Tax Policy Center delivers haymaker to 9 - 9 - 9

[8537]

Exactly why I laugh at those that act like "look what I uncovered" ...

It is not rocket science to know that a flat tax would mean the wealthier will pay less than they do now and the less wealthy will pay more.

What I am curious about is the capital gains tax...are all cap gains going to be deemed as income and taxed at 9%?

If yes, then I just cant see how this 9-9-9 plan will be deficit neutral.

His plan does not tax capital gains.

no tax at all or is it deemed as regular income and taxed at 9%?

no tax at all.

 

[Oddball]

27% rate?
You are assuming all people will spend every penny they make and all people own a corporation...

And actually, if everyone spends every penny they make, it is really spending only 91% of their income so the tax on that would be 9% of 91% of income PLUS 9% of income

Unless I misunderstood what you are saying.

Yes, 27% rate....Slightly lower if you have a savings plan.

Corporate taxes get passed along to consumers in terms of higher prices or workers in lower wages, so you'll be paying that 9% too.

So just to be clear...

Taxes are deemed as operating costs and thus are passed along to the consumer in prices as it pertains to the GOP candidate Cain's 9-9-9 plan...

But when the GOP showed concern that an increase of taxes on the wealthier buisness owners will only add to the cost of goods to the consumer, such was nothing more than GOP rhetoric and blatantly false...

Am I correct?

Taxes are deemed as operating costs and thus are passed along to the consumer in price....Period.

 

[DiamondDave]

Exactly why I laugh at those that act like "look what I uncovered" ...

It is not rocket science to know that a flat tax would mean the wealthier will pay less than they do now and the less wealthy will pay more.

What I am curious about is the capital gains tax...are all cap gains going to be deemed as income and taxed at 9%?

If yes, then I just cant see how this 9-9-9 plan will be deficit neutral.

His plan does not tax capital gains.

no tax at all or is it deemed as regular income and taxed at 9%?

That is the question I would have.. and I would agree to tax it the same as any other income (really, no matter what the flat rate would be)... I would not agree to leave capital gains untaxed

 

[8537]

no tax at all or is it deemed as regular income and taxed at 9%?

No tax at all on capital gains. It's on his website.

I can not see how that plan can do anything but the following:

Make the rich even richer without lifting a finger
Make the poor even poorer
Wind up increasing the deficit and thus the debt...even if spending is cut.

Whereas I admire the effort, this plan is DOA.

agreed. I give Cain credit for igniting a serious discussion about substantive tax reform. I don't think 999 is all that serious or substantive, but the national discussion is now beyond "reforms" such as lowering such-and-such by a percent.

 

[ClosedCaption]

What about his 333 plan for healthcare?

3 pills
3 days of sick leave
3 chicken soups

 

[AmericanFirst]

Whoa. See what some of us were trying to tell you?


Study: Cain Tax Plan Raises Taxes on 84 Percent


"Herman Cain's 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.


The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent....

Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis...."

Read more: Study: Cain Tax Plan Raises Taxes On 84 Percent | Fox News

Washington think tank pointing out dimwit talking points, really? Believability is no where in sight on this post, as usual.

 

[Mr. Shaman]

Whoa. See what some of us were trying to tell you?

How comical, that.....this far, from the 2012 Election....Republicans are (ALREADY) talkin'-about "revenue-enhancement$"!!!!

The Teabaggers have gotta be goin' CRAZY.....er, CRAZIER!!!!!

.

.

(Did Teabaggers REALLY think Daddy was gonna cover Lil' Dumbya's credit-card balance, AGAIN?

)

 

[DiamondDave]

When one pays no federal income tax (well.. more than one... more like ~48% of the citizenry)... of course having a standard tax that will apply to everyone will mean there is an increase for many...

They should have been paying federal income tax like others in the first place... you know... that little thingy called equal treatment by law under government

So I assume you were in favor of letting the Bush tax cuts expire?

