Herman Cain's 999 Economic Expert is "Investment Advisor" with BS in Accounting

Refman · Oct 13, 2011

My concern about the 9-9-9 plan is that the sales tax portion of it has all the markings of being very regressive. I am diametrically opposed to a national sales tax that taxes food staples and school clothes by 9%. This would hurt working families.

Cannonball · Oct 14, 2011

Pizza_Da_Hut said: ↑

But see everyone knows the only reason Obama was elected is because he is black. So, by putting Cain in the running clearly Obama has no edge anymore, at least that's what the republicans have been telling me...
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Yeah, telling black people that they're brainwashed racists, err bigots, if they support Obama over him is really going to win them over. So is quickly dropping his criticism over the name of Perry's ranch once he realized conservative talking heads hated his position.

redhotrox · Oct 14, 2011

Refman said: ↑

My concern about the 9-9-9 plan is that the sales tax portion of it has all the markings of being very regressive. I am diametrically opposed to a national sales tax that taxes food staples and school clothes by 9%. This would hurt working families.
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It's an extremely regressive tax plan.

What about the distributional question? On the face of it, reducing the federal income-tax rate to nine per cent sounds like a big pay cut for the average person. But that is misleading. Under the current federal tax system, almost everybody is allowed to deduct from their gross income a $5,800 standard deduction and a $3,700 personal exemption. On top of that, there is the child credit, the child-care credit, the earned-income tax credit, the mortgage interest deduction, and various other deductions—all of which serve to reduce the effective tax burden. Cain would do away with all of this, and he would also impose a nationwide sales tax on everything from bread to clothes to cars.

Consequently, a lot of Americans would end up paying higher taxes. How much higher? According to a new analysis by Edward D. Kleinbard, a former staffer at Congress’s Joint Committee on Taxation, a typical family of four with $120,000 in wage income would face an annual tax increase of $800. Many poorer Americans would face a much more substantial tax hike. Under the current system, with its various deductions and tax credits, many poor and middle-income families pay little or no federal income tax: their federal tax burden consists mainly of the payroll tax. Under Cain’s plan, there wouldn’t be a payroll tax, but all families would have to pay the new nine-per-cent rate on their income, and they would also have to pay the new nine-per-cent sales tax. Take a family earning about $50,000 a year, which isn’t far from the median household income. All told, it could face tax a hike of $2,500, or even more, according to some estimates.

As for the richest people in the country, who earn much of their income in the form of interest, dividends, and capital gains generated by their existing capital, they would benefit enormously from the abolition of the capital-gains tax and the tax on dividends that Cain proposes. According to Linden, a typical Americans in the richest one per cent would see his tax rate fall from twenty-eight per cent to eleven per cent. Other tax experts using slightly different classifications nonetheless come up with similar figures. Roberton Williams, of the non-partisan Tax Policy Center, tells the Christian Science Monitor that the effective tax rate on people in the highest tax bracket would fall from twenty-one per cent to nine per cent. In short, the Cain plan would involve an unprecedented shift in the tax burden from the rich to the middle class and the poor.

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pgabriel · Oct 14, 2011

Pizza_Da_Hut said: ↑

But see everyone knows the only reason Obama was elected is because he is black. So, by putting Cain in the running clearly Obama has no edge anymore, at least that's what the republicans have been telling me...
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the irony of pizz da hut posting about cain. of course you don't like, he was leader of the enemy

javal_lon · Oct 14, 2011

Never seen so many whites scared of the black vote... They thought we wouldnt come out and support Obama.. Big mistake!!!.... Whomoever says Obama was voted in just because he's black..... GOTDAMNRIGHT!!!... But for what its worth , you aint got to worry about us voting for Cain's azz...lol

glynch · Oct 14, 2011

Pizza_Da_Hut said: ↑

But see everyone knows the only reason Obama was elected is because he is black. So, by putting Cain in the running clearly Obama has no edge anymore, at least that's what the republicans have been telling me...
Click to expand...

Ha Ha Ha Ha. The GOP doesn't realize that unlike the GOP which has to show case virtually any black who is half way presentable and will associate with them, the Dems have millions to choose from.

A light weight like Cain would not get the time of day in the Dem Party as a presidential candidate. Maybe for US Rep or some .local office.

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Herman Cain's 999 Economic Expert is "Investment Advisor" with BS in Accounting

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