Herman Cain

[trplnkl]

My bottom line, for what little it's worth:

It's a theory, unproven and untested, anonymous, with little methodologies nor figures to be openly examined and critiqued.

That is NOT to say it couldn't work; but AS IS and DESCRIBED, it really shouldn't be taken seriously until the "war and peace" of it is transparent.

You just described our president.

I agree that the plan needs to be better defined in writing before I would buy it. I believe that the American public from all political leanings are hungry for transparency . I'm not talking about the fringe few from all the persuasions but the overall citizenry.

 

[klein]

Cain was just on CNN, well the big question was asked and now is confirmed.
9% National Sales Tax on EVERYTHING bought new, including all foods. No exemptions. I suppose that means all medication and drugs, too.

Oh well, finally a reason to grow your own food and drugs to stay alive

 

[menotyou]

Do you realize how much money this government give back just because you made a CHOICE to have a child? You can't even imagine how many people pump out kids like paintballs from a paintball gun just to get the cash. It is amazing how many get back more than they pay in. Why don't I get a credit for not pumping another child that could possibly tax the already over taxed medicaid system. If the only way to get these people to pay taxes is raising the sales tax, raise away!!!
Cain was asked why he was running for president. He looked around, a bit confused, and then answered with this-"because I want to be president!"
Finally, an honest answer from a politician. If he is that honest all the time, he can't be all bad.
The Cain Train has another passenger!

 

[UpstateNYUPSer(Ret)]

Nothing is written in stone......we know that from Obama's campaign. Things will get tweaked, but at least Cain is addressing it and wants to do away with the IRS and make the process simpler for all.

It is amazing to me how much people spend just to get their taxes done. The sad part is most of these people are simply wasting their money and could do their returns themselves. All of the major tax software companies offer free online and e-filing for people under a certain income threshold, yet I still see people lined up at tax preparation offices waiting to get their taxes done for them.

One of the benefits of the 9-9-9 plan, or any similar plan, is that the sales tax is only paid once, when the item is purchased brand new.

I haven't read the plan so can anyone who has tell me if this national sales tax would be extended to Internet retailers?

 

[moreluck]

We used to use a guy years ago who had a Masters in something and charged $1500 to do our taxes because they were more complicated with 13 rental properties We got audited a couple times. We found out about Turbo Tax....pretty new at the time.......and have done our own taxes since then.

 

[UpstateNYUPSer(Ret)]

We used to use a guy years ago who had a Masters in something and charged $1500 to do our taxes because they were more complicated with 13 rental properties We got audited a couple times. We found out about Turbo Tax....pretty new at the time.......and have done our own taxes since then.

Taxes intimidate people but, for the most part, they are not that hard to do, especially with the tax software. I deliver to Walmart and the people I see waiting in line at the H&R Block kiosk could all do their own taxes and it wouldn't cost them a dime. The online tax preparation and e-filing are both free up to a certain income threshold.

I have always done by own taxes. I have done my kid's taxes. I did have an issue one year with New York state over a data input error that I made but, other than that, have never been audited. I do all of my banking and mortgage online so have all of the figures that I need when the IRS begins accepting e-filed returns.

That being said, the tax code needs a serious overhaul. It is far too complex with way too may deductions and exclusions.

 

[trplnkl]

Taxes intimidate people but, for the most part, they are not that hard to do, especially with the tax software. I deliver to Walmart and the people I see waiting in line at the H&R Block kiosk could all do their own taxes and it wouldn't cost them a dime. The online tax preparation and e-filing are both free up to a certain income threshold.

I have always done by own taxes. I have done my kid's taxes. I did have an issue one year with New York state over a data input error that I made but, other than that, have never been audited. I do all of my banking and mortgage online so have all of the figures that I need when the IRS begins accepting e-filed returns.

That being said, the tax code needs a serious overhaul. It is far too complex with way too may deductions and exclusions.

I agree with you, but not everyone has readily access to a computer. You may be surprised that many people tha own computers don't know how to use the internet to get to Turbotax dot com. LOL, every month when my 84 year old mother-in-law wants to pay her credit card bill online I have to go over there to log her into the site. She's not a stupid person either, just not computer savvy.

 

[klein]

One of the benefits of the 9-9-9 plan, or any similar plan, is that the sales tax is only paid once, when the item is purchased brand new.

I haven't read the plan so can anyone who has tell me if this national sales tax would be extended to Internet retailers?

I wouldn't say it's only paid once.
If you need a spare parts, the parts get taxed at 9%.
If Cain also adds 9% to all services, like here. Then if you shop online, you pay 9% extra for the item, plus another 9% added to the shipping costs of the item.
(unless of course free shipping is included).

So, if services are taxed as well, your repair man (shop) will be 9% more expensive, ups, fedex, usps, too.
Even wiping your butt after a bthroom visit is taxed 9% on the paper used (can't say you only use that once) LOL

However, our GST was not put in place to make taxes less complicated or fairer. It was put in place to get rid of a so called 16% manufacturing tax we had at the time.
Meaning, every item that was manufactured in Canada had a 16% manufacturing tax added to it (on top of corperate taxes).
They (government) needed to get away with it to compete globally, and by doing so, they gave us the GST to make up for the shortfall, which in turn did lower some costs of good here, esspecially new cars.

But, don't expect that outcome in the US with 9-9-9. There is no gain, not even for companies. Sure they'll only pay 9% corperate taxes, but will have zero deductables. (not for wages, building costs, uniforms, vehicles, etc) - quite the opposite, they'll need to pay an additional 9% for all those costs (exempt wages).

If Herman Cain gets closer to being the Predident candidate, then we'll see more analyst and even CEO's talking about how bad a 9-9-9 plan would be.

