Would Cains 9-9-9 help you?

[JRK]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

 

[zzzz]

No!

 

[Charles_Main]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

 

[WorldWatcher]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Most of the "embedded" taxes will not be going away under 9-9-9, only those embedded taxes based on previous income from a federal level, it will have no impact on state taxes. Let's take the federal gas tax which is about $0.18 a gallon. If a gallon of gas cost $3.50 before 9-9-9 it will still cost $3.50 after because 9-9-9 does not touch state taxes or federal excise taxes, the $0.18 per gallon federal tax is still there. So now you pay 3.50 * 1.09 = $3.82 after the new 9% sales tax.



>>>>

 

[ScreamingEagle]

I hate state sales taxes......especially when combined with state income taxes....

They get you when you MAKE your money......and then they get you again when you SPEND your money.....plus everywhere else in between with fees....fees like never-ending real estate taxes....

one or the other....but NOT BOTH....that's like giving congressmen crack cocaine....

 

[Dirty]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

Will a lowering the taxes of the rich by raising my taxes help me? I only have one thing to say. HELL NO!

 

[ScreamingEagle]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Then why not simply reduce the corporate tax rate to zero or else 18%......?

 

[kiwiman127]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Then why not simply reduce the corporate tax rate to 18%......?

And how does the country make up for the lose of tax receipts? Cut programs that help the already struggling Middle and poor classes? Right now the Corporate tax revenues are near record lows, despite good profits.

Income Slides to 1996 Levels

"The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation.

The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said."
Household Income Falls, Poverty Rate Rises - WSJ.com

 

[healthmyths]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

The biggest argument against it is the 9% sales tax.
Here is a simple explanation as to why it will work.

Let's take A gallon of gas.
These are REAL numbers OK???
FACTS...

At an average price per gallon of $3.56 as of 03/2011

crude oil 68.00% $2.42
Refining 13.00% $0.46
Taxes 12.00% $0.43 (Federal,state,local, sales taxes go up when the price goes up)
distribution /marketing 7.00% $0.25
"For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States
in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents."
Gas prices and industry earnings: A few things to think about the next time you fill up | ExxonMobil's Perspectives Blog

Taxes...
1) A Federal tax of 18. 4 cents is collected in every state.
this works out to 5.17% right now!!!
2) BUT remember the following are HIDDEN TAXES!!!
a) Crude OIL taxes.. Oil Spill Liability Tax
The oil spill liability tax rate is $.08 per barrel and generally applies to crude oil received at a U.S. refinery and to petroleum products entered into the United States for consumption, use, or warehousing. The tax also applies to certain uses and the exportation of domestic crude oil.
Didn't know that did you??? This works out to annually $343,360,000 on 4.29 billion barrels imported annually.
$343 million in HIDDEN TAX Cain talks about!!!
Publication 510 (07/2011), Excise Taxes

As result.. this $343 million HIDDEN tax will be removed!

 

[JRK]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

With respect you know nothing about who I am and what I do understand,
I could not agree with you more, It is exactly my point(s)
Good thread
We pay all taxes, it frees up capital for any-one who makes over 30,000 or so

 

[JRK]

Why the 300 other thr.......oh wait its captain rehash a subject....

If its a rehash why reply to it?

You guys kill me with with this stuff, I have not read any threads stating as such and the poll I used was taken this week
Its ok, Obama thanks you

Not 2008 any more is it?

 

[JRK]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Most of the "embedded" taxes will not be going away under 9-9-9, only those embedded taxes based on previous income from a federal level, it will have no impact on state taxes. Let's take the federal gas tax which is about $0.18 a gallon. If a gallon of gas cost $3.50 before 9-9-9 it will still cost $3.50 after because 9-9-9 does not touch state taxes or federal excise taxes, the $0.18 per gallon federal tax is still there. So now you pay 3.50 * 1.09 = $3.82 after the new 9% sales tax.


