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Currently, working people (yes, that includes many "poor" people) pay ~15% of their income in payroll taxes (SS and Medicare), plus (potentially) income tax. Cain's "999" plan eliminates payroll tax and pegs income tax at 9%. For those that didn't do well at math....9<15. So, how is his plan a "tax increase" on the poor?
I like it, straight across the board plan, no deductions or exemptions, and far less money wasted on CPAs to look for loopholes. It also provides far less incentive for business to send profits off shore to less unfavorable tax countries.
It's a step towards eliminating the IRS and replacing income tax with the Fair tax.
So the poor get a 6% deduction in income tax and a 9% increase in sales tax. How is that a tax decrease
No that is not the same rate. Why would he want poor people to pay more than anyone else? How does raising taxes on people who are already struggling help the economy?
Payroll taxes would be eliminated under this plan.
I think we need to determine what is the rational for raising taxes on the poor? If it's to raise revenue, good luck. You can't get blood from a turnip.
Again another poll so skewed there is no way to vote. Why does the OP troll thusly when he/she could actually create a decent and substinative poll?
While I agree with the 9% consumption tax proposed by Cain I do not agree with it in conjunction with a federal income tax. I believe in a consumption tax in place of income and estate taxes. Before he came up with his 999 plan Cain also endorsed such a plan.
The "poor" appears to be the 47%+ who pay no federal income tax but whose representatives legislate their consitituents more and more entitlement money from those who do pay federal income tax. They are also that portion of society which require more public services and resources.
A consumption tax might make those who vote themselves money take a second look when they realize it will also affect their bottom line (financially speaking). Of course, the entitlement mentality is just as difficult to overcome as convincing a crack addict that one more high won't solve his/her problems.
I like the consuption tax too but it's all just smike and mirrors. Will never pass muster in congress that's for sure unless all democrats and their class warfare screams are voted out and some folks are actually educated on the issue. Sadly many are just happy living off the dole.
When you pay no federal income tax the payment of any federal tax becomes a tax increase. Those who demand the most from the system should be contributing to it, don't you think? Or are you of the mindset to reward failure and dependency while punishing success and self-reliance?
You also fail to acknowledge that the 999 plan cuts all tax loopholes out of the tax code. The real taxes paid by those you and other Progressives label as "rich" are higher than 9% because they continue to pay the county property taxes which fund the municipal schools, police, fire, etc... as well as continuing to pay state income taxes in applicable states .
Sounds as if the poor just didn't feel like contributing more, hiding their hidden millions in tax havens
Give people decent jobs with decent salaries and they will contribute accordingly. Therefore they need to have a good education, which however many schools are not providing...
A turtle won't run as fast as a horse just because you stop feeding it.
I refuse to answer this infantile set of TWO questions on one very talented man of integrity that has a resume as impressive as what would take five or six members of the Congress or Senate, to rival.
Cannot wait to vote for Herman Cain. Romney and Perry are NOT going to win this nomination. They are being pushed on us like McCain, the Pillsbury doughboy was pushed on us. They're sold out to big business and cowering before the Communists that took over the White House.
Currently, working people (yes, that includes many "poor" people) pay ~15% of their income in payroll taxes (SS and Medicare), plus (potentially) income tax. Cain's "999" plan eliminates payroll tax and pegs income tax at 9%. For those that didn't do well at math....9<15. So, how is his plan a "tax increase" on the poor?
I like it, straight across the board plan, no deductions or exemptions, and far less money wasted on CPAs to look for loopholes. It also provides far less incentive for business to send profits off shore to less unfavorable tax countries.
It's a step towards eliminating the IRS and replacing income tax with the Fair tax.
You have to add the national sales tax to your state sales tax rate. In Virginia, I would be paying 9% + 5% = 15% sales tax on everything I buy. I wonder if you have to pay the 9% sales tax when you purchase a share of stock?
I refuse to answer this infantile set of TWO questions on one very talented man of integrity that has a resume as impressive as what would take five or six members of the Congress or Senate, to rival.
Cannot wait to vote for Herman Cain. Romney and Perry are NOT going to win this nomination. They are being pushed on us like McCain, the Pillsbury doughboy was pushed on us. They're sold out to big business and cowering before the Communists that took over the White House.
Romney/Cain 2012 ..... America is BACK in business!!!
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