Liberals should really look up Herman Cain's Economic plan.

I know that he is a black republican and that is seen as going against mainstream but Cain is really smart guy. I mean just take a look at his resume en.wikipedia.org...

If they would actually sit down and listen to the man, He's basically saying what a lot of dems would like to happen to the tax code (if most knew anything about it) Equal all across the board 9-9-9. simple basic and easy to understand. Unlike the mess we are in now.

reply to post by jjf3rd77


Having a hard time understanding the 999 plan.

So I pay a national sales tax? my income tax? and my state sales tax? and my state income tax?

reply to post by mayabong


He's been criticized because its not completely drawn out yet. But hell Obama didn't even have an economic plan so it's better than what we had.

His website explains some of it. www.hermancain.com...

I don't want a federal reserve head for prez.......sorry

Originally posted by mayabong
reply to post by jjf3rd77

 

Having a hard time understanding the 999 plan.

So I pay a national sales tax? my income tax? and my state sales tax? and my state income tax?

Yes, everyone pays 9%. No loopholes. No complexity. If you make $100,000 you pay 9,000 in income tax. If you make $10,000 you pay $900. Everything you purchase gets 9% tax. Corporate income tax would also be 9%. No subsidies, loopholes, cracks, grandfather deals, etc. No child deductions, no mortage deductions, just pay your 9% and you are done.

It's basically the flat tax system so many of us have been begging for for years. It would however cause severe job loss in the accounting industry since everyone could do their own friggin taxes for once.

reply to post by jjkenobi


My question is am I going to be paying a 9% national sales tax on top of my state sales tax?

9% of $20,000 income has a huge impact on someone versus 9% on $1,000,000.

I am for a more graduated flat tax.

.0001% for every dollar you earn that goes up with income up to 50% total income. (So you make $1,000,000 you pay 50% in taxes, $500k you pay 50% in taxes, you make $100k you pay 10% in taxes, you make $20k you pay 2% in taxes). So you can still be obscenely rich, as your tax rate will be capped at 50%. Similar for corporations.

Also a national 1% sales tax exempting food and medicine.

And a transaction tax on all financial/stock trades of 1% or so.

A 1% tax on all legal settlements between corporations (lawsuits, etc).

Tax Penalties for imports or outsourcing jobs.

999 plan does not work, if you want a national flat tax then you can't have the income tax.

I like cutting spending to manageable levels, killing off the income tax and then adding a national sales tax.