What happens to corporate taxes under Cain's 9-9-9 plan?

Discussion in 'Politics' started by healthmyths, Oct 16, 2011.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Almost EVERYONE is ignoring the simple fact that Cain's 9% corporate taxes will eliminate what corporations deduct and require 9% tax payment.
    For the FACTS check this table from the IRS:
    http://www.irs.gov/taxstats/article/0,,id=170544,00.html
    In 2008 5,847,221 corporate tax returns showed:
    Reported gross receipts: $28.568 trillion
    Total deductions 27.686 trillion
    Net Income .984 trillion
    Income subject to tax .978 trillion

    Total income tax after credits: 228.5 billion or 23% of income taxed!

    But under Cain's 9% ...
    Estimates are nearly $2 trillion sits in cash or offshore assets by corporations that paid the 23% taxes.
    Assume $1 trillion is put back into the economy.
    Assumed by hiring 8 million people at $40k and the remaining spent in the economy...
    The multiplier affect of 1.18 would generate another $200 billion in tax revenue!

    But detractors of 9-9-9 haven't considered that!
     
    Last edited: Oct 16, 2011
  2. DontBeStupid
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    DontBeStupid Look it up!

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    Why do corporations magically spend $1T under Cain's plan?
     
  3. healthmyths
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    healthmyths Gold Member Supporting Member

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    DUH.. they don't have 35% tax rate so the bring back the $2 trillion offshore!
     
  4. Matthew
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    Matthew Blue dog all the way!

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    I support lowering the corperate tax, but Cain goes far further than I'd even go. BUT If we don't get rid of the current income tax we're all going to be taxed more...We got to do both at the same time. Doubt we could ever get this through congress. This is pie in the sky for at least his first 2 years being that we can at most get a slight majority in the senate.
     
    Last edited: Oct 16, 2011
  5. healthmyths
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    healthmyths Gold Member Supporting Member

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    Who thought we'd get Obamacare, or Dodd/Frank?
    Who thought we'd have an EPA run amok?
    I think Cain is tapping into more of the silent majority which is getting really tired of taxes being spent on projects like these:

    $2.6 million training Chinese prostitutes to drink more responsibly on the job
    (NIH) spent nearly $442,340 to study male prostitutes in Vietnam & their social setting.
    A university study of how much alcohol college freshmen women require before agreeing to sex!
    $700,000 federal grant to examine "greenhouse gas emission from organic dairies, caused by cow burps.
    The National Science Foundation spent $250k to Stanford to study how Americans use the Internet to find love.
    (ATF) spent over $20,000 in taxpayer money "to unravel the anonymity of a 2,500-year-old mummy."
    I mean the majority of tax payers have NO idea that wasteful projects such as these are part of the reason to adopt Cain's 9-9-9!
    The above are JUST plain stupid and Cain has a lot of common sense which is obviously absent by the above projects!
     
  6. pgm
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    pgm Member

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    1) It was part of a block grant to NIH. NIH decided what projects were worth spending money on.
    2) "[T]he researchers will use the grant to develop, implement and evaluate an alcohol use and HIV risk reduction intervention program among female sex workers in China. This is in line with previous studies showing that social norms and institutional policy in commercial sex venues greatly influence alcohol use and sexual behavior among the sex workers in those venues. Studies such as these are needed to translate and adapt interventions that have proven to be effective in the U.S. to other settings and to learn from other conditions and cultures to inform our understanding of the causes, consequences and differences in HIV-related risks, morbidity and mortality in diverse populations. Preventing HIV infection is NIH’s highest priority for HIV-related research. We need to explore a range of research avenues in vulnerable populations around the world to learn the best ways to control the transmission of HIV."

    Do you want Congress to vote on everything on which the NIH decides to spend the money already appropriated to it?


    More like a grant to study how to mitigate the release of toxic chemicals, such as nitrogen, in dairy farming to reduce greenhouse gas admissions. Besides, it's only $700,000. That's like one guided missile.

    Certainly some of them. Although, I'm definitely too lazy to go on a project-by-project basis. There's a ton of waste in the federal budget. But not all of Tom Coburn's examples are great ones because he has a tendency to take things out of context to be catchy (as in the cow burps one).
     
  7. healthmyths
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    healthmyths Gold Member Supporting Member

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    But the "mindset" of NIH,EPA,etc., is first to perpetuate their existence! And one of Cain's business principles is ZERO based budgeting, i.e. prove year to year why the budget should be versus spending what is left so you won't be cut!
    As a result idiotic expenditures like paying for Vietnamese prostitutes wouldn't occur!

    Yea it probably is equal to a guided missile and so?
    You have a problem with spending on our defense?
    Now here is a defense expenditures that are perfect examples of wasteful defense $$s!
    - spent $998,798 shipping two 19-cent washers from South Carolina to Texas
    - The Association Between Penis Size and Sexual Health Among Men Who Have Sex
    with Men $9.4 million went to a ten-year study that included the penis-size research.

    I mean there is NO excuse for expenditures like the above even DoD!
     
  8. jillian
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    jillian Princess Supporting Member

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    they don't. he's a shill.
     
  9. editec
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    editec Mr. Forgot-it-All

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    A stupid plan that appeals to stupid people because it is simply enough that they think they get it..

    What does eliminate TAX loopholes really mean?

    I read you folks telling us about these "loopholes" all the time, please tell me about the biggest loophole you think this plan will plug.
     
    Last edited: Oct 17, 2011
  10. Mr.Nick
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    Mr.Nick VIP Member

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    9% Corporate taxes.

    It's really just a flat tax of 9% - It's actually pretty impressive.

    This plan would payoff the debt...

    State taxes are a different animal, however this plan would limit state taxes ..

    In theory you would be forcing states to lower their taxes because no one could afford 9% + the 10-20% of state taxes.

    Its a clever idea but it wont work....

    He is trying to dictate an economy through taxation - more crony capitalism...
     
    Last edited: Oct 17, 2011

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