Buffet would pay even less under Cain's 9-9-9 plan

Discussion in 'Politics' started by auditor0007, Oct 18, 2011.

  1. auditor0007
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    auditor0007 Gold Member

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    Warren Buffett Would Most Likely Pay No Income Tax Under Herman Cain's '999' Tax Plan: Analysis


    Warren Buffett Would Most Likely Pay No Income Tax Under Herman Cain's '999' Tax Plan: Analysis

    Yep, Herman Cain is your man if you make a lot of money. If you are poor or a middle income earner, plan on paying more taxes while the super wealthy pay next to nothing under Cain's plan. Seriously, would Cain win any electoral votes if he were the nominee? His 9-9-9 plan sounds wonderful until you actually look at it. What astounds me is that many here have looked at it and think it's a great idea. It's laughable.
     
  2. martybegan
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    martybegan Gold Member

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    The government would get its 9% on the rest of it when it taxed the corporate profits prior to distribution. So if he gets $50M in dividends they already got thier 9% before it got split up.

    You are also forgetting the 9% he would pay on anything he bought, which would probably be substantial.
     
  3. auditor0007
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    auditor0007 Gold Member

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    Sorry, but the wealthy spend the smallest percentage of their income on consumer goods, so the 9% sales tax would be minimal for anyone who earns that much money. If you look at the tax structures of almost every state, you will find that the less you make, the more you pay in state taxes as a percentage of income. This is due to sales taxes being such a large portion of state tax revenues. In Texas, for example, the lowest income earners pay approximately four times the taxes than the wealthiest income earners do. State taxes are extremely regressive, and Herman Cain's plan would make federal taxes just as regressive, leaving the wealthy paying the least and the lowest income earners paying the most as a percentage of income.
     
  4. martybegan
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    martybegan Gold Member

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    The tax would be on services as well, so when buffet caters out a giant fundraiser he would then pay 9% on that as well. when he leased a corporate jet, 9%. Jet fuel? 9%.
    New summer villa? 9%. New car? 9%.
     
  5. Lonestar_logic
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    Lonestar_logic Republic of Texas

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    Huffington Post?!?!? Seriously?!?!
     
  6. Article 15
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    Article 15 Dr. House slayer

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    Number 9, number 9, number 9 .....
     
  7. Article 15
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    Article 15 Dr. House slayer

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    For realzies.
     
  8. Lonestar_logic
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    Lonestar_logic Republic of Texas

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    Then of course the liberals will believe it.
     
  9. Article 15
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    Article 15 Dr. House slayer

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    Nah, they don't believe everything HuffPo puts out.

    For example, if the HuffPo were to post a piece saying that USMB's Lonestar_Logic is totally heterosexual and eats Marines for breakfast liberals would know the HuffPo is full of it or at the least suspect the author was going for an Onion style piece.
     
  10. Lonestar_logic
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    Lonestar_logic Republic of Texas

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    Another liberal asswipe. Why am I not surprised?
     

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