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Unless you have no or very little deductions you will see your taxes increase unless of course you have a strange definition of working class. Cain himself can't get the math right. Middle class families would be especially hit hard by this.
Middle Class families would be hurt more than the impending global collapse that will be caused if Obama and the planless/clueless liberals continue in power.
I like the plan, and I'd probably end up owing more taxes under it. The attraction of the plan is that EVERYONE has to start contributing to the kitty.
We're not going to get out of the economic hole created by big government liberals (Rs and Ds alike) without some pain.
Middle Class families would be hurt more than the impending global collapse that will be caused if Obama and the planless/clueless liberals continue in power.
I like the plan, and I'd probably end up owing more taxes under it. The attraction of the plan is that EVERYONE has to start contributing to the kitty.
We're not going to get out of the economic hole created by big government liberals (Rs and Ds alike) without some pain.
Everyone already contributes something to the kitty, they just do so in other forms. Massive cuts in taxes to the wealthy with massive increases in taxes to the poor and middle class is not the way to go about solving the problem. And yes you are right that we aren't going to get out of the hole without some pain. That means the wealthy also. The poor have sacrificed, the middle class have sacrificed, the wealthy have not. Yet this plan would cause the middle class and poor to sacrifice even more, and on top of that not only not ask the wealthy to sacrifice, but give them even more.
Do some people actually get more back in a refund than they had deducted from wages for the year?
My years of really low earnings were during the 80s and early 90s. I didn't have children or a mortgage and was a single filer. I never received more in a refund than what had been deducted from my paychecks.
Through things like the child tax credit and other deductions, there are those who get back more in income taxes than they paid in, however they pay more in payroll taxes and other taxes than they get back in income taxes.
Well even if that is the case they are still paying other taxes. For those who don't have those exemptions they will also be paying more under Cain's plan. The poor will be paying more under Cain's plan. The Middle Class will be paying more under Cain's plan. Increase taxes on the poor and middle class to cut taxes on the wealthy.
If anything is class warfare its Cain's plan.
oh stop it with trying to help the poor and middle class already
Cain is a nothing more than a flim flam artist that has fooled a decent amount of the public. Can you believe how some are actually cheering on a plan that will hurt them financially?
The problem is out of control spending which Cain doesn't address. Big government and their spending got us into this mess yet some want more of the same. When the people go into debt the answer is not more spending.
The definition of "necessities" will vary from person to person, or even from business to business. I have certain expenses that are absolutely necessary for me to stay in business. I also have expenses that are absolutely necessary for me to stay clothed, fed, and sheltered.
Sales taxes are a fraction of anyone's income. The vast majority are paying the bulk of their income on shelter. So unless the sales tax includes rents and mortgages, nobody will be paying the bulk of their income on taxed goods.
Cain wants to use his national sales tax as a transition to the FairTax, which taxes rent but not existing home purchases.
So I assume he wants to tax rents, and most low-income renters spend at least half their income on shelter, so taxing rent would be a big problem.
What about the states that already pay a sales tax? Will the 9% be added on top of that? More than likely it would be added since those state taxes are not dictated by the federal government but by the states themselves. As mentioned before the lower income bracket folks will never be able to saving anything because they will be spending it all on necessities that the rich take for granted. In other words this is a fancy name for a tax cut for the wealthy. This should not surprise anyone since Cain himself would enjoy a tax break.
Somehow I don't see Cain himself playing this video game. But - he hasn't said specifically where the idea came from, and it is likely that an "aide" or two have played SimCity. 999 sounds so nice, doesn't it - great slogan! Horrible idea!
What about the states that already pay a sales tax? Will the 9% be added on top of that? More than likely it would be added since those state taxes are not dictated by the federal government but by the states themselves.
The 9% sales tax is on top of whatever state and county sales tax you currently pay. But the key is to stick to "used" goods so you don't have to pay that - left-over pizza, half-eaten hamburgers, doughnuts with teeth marks on them etc.
Quote:
Originally Posted by Coachgns
Somehow I don't see Cain himself playing this video game. But - he hasn't said specifically where the idea came from, and it is likely that an "aide" or two have played SimCity.
Rich Lowrie, the Wells Fargo branch employee played it when he was visiting his nephew. Immediately he took down the idea on the back of a napkin, took it home and sold it to Cain, in return for a week's unlimited supply of Cain's signature Bacon Cheeseburger frozen pizza (ordinarily $9.99 a pie), handcrafted by Cain himself.
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