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National sales tax sucks. Really.
5. Plus, the idea is a political non-starter
Not only is the 9-9-9 idea a featherweight "slogan masquerading as a plan," but Cain has no "political strategy to pass it," says Mytheos Holt at FrumForum. It would never get enough votes in Congress, and if he hopes to use the "bully pulpit" to sell it, he's dabbling in "magical thinking" ask President Obama how well that works. Even conservative economist Gary Robbins, "the paid campaign consultant who scored the plan for Cain, said the idea was more of a theory than a politically viable solution,"
3. It's "shockingly regressive"
When you look past its "silly optics," Cain's 9-9-9 plan would usher in "a huge tax increase on lower-income and middle-class Americans," says New York University tax law expert Daniel Shaviro at his blog. It's "shockingly regressive." Worse, "with no tax on capital gains, the rich" who make much of their money from investments "would pay almost nothing" in taxes,
Still an improvement to the current plan.
3. It's "shockingly regressive"
When you look past its "silly optics," Cain's 9-9-9 plan would usher in "a huge tax increase on lower-income and middle-class Americans," says New York University tax law expert Daniel Shaviro at his blog. It's "shockingly regressive." Worse, "with no tax on capital gains, the rich" who make much of their money from investments "would pay almost nothing" in taxes,
The rich would pay when they buy that 10M dollar mansion, or that 250k car. Plus they would no longer be able to hide income via charitable donation, that 9% would be on anything they earn, with no real deductions.
Looking at buffet, he had 36M taxable income based on a total of 63M in gross income. He paid around $6M in taxes. The 9% plan gives him $5.6M in INCOME taxes, a deduction, but now you are hitting him for 9% of his purchasing power. Say he spends only $15M of the $36M he has after charitable donations, we get him for another $1.3 Million, an actual INCREASE in what he now pays.
3. It's "shockingly regressive"
When you look past its "silly optics," Cain's 9-9-9 plan would usher in "a huge tax increase on lower-income and middle-class Americans," says New York University tax law expert Daniel Shaviro at his blog. It's "shockingly regressive." Worse, "with no tax on capital gains, the rich" who make much of their money from investments "would pay almost nothing" in taxes,
The rich would pay when they buy that 10M dollar mansion,
3. It's "shockingly regressive"
When you look past its "silly optics," Cain's 9-9-9 plan would usher in "a huge tax increase on lower-income and middle-class Americans," says New York University tax law expert Daniel Shaviro at his blog. It's "shockingly regressive." Worse, "with no tax on capital gains, the rich" who make much of their money from investments "would pay almost nothing" in taxes,
The rich would pay when they buy that 10M dollar mansion,
Cain wants to apply his sales tax to real estate transactions?
Oh for fuck's sake...
The rich would pay when they buy that 10M dollar mansion,
Cain wants to apply his sales tax to real estate transactions?
Oh for fuck's sake...
The "beauty" of Cain's plan is that it affects everything. Food. Rent on your apartment. Tuition. Think of something you would spend money on, and it'll be taxed.
The rich would pay when they buy that 10M dollar mansion,
Cain wants to apply his sales tax to real estate transactions?
Oh for fuck's sake...
The "beauty" of Cain's plan is that it affects everything. Food. Rent on your apartment. Tuition. Think of something you would spend money on, and it'll be taxed.
Cain wants to apply his sales tax to real estate transactions?
Oh for fuck's sake...
The "beauty" of Cain's plan is that it affects everything. Food. Rent on your apartment. Tuition. Think of something you would spend money on, and it'll be taxed.
I'm sure the American people will jump at the chance to pay up to 16% on everything they buy. Real incentive to take the family out to eat or buy a new car