The biggest problem with the 999 is explaining it. It's easy to understand what each 9% adds up to. What is NOT easy is explaining the dynamics of it. If it were enacted it would work. The problem is that he has painted himself into a corner with it. The vast majority of people are in one of two categories; incapable of understanding the nuances and their potential effects OR they believe that things should stay like they are with the top 2.5% or wage earners providing 40% of the tax revenue while the bottom half pay nothing or even get more money back from the government than is withdrawn from their check. These are the same people that say it's unfair not to take even MORE money from that top 2.5%.

__________________
2001 SLK 320 six speed manual
2014 Porsche Cayenne six speed manual

Annoy a Liberal, Read the Constitution

According to Reagan's Budget Director at the time the tax decrease he put into place almost sent the US into a Depression. By the time taxes could be raised again the US was in a major Recession.

Reagan then pushed through tax increases on everything he could think of that would not show up on a person's paycheck and the economy started growing again.

By the time 1984 came about Reagan ran on the slogan, 'Are you better off now than you were four years ago?'

Cain just announced his 'Opportunity Zone' concept to get America working again.

In sum: If you like working conditions in third world countries you will love this plan. It also fulfills the dreams of Republicans everywhere to destroy the Middle Class so it might get him the nom.

Cain also has changed the 9-9-9 to 9-0-9 for anyone in living at or below the Poverty level, which is about $14,800 for a family of two. 9% national tax, zero income tax, and 9% business tax.

So now instead of those in poverty getting a tax increase of 18% Cain is offering a tax increase of 9%. And for those making over $500,000? A 22% tax decrease.

Pretty Sweet!

Oh really? Here, let me help you with that.

What are friends for

__________________
CENSORED due to not family friendly words

My understanding from what I have read about the 999 thing is that the issue is the income tax. The rich get a break because most of their income is not W2 based but dividend based. The working class takes a bath because their income is primarily W2 based.

__________________
Sent from an agnostic abacus

2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD**

- With out god, life is everything.
- God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson
- You can pray for me, I'll think for you.
- When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.

I could be wrong but I believe Cain's tax counts capital gains as regular income and gets rid of all deductions except charitable. I'd like to see charitable deductions get flushed, but I can't have everything.

That was my understanding, too.

__________________

1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15
'06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod)

Cains 999 plan

__________________
Sent from an agnostic abacus

2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD**

- With out god, life is everything.
- God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson
- You can pray for me, I'll think for you.
- When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.

I stand corrected. That's kind of goofy, IMO.

Don't get me wrong: As a soon-to-be-retiree, I LIKE the idea of no capital gains tax because I'll be living off capital gains. But to differentiate it from income is goofy even if it is to my advantage.

Thanks for the link.

The rest of it looks pretty okay to me.

9-9-9 Plan: Summary

Removes all payroll taxes and unites all tax payers
Provides the least incentive to evade taxes and the fewest opportunities to do so
Lifts a $430 billion dead-weight burden on the economy due to compliance, enforcement, collection, etc…
Is fair, simple, efficient, neutral, and transparent
Ends nearly all deductions and special interest favors
Features zero tax on capital gains and repatriated profits
Exports leave our shores without the Business Tax or the Sales Tax embedded in their cost, making them world class competitive. Imports are subject to the same taxation as domestically produced goods, leveling the playing field.
Lowest marginal rates on production
Kills the Death Tax
Allows immediate expensing of business investments
Eliminates double taxation of dividends
Increases capital formation which aids capital availability for small businesses
Increased capital per worker drives productivity and wage growth
Features a platform to launch properly structured Empowerment Zones to renew our inner cities
The pro-growth, pro-job, pro-export economic policies of the 9-9-9 PLAN equals a strong dollar policy
Phase 2 – The Fair Tax

Amidst a backdrop of the economic renewal created by the 9-9-9 Plan, I will begin the process of educating the American people on the benefits of continuing the next step to the Fair Tax.

Ultimately replaces individual and corporate income taxes
Ends the IRS as we know it and repeals the 16th Amendment

What am I missing here. Does not the first line in his plan, "removes all payroll taxes" mean the first part of the fair tax is redundant?

- Peter.

__________________
2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

I think there needs to be a threshold for the amount of capital gains that is tax exempt. I had read an article which I think I posted somewhere on here that if they applied the 999 to Warren Buffet his tax would have gone from $6.? million to about $500k due to the fact that most of his income is based on capital gains.

Make the first few hundred thousand tax exempt may be. The whole shooting match does not make sense especially when all of my W2 income is taxed.

__________________
Sent from an agnostic abacus

2014 C250 21,XXX my new DD ** 2013 GLK 350 18,000 Wife's new DD**

- With out god, life is everything.
- God is an ever receding pocket of scientific ignorance that's getting smaller and smaller as time moves on..." Neil DeGrasse Tyson
- You can pray for me, I'll think for you.
- When you understand why you dismiss all the other possible gods, you will understand why I dismiss yours.

What is the difference between " capital gains" , and "repatriated capital gains"?
I also heard him say that profits reinvested in the USA for equipment etc are not taxed. That seems OK on the face of it.

__________________
1982 300SD " Wotan" ..On the road as of Jan 8, 2007 with Historic Tags

In general, "repatriated" means returned to this country. So I assume that it means money made overseas and brought to the USA would not be taxed. Hmmmmmm. That's curious. I know when I worked in South America I had to stay away 18 months (IIRC) in order to not pay taxes on income from an overseas company. But golly, that was 30 years ago and I haven't kept up and could be confused, anyway.

Maybe I shouldn't have posted this response.

Never mind!