I am only in favor of an equal flat tax on every dollar earned with no exceptions, no loopholes, etc.. .all other things are just masks for votes

 

[Oddball]

His plan does not tax capital gains.

no tax at all or is it deemed as regular income and taxed at 9%?

That is the question I would have.. and I would agree to tax it the same as any other income (really, no matter what the flat rate would be)... I would not agree to leave capital gains untaxed

Or you could reject the notion that any incomes should be taxed and concentrate on the fact that the feds SPEND to damned much.

 

[asterism]

Whoa. See what some of us were trying to tell you?


Study: Cain Tax Plan Raises Taxes on 84 Percent


"Herman Cain's 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.


The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent....

Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis...."

Read more: Study: Cain Tax Plan Raises Taxes On 84 Percent | Fox News

The study ignores the price decreases from making tax compliance and financial planning efficient.

It's incorrectly taking a static view of high earners.

 

[Jarhead]

Yes, 27% rate....Slightly lower if you have a savings plan.

Corporate taxes get passed along to consumers in terms of higher prices or workers in lower wages, so you'll be paying that 9% too.

So just to be clear...

Taxes are deemed as operating costs and thus are passed along to the consumer in prices as it pertains to the GOP candidate Cain's 9-9-9 plan...

But when the GOP showed concern that an increase of taxes on the wealthier buisness owners will only add to the cost of goods to the consumer, such was nothing more than GOP rhetoric and blatantly false...

Am I correct?

Taxes are deemed as operating costs and thus are passed along to the consumer in price....Period.

I agree wholeheartedly....and have known that to be fact since I was in college.....

So why does the left continually say that increasing taxes on corporations will have no affect on prices and such is nothing but rhetoric by the corporation loving GOP..

And furthermore, why is that not a topic of conversation as it pertains to increasing taxes on the wealthy business owners?

 

[asterism]

No, you didn't miss it....Cain conveniently omits it.

You'll still be paying state and local taxes on top of the federal 27% rate.

27% rate?
You are assuming all people will spend every penny they make and all people own a corporation...

And actually, if everyone spends every penny they make, it is really spending only 91% of their income so the tax on that would be 9% of 91% of income PLUS 9% of income

Unless I misunderstood what you are saying.

Yes, 27% rate....Slightly lower if you have a savings plan.

Corporate taxes get passed along to consumers in terms of higher prices or workers in lower wages, so you'll be paying that 9% too.

And the current corporate tax rate is what?

Prices will go down and wages will go up.

 

[8537]

Cain is also suggesting creating the modern equivalent of Empowerment Zones where the sales tax rate will be lower in order to encourage development and help the poor.

 

[editec]

Of COURSE its a plan that can not work.

It depends on MYTHICAL TAX LOOPHOLES being closed.

Okay, WHAT tax loopholes will be closed by this plan?

Anybody want to tell me?

Of course not.

Not one of you to date has even bothered to ask yourselves WHAT LOOPHOLES are these moron talking about?

Corporate Jets?

No. To close that loophole would be CLASS WAR, right?

How about the LOOPHOLE that pays oil companies to drill for oil?

Any conservative here who advocates closing that "loophole"?

No, of course not.

You folks here who are GUESSING about macroeconomic and taxes are splendid examples of why some of our MASTERS are crypto-authoritarians.

They KNOW you fools will buy any narrative that appeals to your own personal conceits, and not one of you thinks CRITICALLY about the POVs that have been drummed into your tiny little brains.

 

[ClosedCaption]

no tax at all or is it deemed as regular income and taxed at 9%?

No tax at all on capital gains. It's on his website.

I can not see how that plan can do anything but the following:

Make the rich even richer without lifting a finger
Make the poor even poorer
Wind up increasing the deficit and thus the debt...even if spending is cut.

Whereas I admire the effort, this plan is DOA.

