How can you not like Herman Cain?

[DontBeStupid]

Do you support a tax code where half pay no income tax? Just curious.

No.

Lower income earners still pay taxes, however.

Not federal income taxes they don't

Correct. It's due to the poorly thought out Bush tax rates we still have. Which is another reason why many of us favour letting those rates expire.

 

[Sallow]

...a tax hike for lower income earners.

Do you support a tax code where half pay no income tax? Just curious.

Do you support profit distribution where there are people so much that it would take multiple life times to "earn" what they make in a year and other people at the same work place that make so little they can't afford income tax?

 

[Article 15]

Do you support a tax code where half pay no income tax? Just curious.

No.

Lower income earners still pay taxes, however.

Not federal income taxes they don't

Do you think you are telling me something I don't already know?

 

[Kuros]

Good God. How many of you (rightly) complained that Obama lacked experience?

And now you're going to support Hermann Cain? Because you hate politicians?

 

[peach174]

Really? Is that why he has listed "Ends the Death Tax." ?

999 | Herman Cain for President

If its considered income it will be taxed at the 9%.

Is inheratance an income, is a ROI income?

I'll re-read it all just in case I misunderstood.

From his site:

Features zero tax on capital gains and repatriated profits
Lowest marginal rates on production
Allows immediate expensing of business investments
Eliminates double taxation of dividends

His plan is a massive tax cut for the wealthy, a significantly smaller tax cut for the middle class, and a tax hike for lower income earners.

The wealthy will pay a lower Federal income tax. True
But the wealthy pays for more more expensive things and they will pay 9% sales tax on all of those expensive items so yes they will still be paying more in taxes.

It would not be a tax hike on the poor
Say a poor person makes 17,500.00 a year
You are taxed at 2,210.00 with deductions you pay 660.00
You pay 1,338.75 in FICA taxes - under Cains plan it eliminates FICA
Add 1,338.75 FICA
and 660.00 in Fed income tax
you pay 1,998.75 per year
under Cains tax he would pay 9% Federal income tax at 1,575.00
1,998.75
- 1,575.00
423.75 you would have this much more a year.

 

[Kuros]

Same reason Obama annoys me. He's running for the highest office in the land, and he's running on his inexperience: part of the reason he's doing so well is that he doesn't have any record behind him . . . so neither does he have any mistakes.

Americans should elect a leader who has made a mistake or two. Because there's no such thing as perfection. Only a learning curve. And its going to be a very steep learning curve for President Herman Cain.

 

[eflatminor]

...a tax hike for lower income earners.

Do you support a tax code where half pay no income tax? Just curious.

Do you support profit distribution where there are people so much that it would take multiple life times to "earn" what they make in a year and other people at the same work place that make so little they can't afford income tax?

Profit is distributed according to shareholder stake after any necessary reinvestment in the operation. I think you're confusing profit with income.

As far as income distribution is concerned, I support people earning what the market will bear for their efforts....and I don't buy the "...to each according to his needs" bullshit.

 

[eflatminor]

No.

Lower income earners still pay taxes, however.

Not federal income taxes they don't

Do you think you are telling me something I don't already know?

Hard to tell

 

[Article 15]

If its considered income it will be taxed at the 9%.

Is inheratance an income, is a ROI income?

I'll re-read it all just in case I misunderstood.

From his site:

Features zero tax on capital gains and repatriated profits
Lowest marginal rates on production
Allows immediate expensing of business investments
Eliminates double taxation of dividends

His plan is a massive tax cut for the wealthy, a significantly smaller tax cut for the middle class, and a tax hike for lower income earners.

They will pay a lower Federal income tax.
But the wealthy pays for more more expensive things and they will pay 9% sales tax on all of those expensive items so yes they will still be paying more in taxes.
It would not be a tax hike on the poor
Say a poor person makes 17,500.00 a year
You are taxed 2,210.00 with deductions you pay 660.00
You pay 1,338.75 in FICA taxes
Add 1,338.75 FICA
and 660.00 in Fed income tax after deductions
you pay 1,998.75 per year
under Cains tax he would pay 9% Federal income tax at 1,575.00
1,998.75
- 1,575.00
423.75 you would have this much more a year.

lol

 

[DontBeStupid]

Say a poor person makes 17,500.00 a year
You are taxed at 2,210.00 with deductions you pay 660.00
You pay 1,338.75 in FICA taxes - under Cains plan it eliminates FICA
Add 1,338.75 FICA
and 660.00 in Fed income tax
you pay 1,998.75 per year
under Cains tax he would pay 9% Federal income tax at 1,575.00
1,998.75
- 1,575.00
423.75 you would have this much more a year.

