments or immediately used to purchase T bonds. Thus why the SS trust fund holds something like 3T in treasury bonds. While in reality this allows the general fund to use SS money, that money does not automatically flow to the general fund it must be borrowed with special interest bearing, bond issuances that the SS trust fund holds and may, and do redeem to pay benefits.
Cain denies his 999 plan would tax food and medicine - huh?
I heard a clip from the debate where Herman Cain said it was false that his 999 plan would tax food and medicine. How is that false?
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Cain denies his 999 plan would tax food and medicine - huh?