>>>>

Why do you think that 18 cents a galllon tax stays?
and you think a corporate tax of 25% going to 9 makes no diff?
think man
I am going to DD the gas tax

 

[JRK]

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Then why not simply reduce the corporate tax rate to 18%......?

And how does the country make up for the lose of tax receipts? Cut programs that help the already struggling Middle and poor classes? Right now the Corporate tax revenues are near record lows, despite good profits.

Income Slides to 1996 Levels

"The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation.

The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said."
Household Income Falls, Poverty Rate Rises - WSJ.com

If the coporate tax is near a record low, then this will fix that
In all relaity your talking a higher corporate tax
they buy, they get taxed also
if a corporation makes a good profit they pay a good tax
Corporate tax - Wikipedia, the free encyclopedia
if there loop holing it, this stops it

 

[JRK]

Iowa Poll: Many think Cain’s 9-9-9 plan would help them | Iowa Caucuses

I am a huge supporter of tax reform. The left leaning tax policy center of course says no
The people of Iowa say yes according to this poll

What is your opinion?

Will a lowering the taxes of the rich by raising my taxes help me? I only have one thing to say. HELL NO!

Why do you think it would lower what the rich ays?
I pay over 20% and I make over 75 a year
Rich would be paying more sales than I would

Any way why punish a person who has done better than I?

 

[ScreamingEagle]

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Then why not simply reduce the corporate tax rate to 18%......?

And how does the country make up for the lose of tax receipts? Cut programs that help the already struggling Middle and poor classes? Right now the Corporate tax revenues are near record lows, despite good profits.

Income Slides to 1996 Levels

"The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation.

The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said."
Household Income Falls, Poverty Rate Rises - WSJ.com

lots of corporations use the tax code to their advantage and legally and significantly reduce their tax burden anyway.....a flat tax with no excuses would capture the same rate from everybody....maybe 18% is too high.....

 

[JRK]

Then why not simply reduce the corporate tax rate to 18%......?

And how does the country make up for the lose of tax receipts? Cut programs that help the already struggling Middle and poor classes? Right now the Corporate tax revenues are near record lows, despite good profits.

Income Slides to 1996 Levels

"The income of the typical American family—long the envy of much of the world—has dropped for the third year in a row and is now roughly where it was in 1996 when adjusted for inflation.

The income of a household considered to be at the statistical middle fell 2.3% to an inflation-adjusted $49,445 in 2010, which is 7.1% below its 1999 peak, the Census Bureau said."
Household Income Falls, Poverty Rate Rises - WSJ.com

lots of corporations use the tax code to their advantage and legally and significantly reduce their tax burden anyway.....a flat tax with no excuses would capture the same rate from everybody....maybe 18% is too high.....

common sense is a dying art, I am glad you come along when you did
I have another thread going about the minimun wage that has, never mind

 

[WorldWatcher]

If you focus only on how the new rates will effect you, you miss the big picture.

His plan would remove so many Imbedded Taxes we pay it's not funny. Sure you will pay 9% sales tax, but the companies that make the products you pay that tax on. Will see a massive drop in taxes they pay providing the Product. Business will be able to make more Profit, while absorbing the 9% and not raising Prices at all. Which is good for us all, Believe it or not.

Most of the "embedded" taxes will not be going away under 9-9-9, only those embedded taxes based on previous income from a federal level, it will have no impact on state taxes. Let's take the federal gas tax which is about $0.18 a gallon. If a gallon of gas cost $3.50 before 9-9-9 it will still cost $3.50 after because 9-9-9 does not touch state taxes or federal excise taxes, the $0.18 per gallon federal tax is still there. So now you pay 3.50 * 1.09 = $3.82 after the new 9% sales tax.


>>>>

Why do you think that 18 cents a galllon tax stays?