Ah, fun with math!

So, a person pays $1,998.75 in taxes on $17,000 income or 11.7%. They get to spend 15,001.25.

Under Cain's plan, he would pay $1,530 in income taxes on that $17,000. He would THEN spend $14,200 and pay an ADDITIONAL $1,270 in sales taxes for a grande total in taxes of 16.5%.

And notice, his spending was forced to go down.

So ... you were saying? Something about it not being a tax hike for the poor?

 

[Article 15]

Say a poor person makes 17,500.00 a year
You are taxed at 2,210.00 with deductions you pay 660.00
You pay 1,338.75 in FICA taxes - under Cains plan it eliminates FICA
Add 1,338.75 FICA
and 660.00 in Fed income tax
you pay 1,998.75 per year
under Cains tax he would pay 9% Federal income tax at 1,575.00
1,998.75
- 1,575.00
423.75 you would have this much more a year.

Ah, fun with math!

So, a person pays $1,998.75 in taxes on $17,000 income or 11.7%. They get to spend 15,001.25.

Under Cain's plan, he would pay $1,530 in income taxes on that $17,000. He would THEN spend $14,200 and pay an ADDITIONAL $1,270 in sales taxes for a grande total in taxes of 16.5%.

And notice, his spending was forced to go down.

So ... you were saying? Something about it not being a tax hike for the poor?

I liked the part where he claimed the sales tax means the wealthy will pay more now all while ignoring the slew of enormous tax cuts they will be receiving.

 

[Nosmo King]

He's likable. Just like Obama. But he doesn't have the experience (just like Obama), and as so many here have so often pointed out.

Cain is articulate. He delivers a good speech. He's politically inexperienced and not real knowledgeable about how to really get legislation passed. How to build congressional coalitions. How to produce on political jargon.

In other words, Cain isn't out to replace Barack Obama. He IS Barack Obama!

We've tried Washington outsiders before. Look to Jimmy Carter as your paradigm

 

[Ravi]

http://www.usmessageboard.com/politics/187833-cain-taking-a-break.html#post4222436

 

[peach174]

We all pay Federal tax at 14 cents on every dollar for a gallon of gasoline. Add state and city it's 18.4
Under Cains it would be 9 cents on every dollar.
You would pay 5 cents less on every dollar of gas.
Also does away with sin tax
Like Beer, liquor and cigarettes.
How about Obama's 62 cent hike on ciggies as soon as he got into office.
Who smokes more - the poor, he raised taxes on the poor as soon as he got in.
All Federal taxes on good and services goes down.

 

[peach174]

Say a poor person makes 17,500.00 a year
You are taxed at 2,210.00 with deductions you pay 660.00
You pay 1,338.75 in FICA taxes - under Cains plan it eliminates FICA
Add 1,338.75 FICA
and 660.00 in Fed income tax
you pay 1,998.75 per year
under Cains tax he would pay 9% Federal income tax at 1,575.00
1,998.75
- 1,575.00
423.75 you would have this much more a year.

Ah, fun with math!

So, a person pays $1,998.75 in taxes on $17,000 income or 11.7%. They get to spend 15,001.25.

Under Cain's plan, he would pay $1,530 in income taxes on that $17,000. He would THEN spend $14,200 and pay an ADDITIONAL $1,270 in sales taxes for a grande total in taxes of 16.5%.

And notice, his spending was forced to go down.

So ... you were saying? Something about it not being a tax hike for the poor?

I liked the part where he claimed the sales tax means the wealthy will pay more now all while ignoring the slew of enormous tax cuts they will be receiving.

Do you pay for jets, yachts, 50,000.00 or more on each and every piece of jewelry?

 

[Article 15]

Ah, fun with math!

So, a person pays $1,998.75 in taxes on $17,000 income or 11.7%. They get to spend 15,001.25.

Under Cain's plan, he would pay $1,530 in income taxes on that $17,000. He would THEN spend $14,200 and pay an ADDITIONAL $1,270 in sales taxes for a grande total in taxes of 16.5%.