So what you saying is that its a GOP's trickle down wet dream

 

[Jarhead]

Whoa. See what some of us were trying to tell you?


Study: Cain Tax Plan Raises Taxes on 84 Percent


"Herman Cain's 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.


The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent....

Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis...."

Read more: Study: Cain Tax Plan Raises Taxes On 84 Percent | Fox News

The study ignores the price decreases from making tax compliance and financial planning efficient.

It's incorrectly taking a static view of high earners.

I highly doubt any manufacturer will decrease the price of its goods due to a decrease in accounting costs.
Same holds true for a distributer, a retailer, and a vendor to the manufacturer.

When was the last time we saw prices decrease other than commodities and products that are on the verge of being replaced by newer versions...such as x-box?

 

[asterism]

Cain's 9-9-9 plan while an attempt it is perhaps not the best way to approach it, in my humble opinion. It would seem to me the most glaring thing about it is the additional 9% Sales Tax on top whatever your state tax is. If anyone believes for a moment in the assumption that goods and services will be reduuced in cost and the additional 9% is basically an offset according to the theory, then they have not been watching lately. Companies these day's tend to keep "extra money" and not pass that along to the consumer. What is passed to the consumer is "cost". So while I admire Cain's attempt it is perhaps not the best way to approach it.

You don't think long distance rates have gone down due to lower costs and competition?

How about peak cell phone usage?

 

[8537]

So just to be clear...

Taxes are deemed as operating costs and thus are passed along to the consumer in prices as it pertains to the GOP candidate Cain's 9-9-9 plan...

But when the GOP showed concern that an increase of taxes on the wealthier buisness owners will only add to the cost of goods to the consumer, such was nothing more than GOP rhetoric and blatantly false...

Am I correct?

Taxes are deemed as operating costs and thus are passed along to the consumer in price....Period.

I agree wholeheartedly....and have known that to be fact since I was in college.....

So why does the left continually say that increasing taxes on corporations will have no affect on prices and such is nothing but rhetoric by the corporation loving GOP..

And furthermore, why is that not a topic of conversation as it pertains to increasing taxes on the wealthy business owners?

Because business owners can't pass all of tax along to consumers - and an increase in income taxes doesn't impact the unit cost of producing a good. In a competitive market, that means that the owner can't make up all of that revenue through increased prices.

I've known that since college!

 

[Jarhead]

No tax at all on capital gains. It's on his website.

I can not see how that plan can do anything but the following:

Make the rich even richer without lifting a finger
Make the poor even poorer
Wind up increasing the deficit and thus the debt...even if spending is cut.

Whereas I admire the effort, this plan is DOA.

So what you saying is that its a GOP's trickle down wet dream

No...you said that.

What I am saying is that I admire the effort...but I just dont think it will work.

Unlike people such as you who refuse to ever recognoize an error by the democrats....I am willing to admit when I believe a GOP idea is going to be a failure

 

[8537]

Whoa. See what some of us were trying to tell you?


Study: Cain Tax Plan Raises Taxes on 84 Percent


"Herman Cain's 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.


The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent....

Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis...."

Read more: Study: Cain Tax Plan Raises Taxes On 84 Percent | Fox News

The study ignores the price decreases from making tax compliance and financial planning efficient.

It's incorrectly taking a static view of high earners.

I highly doubt any manufacturer will decrease the price of its goods due to a decrease in accounting costs.
Same holds true for a distributer, a retailer, and a vendor to the manufacturer.

When was the last time we saw prices decrease other than commodities and products that are on the verge of being replaced by newer versions...such as x-box?

Well, not to be contrarian but...I like to be contrarian!

1 GB of memory cost in excess of a billion dollars in 1960.
In 1990, it probably cost a thousand.
in 2000, a couple hundred.

Today you can buy 1 GB of memory on a jump drive for $10.

A 50 inch TV cost $2000 or so in 1980 - in nominal dollars!
It's now under $700 for much better quality picture.