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Herman Cain’s 999 tax reform plan

  • Anybody have an opinion on Herman Cain’s 999 tax reform plan?

     

    - It ends the Payroll Tax completely

    - Business Flat Tax – 9%

    - Gross income less all investments, all purchases from other businesses and all dividends paid to shareholders

    - Empowerment Zones will offer additional deductions for payroll employed in the zone

    - Individual Flat Tax – 9%

    - Gross income less charitable deductions

    - Empowerment Zones will offer additional deductions for those living and/or working in the zone

    - National Sales Tax – 9%

     

    I don’t like it. This puts into effect both an income tax and a federal sales tax. Anyone doubt both those will be eventually be raised?

     

    Under Cain’s plan your income will be taxed before you spend it (as it is now) and you’ll pay a new federal sales tax when you spend your money.  Plus, you’ll be paying that 9% business  too when you make a purchase because businesses will build their tax into the price you pay.

     

    Apparently that is just Phase 1 but all he mentions in the debate. Phase 2 moves to a Fair Tax but I don’t know how things change with that.

     

    http://www.hermancain.com/wp-content/themes/hc/images/economicgrowth.pdf

Comments

24 comments
  • Jon Enigma likes this
  • Chris  just chris
    Chris just chris Jeff,I'm betting the number wouldn't grow much. With everybody having "skin in the game" it would be VERY politicly unfavorable.
    September 27, 2011
  • George F
    George F Unfortunately Rich, you suffer the same delusion about the 16th as most Americans. The Supreme court has ruled not once but thrice that the 16th conferred no new powers of taxation nor created a new taxable class. Nor did it repeal Article 1, section 9 ...  more
    September 28, 2011
  • Rich "NOT a Pagan" Helmold
    Rich "NOT a Pagan" Helmold Well the "delusion" unfortunately has a reality known as a massive income tax system, apparently the SC hasn't found that unconstitutional.
    September 28, 2011
  • George F
    George F The SC hasn't found the massive income tax system unconstitutional simply because it is not unconstitutional. It goes out of its way to be absolutely constitutional - that is why it is so complex. The real question you should ask yourself is does it ap...  more
    September 28, 2011