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What do you think of Herman Cain's 9% ? 48% Say Good Idea? People Are Such Gullible Sheeps

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posted on Oct, 14 2011 @ 12:06 AM
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Herman Cain is a long time supporter of the FairTax.
The 999 to me is just a prelude to an attempt to bring about the FairTax.
For those who don't know the FairTax is a proposed national sales tax.
All other taxes would be abolished as well as the IRS.
It also contains a prebate payment to every American regardless of employment to provide
a minimum living standard.
If you are unaware of this tax scheme I suggest you research it.
Good or bad a vote for Cain is a vote for the FairTax.




posted on Oct, 14 2011 @ 12:22 AM
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reply to post by amaster
 


Because it increases taxation at the bottom and drastically reduces it at the top. That is, those least able to pay pay more, those most able to pay pay less.

There's a reason Prince John is the bad guy in the "Robin Hood" stories, and this is why.

Your country is being robbed, and you and the others in your political "movement" are helping the crooks stuff the bags.
edit on 14/10/2011 by TheWalkingFox because: (no reason given)



posted on Oct, 14 2011 @ 12:27 AM
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A lot of you are wondering why people are saying the 999 tax policy is bad. The majority of people who support are the ones that would benefit from a 999 tax policy which are the rich people or are completely misinformed about the tax policy.

9% corporate tax rate- Currently the average corporate tax rate is around 26%. So this would be a large decrease in corporate taxes. Thus, we would be losing government revenue from the corporate sector when he have a huge debt.

Question: Would this make goods cheaper?

Answer: No, this would not make goods cheaper because corporations do not price goods based off of their net profits (after tax profits). In fact, corporations in competitive industries have very little mark up on their products. So they have no possible way to slash the prices unless they want to sell at a loss.

9% income tax rate- For many people this would in fact be an increase in the amount of taxes that they would pay. For rich people, this would be a substantial decrease in their income tax. However, at this point in time we should be focusing on decreasing the income disparity instead of increasing. Also, according to the 999 tax policy the only deductions would be from charitable donations. Only the rich would benefit from having charitable donation deductions.

9% national sales tax- This sales tax would go on top of your city's own sales tax. So most people would be paying around 15% in sales tax. In a city like Chicago the sales tax would be 18.75%. The problem with this is that sales tax acts like a regressive tax because it disproportionately hurts the poor. Furthermore, it would essentially cause a 9% inflation and would decrease consumer demand for products since they have to pay more for them.

Question: What happens if the demand for goods decreases?

Answer: Companies will scale back and produce less causing more people to lose jobs.


In my opinion, the government needs to do three things.

1) Increase corporate taxes
2) Remove the individual income tax
3) INCREASE TARIFFS. These free trade agreements are screwing over the American public and only helping big business.



posted on Oct, 14 2011 @ 01:23 AM
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reply to post by Rhino5
 


the 999 plan sounds alot like our canadian HST tax which is around 8% in some parts of canada however its still the same.



posted on Oct, 14 2011 @ 02:26 AM
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reply to post by Rhino5
 


I dig what you're saying.
I'd vote for you over Cain.



posted on Oct, 14 2011 @ 09:17 AM
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Originally posted by Fitch303
I think the progressive tax system works but needs a major overhaul. I want the ultra rich to pay more and I want EVERYONE to have to pay something. I'm tired of hearing about people not having to pay any income tax, If were going to ask the wealthy in this country to pay more I think it's only fair to ask the bottom tier to have to pay more than 0. I also like the lowering of corporate taxes just not to 9%. I would support a "debt" tax that goes directly into paying off the national debt.
I think any plan that taxes income, or productivity is bad. Punishing work is a very bad way to get people to want to work. When you tax an activity you get less of it. I think ending all other taxes and replacing them with the "fair tax" is the right answer. Punish unbridled consumptionism which is the true bane of our world. Encourage work, encourage productivity, encourage thrift. You also get the side benefits of taxing the underground economy, and ending all loop holes. You eliminate the irs, how can that be bad?



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