 

[moreluck]

Herman Cain's biggest claim is that he's a problem solver and has proven it in his past. If 9-9-9 turns out not to work like he says, then he'll solve that problem with another solution and not just blame the previous pres.

I also think if he made a mistake, he would admit it and not just keep saying it's the way to go and throw more money at it. We're tired of that reaction!!

 

[menotyou]

Whatever plan is used, the entire US tax code needs to be thrown into the trash can! Why create a system that creates deductibles? Pay this amount. Period. No need for tax lawyers or corporate welfare.

 

[moreluck]

Whatever plan is used, the entire US tax code needs to be thrown into the trash can! Why create a system that creates deductibles? Pay this amount. Period. No need for tax lawyers or corporate welfare.

Big tax lawyers unemployed? Where do I sign?

 

[klein]

Herman Cain's biggest claim is that he's a problem solver and has proven it in his past. If 9-9-9 turns out not to work like he says, then he'll solve that problem with another solution and not just blame the previous pres.

I also think if he made a mistake, he would admit it and not just keep saying it's the way to go and throw more money at it. We're tired of that reaction!!

You know how much such a tax transformation would cost ? I bet near the trillion mark, and then scrap it all again and start all over ? Yup, right.

 

[menotyou]

No matter the cost, it is vital for the US to do it.

 

[klein]

Whatever plan is used, the entire US tax code needs to be thrown into the trash can! Why create a system that creates deductibles? Pay this amount. Period. No need for tax lawyers or corporate welfare.

Maybe you're right. Tax the average US family with 2 kids twice as much as couple without kids.
I'm sure all the single people out there, including myself, would love that.

 

[menotyou]

Depends on the income. Some people have been known to get up to $15,000 back in their tax return.

 

[toonertoo]

The earned income credit is where the underemployed, or low income get the 10k back when in fact they may have only paid in 1k. It is probably the best incentive I have seen for low income people who are trying! In our present tax code. I dont have a problem with it, in the present form, I feel at least my money is going to people who are trying! So someone had kids, and are now struggling, well we dont want them to give their kids back, so help them. Eventually that would go away, as would many deductions, but in the beginning, isnt it easier to take all you money home, and not put it in the IRS bank account for the year?

But as in everything, taxwise as it stands there can be fraud. People who do not work with children, can submit a 1040, research it to find the honey hole, and state they made that much money from self employment, And get a very large refund, when in fact they never did a diddly squat bit of self emplyment. Out of that the IRS puts x number of dollars that they would pay to ss, and bam in the bank.
999 and the fair tax, have been reseearched for years, it may have some wobbles, but I think the money they take out of me now, may be the same in the end, BUT I got to bring my paycheck home and spend my 400.00 or more how I want to. Which in turn I think would help the economy as I could go shopping and pay 23% more for things I want, instead of giving it to the IRS. Some weeks I might not buy a darn thing, so I can bank it, pay off debt, and use totally cash, and I think I would be better off. So for me, bring it on.
It is not like the tax code now doesnt have horrific problems, so why not give something new a try? As for the poor who all the non likers yak about, they get a prebate every month, so they are not really affected, IMO.
I never said I was a mental giant, I never said I was a mathmetician. Im just a US citizen, who feels its time to try something new.
Is Cain the republicans black guy, the token black, as some may say, is that why he is running
?
In my opinion, No as he is not being supported well by the establishment repubs. Was Obama the democratic token black, I dont know, to say that would be racist.

 

[klein]

What paycheck do you get to bring home ? You do know one of those 9's are for income tax, right ?
And you do know that 9 is considered from gross income , right ?
So, add on another $1500 gross per month for health bennies, and tax that by 9% which is about another $150 per month, less take home pay, or another 3 % added on to the 9% income tax = 12% income tax now.
So, you save a whopping 3% income tax, assuming some of you have a mortgage that is tax deductable, which no longer would be - there goes the 3% savings of income tax or more , already.

No more child care deductions, who cares, right ?
But add 9% to every child's need (from diapers, to wipers, over school supplies & clothing, food, and energy consumption, such as water, electricty, and yes, don't forget toys.

Single people will probably be ahead of the game (less healthcare bennies being taxed, and less consumption).
Families on the other hand, will have it a lot rougher.

Tooner and Moreluck, you're both ok, children are grown up and out of home. So go for it !

 

[moreluck]

What paycheck do you get to bring home ? You do know one of those 9's are for income tax, right ?
And you do know that 9 is considered from gross income , right ?
So, add on another $1500 gross per month for health bennies, and tax that by 9% which is about another $150 per month, less take home pay, or another 3 % added on to the 9% income tax = 12% income tax now.
So, you save a whopping 3% income tax, assuming some of you have a mortgage that is tax deductable, which no longer would be - there goes the 3% savings of income tax or more , already.

No more child care deductions, who cares, right ?
But add 9% to every child's need (from diapers, to wipers, over school supplies & clothing, food, and energy consumption, such as water, electricty, and yes, don't forget toys.

Single people will probably be ahead of the game (less healthcare bennies being taxed, and less consumption).
Families on the other hand, will have it a lot rougher.

Tooner and Moreluck, you're both ok, children are grown up and out of home. So go for it !

Boy, you sure don't know squat about children.........!!!!!!!!!

 

[menotyou]

Klein, why is the government responsible for subsidizing the choice two people make to procreate?

Why should I pay for the neighbor to sit home and not work because he makes more?

I'm all for Helping those in need.. I'm sick to death of paying for those that Chose to abuse the system.

 

[Lue C Fur]

Is Cain the republicans black guy, the token black, as some may say, is that why he is running
?
In my opinion, No as he is not being supported well by the establishment repubs. Was Obama the democratic token black, I dont know, to say that would be racist.

Excellent point!!!