Herman Cain's 999 Plan

[Stephen Eisel]

The new regulations were the excuse for the charge, not the cause. Obviously, the new regulations didn't put them in a position where they were going to be unprofitable.

really?

http://www.nerdwallet.com/blog/2011/dur ... explained/

The Durbin Amendment, a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has sparked fierce debate

So the two a-holes that brought us the mortgage meltdown.. strike again..

Banks and credit unions are against the amendment, because debit card swipe fees mostly accrue to the financial institution that issued the debit card. Card issuing banks typically take in about 1.3% of every dollar you spend on your debit card, as a fee from the merchant. This amounts to nearly $3 billion a year of very high profit margin revenue for Bank of America, for example, a number which looks to decline by ~80% unless Congres, the Department of Justice, or the Federal Reserve intervenes.

[Will Brown]

I will pay less under Herman's plan..

Most of us don't actually know what percentage of our income is paid in federal income taxes. I would be very surprised if you in fact knew. One of the attractions of Cain's plan is that it would greatly simplify the tax code so we could do our own returns.

Turbo Tax gives me a percentage every year...

Turbo tax gives you a percentage of AGI. But AGI is almost never the same as your actual income. Why do you think they call it AGI?

[Stephen Eisel]

In my case, it is not going to make a big difference. I literally have no-deductions. Again, I am going to pay less under the Herman plan..

[Brian Pedaci]

I'll take the opinion of the Tax Policy Center over that of Cain himself:
Cain Tax Plan would raise taxes on 84% of Americans

"You're talking a $2,700 tax increase for people with incomes between $10,000 and $20,000," said Roberton Williams, a senior fellow at the Tax Policy Center. "That's huge."
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.

Dunno about you, but I'm not in any position to be paying the Federal government another $4K/year.

[Stephen Eisel]

A quick stab at it!

Current
Income $90,000 -- $7500 a month
Taxable income -- $7000 a month
State taxes -- $280.00 a month
Federal taxes -- $1412.60 a month (approx 20.18 effective rate)
After tax income -- $5307.40 A month
Disposable income after bills/savings/etc -- $2000.00 a month
Annual average tax refund -- $1200.00
Annual DISPOSABLE (IE sales taxable) income -- $25,200.00



Under 9-9-9
Income $90,000 -- $7500 a month
Taxable income -- $7500 a month (notice for 9-9-9 it is all taxable now)
State taxes -- $280.00 a month (state tax does not change as state taxable amount stays the same)
Federal taxes -- $675.00 a month (9% rate)
After tax income -- $6045.00 A month
Disposable income after bills/savings/etc -- $2737.60 a month
Annual average tax refund -- $0.00 (no refund under 9-9-9)
Annual DISPOSABLE (IE sales taxable) income -- $31,651.20
Annual DISPOSABLE AFTER 9% sales tax -- $28,802.59

[Stephen Eisel]

http://www.nerds4cain.com/Blog/archives/723

[Roy Pitchford]

I'll take the opinion of the Tax Policy Center over that of Cain himself:
Cain Tax Plan would raise taxes on 84% of Americans

Considering roughly 48% don't pay anything at all, or get a refund, that's not a surprising number.

"You're talking a $2,700 tax increase for people with incomes between $10,000 and $20,000," said Roberton Williams, a senior fellow at the Tax Policy Center. "That's huge."
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.

Dunno about you, but I'm not in any position to be paying the Federal government another $4K/year.

As I previously pointed out, the decrease in corporate income taxes will allow companies to reduce their prices. Since it is impossible to predict this kind of change, the Tax Policy Center probably couldn't take that into account. They are looking purely at amount of money the average family makes then adjusting the payroll tax and how much the average family spends then adding the 9% sales tax. In the end, its not nearly that cut-and-dry and I don't think it's as bad as they make it out to be.

[sharon kinsella]

The problem with the theory of trickle down economics is where it trickles down to. It goes to workforces that are now Indian, Chinese, Taiwanese, people of the Phillipines, Guatamela, Argentina, anywhere but here. Then the inevitable happens and there are no jobs here so there is no one here to purchase the goods. Then look at what the workers in those countries get paid, pretty close to zero. So they can't even buy what they make. They don't care about what they make because they'll never own it. so their ideas about product quality include peeing in car radiators so they never have to leave the line.

Don't ever try and sell (ha, ha) any of us that trickle down crap.

And what's with that whole trying to bring The Gipper back for heaven's sake, what a joke.

[Stephen Eisel]

I'll take the opinion of the Tax Policy Center over that of Cain himself:
Cain Tax Plan would raise taxes on 84% of Americans

"You're talking a $2,700 tax increase for people with incomes between $10,000 and $20,000," said Roberton Williams, a senior fellow at the Tax Policy Center. "That's huge."
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.

Dunno about you, but I'm not in any position to be paying the Federal government another $4K/year.

Herman's plan eliminates the 15 percent payroll tax and is not an added tax.

[sharon kinsella]

You all are whining about only having $2,000 in disposable income as opposed to about 2,600 (I can't scroll back to Stephens post) - ridiculous.

The whole plan is selfish and self centered for those with the most. Why do they need all that money, to buy products made in other countries, which in no way benefits American workers or our country and this is plan of a patriot.

Logic must be totally out of style nowadays.

[Stephen Eisel]

You all are whining about only having $2,000 in disposable income as opposed to about 2,600 (I can't scroll back to Stephens post) - ridiculous.

The whole plan is selfish and self centered for those with the most. Why do they need all that money, to buy products made in other countries, which in no way benefits American workers or our country and this is plan of a patriot.

Logic must be totally out of style nowadays.

Self centered is spending future generations into debt without any accountability or considertion to the future or current tax payers. The Government was cause of the financial meltdown. The EPA is killing jobs for Americans... And you want me to continue to feed this beast with my hard earned money? Why is the government entitled to a lion share of what I earned? Why is almost every transaction in this country taxed?