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Thread: Checking Herman Cain's math on 9-9-9

  1. #21
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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by megaprogman View Post
    I cannot support this tax plan. I just see it hurting too many people.

    For me, I would end up paying less by my back of the envelope calculations, which would be nice I guess, but I cannot get over the fact that it would hurt others to my benefit and this makes me feel guilty.

    I think ultimately, this could work if the necessities of life were exempted, such as grocery store food (especially nonprocessed foods, for the added national health benefit), basic clothing, shelter and medical expenses. Then I wouldn't see it as harmful.
    The problem is the more you exempt, the higher the consumption tax rate has to be on everything else to make up for the lost revenue on what you exempted. As Cain's plan stands now, the 9% consumption tax would apply to everything from a loaf of bread, to rent, to a luxury car. Moreover, I doubt you would come out better. Right now you can deduct state and local taxes from your federal tax liabilities. If you have kids and are making payments on a home, after all your credits and deductions most likely you are not paying 18% of your income to the federal government.
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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by SouthernDemocrat View Post
    The problem is the more you exempt, the higher the consumption tax rate has to be on everything else to make up for the lost revenue on what you exempted. As Cain's plan stands now, the 9% consumption tax would apply to everything from a loaf of bread, to rent, to a luxury car. Moreover, I doubt you would come out better. Right now you can deduct state and local taxes from your federal tax liabilities. If you have kids and are making payments on a home, after all your credits and deductions most likely you are not paying 18% of your income to the federal government.
    I am in a high enough bracket that my rate should go down if I am looking at it right.

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    Re: Checking Herman Cain's math on 9-9-9

    I really don't know what everyone is up in arms about his 999 plan.Congress will never give up their power by adopting it.
    "There are 2 ways to be fooled. 1 is to believe what isn't true; The other is to refuse to accept what is true.": Soren Kierkegaard

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    Re: Checking Herman Cain's math on 9-9-9

    Who checked the math on Obamacare?

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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by Maverick View Post
    I really don't know what everyone is up in arms about his 999 plan.Congress will never give up their power by adopting it.
    I think most everyone knows the 999 plan won't actually come to fruition. What's interesting to me is the fact that so many people are jumping on the Cain bandwagon despite this **** plan, which is pretty much the cornerstone of his entire campaign.

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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by StillBallin75 View Post
    I think most everyone knows the 999 plan won't actually come to fruition. What's interesting to me is the fact that so many people are jumping on the Cain bandwagon despite this **** plan, which is pretty much the cornerstone of his entire campaign.
    Hell it seems like Cain himself moved away from most issues for this plan, which he says to get a fair assessment off read what his people think of it.
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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by SouthernDemocrat View Post
    That's ridiculous. His plan is ridiculous and that is why he cannot provide a reasonable answer as to how it would actually work and how it would not result in a tax increase.

    Currently, businesses pay corporate income taxes on net profits. What Cain is proposing with his 9-9-9 plan is that they would pay taxes on gross revenue and only be able to deduct charitable contributions and capital investments - but then only if those purchases are made in the United States which would be an illegal tariff. The fact that businesses would no longer be able to deduct their single largest expense from their tax liabilities (employee compensation) would probably put better than half the companies in existence out of business. Sure, they pay payroll taxes now, but that is a part of your compensation, not a tax against their entire gross revenues. Moreover, being able to deduct capital investments made in the United States is automatically cancelled out by the fact that every one of those investments and outside services the companies would purchase would be subject to his 9% consumption tax. So the notion they would reduce the costs for their goods and services as a result of the 9-9-9 plan is absurd, they would have to increase costs to make up for the fact that they would now be the only companies on earth subject to taxes on gross revenues. Which is another problem with the plan. United States companies would be subject to a 9% tax on their gross revenues while none of their global competitors would be subject to the same tax.

    It says something when you propose a tax plan and not a single one of the other Republican Candidates thinks its even workable, much less a decent idea. Normally, Republican Primary candidates attack each others tax plans as not going far enough. In this case, they are attacking 9-9-9 as a plan that ridiculousness, would raise taxes on on the middle class and the poor, and would cripple businesses.

    Basically, what Cain is proposing would a mount to a crippling tax on the poor and working poor, a tax increase on the middle class and upper middle class, and a business killer. Hell it would even tax state and local governments with his 9% consumption tax.
    Wait a second here, he's proposing a 9% tax on Gross Revenue and not Net Income? If so this would break many businesses and especially many sectors of the agriculture sector, as many farmers handle and revenue lots of money, but don't necessarily profit much more than an average worker. I know my dad (who farms roughly 2100 acres) handles millions in grain checks, but doesn't profit even $100,000.

    Good old Rod Blagojevich tried tax Revenue once and not Net Income, and was laughed at, and not to say, it failed miserably.
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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by DontDoIt View Post
    Wait a second here, he's proposing a 9% tax on Gross Revenue and not Net Income? If so this would break many businesses and especially many sectors of the agriculture sector, as many farmers handle and revenue lots of money, but don't necessarily profit much more than an average worker. I know my dad (who farms roughly 2100 acres) handles millions in grain checks, but doesn't profit even $100,000.

    Good old Rod Blagojevich tried tax Revenue once and not Net Income, and was laughed at, and not to say, it failed miserably.
    It's essentially a value-added tax. It's a tax on the gross income less purchases from other businesses. So yes, it is drastically different from the corporate income tax as we know it. Effectively, the 9% business tax has the same effect an additional 9% retail sales tax.

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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by Reg View Post
    Who checked the math on Obamacare?
    No one thats why obamacare is a big pile of worthlessness that has to be thrown out

  10. #30
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    Re: Checking Herman Cain's math on 9-9-9

    Quote Originally Posted by StillBallin75 View Post
    I think most everyone knows the 999 plan won't actually come to fruition. What's interesting to me is the fact that so many people are jumping on the Cain bandwagon despite this **** plan, which is pretty much the cornerstone of his entire campaign.
    Ive been a republican most all my life...and ive never seen anything like this primary....First Palin was their heroine...then Bachman...then Perry...now Cain...somewhere in there Paul was rising, then they sent out the party elites to start recruiting..Christie was like their 3rd choice...they even considered rubio ..truth is the LV debate they all looked like buffoons except for Gingrich and Romny...the two <gasp> TEAPARTY HATED RINOs....sorry teaparty but your candidates arent going to make it.
    Why does the teaparty that ranted incessantly that obama was unqualified to be president...somehow now believe that Cain is qualified...sorry folks selling pizzas doesnt sell me on a president...Cain said he would release all the gitmo detainees for one america soldier...ok..weve always negotiated right ?...or wrong and everyone is picking his 999 apart...republicans democrats and everyone else.
    Ok so whos taking bets on who is the next GOP hero or heroine
    Last edited by lpast; 10-19-11 at 11:22 PM.

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