"Republican presidential candidate Herman Cain, who has pledged to throw out the U.S. tax code, now says he would keep excise taxes on goods such as gasoline, beer and cigarettes." Cain 9-9-9 Plan to Eliminate Tax Code Keeps U.S. Levies on Gasoline, Beer - Bloomberg

"But while his now-famous 9-9-9 tax plan would scrap the current tax structure in favor of a more simplified system, $90 billion in various federal taxes and fees would still be left intact.
.
That includes excise taxes on things like gas and alcohol, tobacco and firearms, airline tickets and phone service." Taxes you'll still pay under Cain's 9-9-9 plan - Oct. 17, 2011

and you think a corporate tax of 25% going to 9 makes no diff?
think man

It might, IF we were going from a 25% tax on income to a 9% tax on income. But 9-9-9 doesn't do that. It goes (to use your number) from a 25% tax on income to a 9% tax on gross revenue. Since the tax is now on revenue and not profit, then that is a different ballgame.

Since it's now on revenue and not income (profit) then the company is paying 9% on monies earned which are actually expenses. When tax is based on income (profit) then employee wages are not included. Since 9-9-9 will tax revenue, employee wages paid by the company will be taxed at 9% and then the employee will be taxed again for the wages at 9% since it is their income.

I am going to DD the gas tax

I don't understand this comment.



>>>>

 

[JRK]

Most of the "embedded" taxes will not be going away under 9-9-9, only those embedded taxes based on previous income from a federal level, it will have no impact on state taxes. Let's take the federal gas tax which is about $0.18 a gallon. If a gallon of gas cost $3.50 before 9-9-9 it will still cost $3.50 after because 9-9-9 does not touch state taxes or federal excise taxes, the $0.18 per gallon federal tax is still there. So now you pay 3.50 * 1.09 = $3.82 after the new 9% sales tax.


>>>>

Why do you think that 18 cents a galllon tax stays?

"Republican presidential candidate Herman Cain, who has pledged to throw out the U.S. tax code, now says he would keep excise taxes on goods such as gasoline, beer and cigarettes. " Cain 9-9-9 Plan to Eliminate Tax Code Keeps U.S. Levies on Gasoline, Beer - Bloomberg

"But while his now-famous 9-9-9 tax plan would scrap the current tax structure in favor of a more simplified system, $90 billion in various federal taxes and fees would still be left intact.
.
That includes excise taxes on things like gas and alcohol, tobacco and firearms, airline tickets and phone service. Taxes you'll still pay under Cain's 9-9-9 plan - Oct. 17, 2011

and you think a corporate tax of 25% going to 9 makes no diff?
think man

It might, IF we were going from a 25% tax on income to a 9% tax on income. But 9-9-9 doesn't do that. It goes (to use your number) from a 25% tax on income to a 9% tax on gross revenue. Since the tax is now on revenue and not profit, then that is a different ballgame.

I am going to DD the gas tax

I don't understand this comment.



>>>>

Due Dilligance
Are you saying that corporations (the consumer) would be paying 9% tax on all gross instead of profit?
I cannot find that
Chris Weigant: Republicans Attack Cain's 9-9-9 Plan
I am not a fan of the post, AT ALL
I google it and this is all that came up (gross instead of profit)

One other thing to keep in mind, we pay all taxes all ready. Corporations pay none

 

[WorldWatcher]

If the coporate tax is near a record low, then this will fix that
In all relaity your talking a higher corporate tax
they buy, they get taxed also
if a corporation makes a good profit they pay a good tax
Corporate tax - Wikipedia, the free encyclopedia
if there loop holing it, this stops it

You seem to be missing an important point when you say "if a corpration makes a good profit they pay a good tax". That's not the way 9-9-9 works as the tax is not based on the company making a good profit, it's based on revenues.

Profit = Revenues - Costs

The difference between taxing "profit" verses "revenues" is huge. Under 9-9-9 there are only limited things that get to be deducted from the revenues for tax purposes and employee costs are not one of them.



>>>>

 

[ScienceRocks]

Even if it got through congress...I seriously am not a fan of a national sales tax at all.