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The 9-9-9 Plan, like all aspects of my economic policy, is grounded in my three economic guiding principles: 1) Production, not consumption, drives the economy. 2) Risk-taking creates growth. 3) Units of measurement must be dependable.
The current personal and corporate tax codes would be replaced completely. There’s more. Payroll taxes: gone. The death tax: killed. The Alternative Minimum Tax (which should be called by its true name, a Mandatory Maximum Tax): Don’t let the door hit you on the way out. The capital gains tax: zero. Repatriated profits: Welcome home, our friend. Double taxation of dividends: eliminated. If you want a real pro-growth, pro-jobs, pro-export, pro-taxpayer plan, this is it:
• A 9 percent corporate flat tax. Businesses would deduct purchases from other U.S.-based businesses and all capital investment. The resulting gross income would be taxed at 9 percent.
• A 9 percent personal flat tax. Individuals would deduct charitable contributions, then pay 9 percent on the rest of their income. Capital gains would be excluded.
• A 9 percent national sales tax. This levy would be placed on the consumption of all new goods. Used goods purchased would be excluded.
The 9-9-9 Plan is simple, transparent, efficient, fair and neutral. It taxes everything once but nothing twice. There would be the fewest opportunities to evade the tax and the least incentive to do so. Importantly, the plan would generate the most growth and jobs and provide certainty to the engine of economic growth — the business sector.
Originally posted by pandora0629
May be a little old news but apparantly Herman Cain has a new economic plan. 9% National Sales Tax, 9% Personal Income tax and 9% Corporate Tax. What is that crazy stuff. No way will I vote to give the special interest loving congress both a sales tax and an income Tax! Too much room for back door increases, special interest breaks and dirty dealings on the income tax.