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Title: Cain's 9-9-9 tax plan raises math questions
Source:
Daily Herald
URL Source: http://www.heraldextra.com/news/nat ... 88-5c88-b0f5-8aaa1359e076.html
Published: Oct 7, 2011
Author: Daily Herald
Post Date: 2011-10-07 13:15:45 by go65
Keywords: None
Views: 1062
Comments: 5
WASHINGTON -- Herman Cain's bid for the Republican presidential nomination is fueled in part by his proposed tax code overhaul that tax policy veterans say doesn't add up. Cain's proposal is gaining attention after a Washington Post-ABC News poll released Tuesday found his campaign is tied for second place with Texas Gov. Rick Perry among Republicans and Republican-leaning independents. In campaign stops, Cain touts his 9-9-9 plan as a concept that will lead to a fairer tax system. The proposal would tax sales transactions and gross income for individuals and businesses at 9 percent while eliminating levies on capital gains. It also ends the taxes that fund Social Security, and corporations wouldn't pay a tax on dividends. Following the broad contours of Cain's plan, the federal government would have collected almost $2 trillion in 2010, according to a Bloomberg News calculation based on data from the Commerce Department's Bureau of Economic Analysis. The government actually collected almost $2.2 trillion that year, according to the White House Office of Management and Budget. Tax policy experts say Cain's plan is unrealistic because it presumes that no deductions and exemptions will be permitted, no matter now popular. "Either Herman Cain is the tax messiah or is proposing a system that has no correspondence to real-world tax systems," said Edward Kleinbard, a former chief of staff to the congressional Joint Committee on Taxation. He is now a professor at the University of Southern California Gould School of Law.
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#1. To: All (#0)
How many of you know that Cain has proposed a 9% flat income tax with no deductions, but he does support a tax credit for those living in what he's termed "recovery zone" - inner cities with a large percentage of poor people.
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Bottom rate is 15%. 9% income tax + 9% sales tax = 18%. Look who gets a tax INCREASE.
Stay Hungry...Stay Foolish --Steve Jobs
So it sounds like passive income, like dividends and capital gains will all be tax-free under Cain's plan. I include dividends because, thanks to the Supreme Court, corporations are people too, so the benefit has to go both ways. It's a plan a billionaire could love.
This has already been posted.
JWP: There were also $200 billion of other taxes collected in 2010, including taxes on alcohol, tobacco, crude oil windfall, telephone calls, gasoline at the pump, estate and gift taxes, tariffs, etc. WAR:Between you and Boofer I don't know who has the biggest reading comprehension problem. 2010 total taxes collected was about $2.2trl. Not $2.4trl. $2.2trl...as the article states. And Cain can't even explain his math,..if he can't...a dumbfuck like you most certainly cannot either. /dolt war posted on 2011-10-05 16:25:26 ET Reply Trace Private Reply Stay Hungry...Stay Foolish --Steve Jobs
#2. To: go65 (#1)
How many of you know that Cain has proposed a 9% flat income tax with no deductions, but he does support a tax credit for those living in what he's termed "recovery zone" - inner cities with a large percentage of poor people.
#3. To: go65 (#0)
In campaign stops, Cain touts his 9-9-9 plan as a concept that will lead to a fairer tax system. The proposal would tax sales transactions and gross income for individuals and businesses at 9 percent while eliminating levies on capital gains. It also ends the taxes that fund Social Security, and corporations wouldn't pay a tax on dividends.
#4. To: go65 (#0)
Honest Socialism
#5. To: jwpegler (#4)
(Edited)
#6. To: jwpegler (#5) (Edited)
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