And notice, his spending was forced to go down.

So ... you were saying? Something about it not being a tax hike for the poor?

I liked the part where he claimed the sales tax means the wealthy will pay more now all while ignoring the slew of enormous tax cuts they will be receiving.

Do you pay for jets, yachts, 50,000.00 or more on each and every piece of jewelry?

Laughable.

They are paying 9% on that.

But....

The 15% they were paying in capital gains is now gone.
The 15% they were paying on dividends is now gone.
The top marginal rates are gone...that 36% bracket just went to 9%.

 

[peach174]

We all pay Federal tax at 14 cents on every dollar for a gallon of gasoline. Add state and city it's 18.4
Under Cains it would be 9 cents on every dollar.
You would pay 5 cents less on every dollar of gas.
Also does away with sin tax
Like Beer, liquor and cigarettes.
How about Obama's 62 cent hike on ciggies as soon as he got into office.
Who smokes more - the poor, he raised taxes on the poor as soon as he got in.
All Federal taxes on good and services goes down.

you are ignoring state sales tax.

Mass is 5.5 % on goods. that means i or you would be paying 14.4% on a tv for taxes.

There goes any real savings.....

Not when that 500.00 TV goes down in price by 26%
That 500 dollar TV goes down to 370.00.
You are paying a 35% corporation tax.
Corporation tax goes down to 9%.
If corporations don't lower their prices, the entrepreneurs will, it's competition.
Lets say we get this in place corps now pay 9% and that TV of theirs is still at 500.00
Joe Smith opens a store and sells it for 370.00 or 400.00 who are you gona buy from?

 

[DontBeStupid]

We all pay Federal tax at 14 cents on every dollar for a gallon of gasoline. Add state and city it's 18.4
Under Cains it would be 9 cents on every dollar.
You would pay 5 cents less on every dollar of gas.
Also does away with sin tax
Like Beer, liquor and cigarettes.
How about Obama's 62 cent hike on ciggies as soon as he got into office.
Who smokes more - the poor, he raised taxes on the poor as soon as he got in.
All Federal taxes on good and services goes down.

you are ignoring state sales tax.

Mass is 5.5 % on goods. that means i or you would be paying 14.4% on a tv for taxes.

There goes any real savings.....

Not when that 500.00 TV goes down in price by 26%
That 500 dollar TV goes down to 370.00.
You are paying a 35% corporation tax.
Corporation tax goes down to 9%.
If corporations don't lower their prices, the entrepreneurs will, it's competition.
Lets say we get this in place corps now pay 9% and that TV of theirs is still at 500.00
Joe Smith opens a store and sells it for 370.00 or 400.00 who are you gona buy from?

Corporations pay taxes on profits. Not on pure revenue. They also don't pay the full 35% on ALL their profits.

I don't think you understand how corporate taxes work, but trust me, dropping their rate to 9% will NOT make TVs cheaper.

 

[peach174]

I liked the part where he claimed the sales tax means the wealthy will pay more now all while ignoring the slew of enormous tax cuts they will be receiving.

Do you pay for jets, yachts, 50,000.00 or more on each and every piece of jewelry?

Laughable.

They are paying 9% on that.

But....

The 15% they were paying in capital gains is now gone.
The 15% they were paying on dividends is now gone.
The top marginal rates are gone...that 36% bracket just went to 9%.

No the 15% does not go away it goes down to 9%
It will help get the stock maket going and will make it more stable.
Think about how this will help all of the regular people who have 401(k)

 

[peach174]

you are ignoring state sales tax.

Mass is 5.5 % on goods. that means i or you would be paying 14.4% on a tv for taxes.

There goes any real savings.....

Not when that 500.00 TV goes down in price by 26%
That 500 dollar TV goes down to 370.00.
You are paying a 35% corporation tax.
Corporation tax goes down to 9%.
If corporations don't lower their prices, the entrepreneurs will, it's competition.
Lets say we get this in place corps now pay 9% and that TV of theirs is still at 500.00
Joe Smith opens a store and sells it for 370.00 or 400.00 who are you gona buy from?

Corporations pay taxes on profits. Not on pure revenue. They also don't pay the full 35% on ALL their profits.

I don't think you understand how corporate taxes work, but trust me, dropping their rate to 9% will NOT make TVs cheaper.

I don't think that you understand.
Corporate Welfare and Hidden Taxes