healthmyths
Platinum Member
- Sep 19, 2011
- 29,332
- 10,783
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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!
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!
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