Why Herman Cain's Economic Plan Has Merit

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THIS IS THE DUMBEST TAX PLAN EVER PROPOSED BY ANYONE,THEY SEEM TO FORGET THAT NO MATTER HOW YOU SLICE IT PEOPLE WILL HAVE LESS MONEY TO SPEND SINCE THEY WILL BE PAYING PAYING 18% ON EVERY DOLLAR THEY EARN ON TOP OF THE LOCAL CITY AND STATE TAXES.IN OUR CONSUMER BASED economy already in recession would be pushed over the cliff.

dan of FL 5:20PM December 06, 2011

I have to respond to JC of PA, who posted right after me. I'm the 70 y.o. vet in CA. Like I said, I served my country, paid taxes, made lots of jobs, but lost my retirement stake, by getting
deathly heart sick at 59. At 57 I was earning $150K+ running a local TV station as President of the Corp.Earlier in life I was Pres. & CEO a scheduled airline with big prop-jet aircraft, that is still operating now with Boeing 737 jets. Don't dismiss me as some kind of low class bum, complaining about his unfair poverty as a mere VET. Fact is, you can get sick, and lose it all. Have some common decency, and accept that millions are poor now, who shouldn't be expected to put white trash phrase "skin in the game" by income tax gaffing, while in dire poverty. None of us can live forever, and who knows what around the corner for the U.S.A

Allan of CA 5:36PM October 20, 2011

This 9-9-9 is probably a death sentence to me, if passed. I'm a 70 y.o. Vet.
Here are my actual income stats: SS check $974. Hated, freeloader's FOOD STAMPS $16 per month. How the blood hell am I going to peel off $2000 a year, to get "some skin in the income tax game??? I have to drive four hours round tripto the nearest VA hospital!!...!00 miles of driving! If what we vets did for America is so low in value, you upper middle class cheap-jack draft-dodgers ought to lose your cheasy homes, savings, and health! Cain ought to exempt
the first $999 a month from his income tax, or he's worse than Gadaffi as a
political force... Piss off the younger poor vets, and you'll reap the whirlwind!

Allan of CA 5:08PM October 20, 2011

Why on earth are so many people worried about the "wealthy" not paying a "fair" share of the taxes. Who is defining "fair?" In law school I learned that fairneww is not an issue. From my father I learned that life is not "fair." In church I was told that my "fair" share of charitable giving and contributions was to tithe 10% regardless of my circumstances.
Yet is it "fair" for nearly 50% of those with income earnings to pay zero taxes with many actually receiving more in refunds than they paid into the system ? Is it "fair" that the top 1-2% of the earners should pay the majority of all the income tax burdens ?
So what if the wealthy have to only pay 9% on their income BUT ALSO 9% on all their purchases and consumption, their big homes, jewelry and clothing, expensive cars and planes, etc. That's FAIR.
Fairness is that which treats us equally. It is not that which forces us into equal financial positions by robbing the rich to give to the "poor." If we don't like where we are, instead of being "victims" of the wealthy - maybe, just maybe, all those "victims" will strive to better their own lot in life for themselves and their families. Finally released from the yoke of domination.
"Life, Liberty and the Pursuit of Happiness" require freedom from tyrannical government rules, regulations and Politicians.

JC of PA 5:59PM October 18, 2011

A small correction on GOP economic policy: instead of "..Cut taxes, cut regulations, cut government spending and watch prosperity flower", one should read: "cut taxes for corporations, cut unnecessary business regulations, cut wasteful government spending and really watch prosperity flower".
To the author - please, we have enough spin already...

Ed of CT 1:32PM October 18, 2011

You hit the nail on the head with respect to his 9 - 9 - 9 plan...The reality is the Wealthy will pay a far lower tax rate than the rest of us, especially the very wealthy and people like hedge fund managers, who get nearly all of their income from Capital gains.
How great would it be to be a top end Hedge fund manager earning hundreds of millions, even a billion in some cases, a year and pay no taxes on your income because it's all Capital Gains!
Actually, all the small business owners will setup their business to pay themselves a minimal salary and direct their income to be generated as a Capital gain.
Plus another big bonus for the very wealthy, he'd eliminate the Inheritance tax...Which only impacts the Top 1 - 2% of families. Although, not too badly...Sam Walton died with a net worth of $80B...His 4 beneficiaries are all now worth $20B or more.
Another side effect, what happens to the millions of people who work in the tax industry? From the IRS to H&R Block to the thousands of small businesses specializing in tax preparation? No need for the vast majority of those workers with 9-9-9.

Mark Denton of KS 1:59PM October 17, 2011

People get nervous about the 9% national sales tax but if you give it some thought, it could generate some real revenue considering even drug dealers would have to pay it .... not just hard working folks with real jobs. If it were worked out so that it would not tax medical and food, it wouldn't be so bad. That is the area where the low income would be hit the hardest with a national sales tax. Obviously, it needs some tweaking but it sure sounds better than what we currently have.

Montanasunrise of CA 1:00PM October 17, 2011

The 1 thing alot of reports don't mention about the 9-9-9 plan is revenue to the government. but concider a sales tax (consumption tax). How many people work for CASH. Waitor/Watresses, Illegal aliens, Dancer in adult clubs (male and female), hosteses. So they work for cash and MAYBE report minimum wage but since it's cash there is NO way to verify it so they don't pay tax on their income. With a sales tax (consumption tax) all these cash workers at least will pay 9% when they buy something and in most cases the income tax will be lower so there's more money to spend or save. But both spending and saving are good for the economy.

Wayne of FL 12:40PM October 17, 2011

flat tax at 15%....applied to all business and families making over $200K/year. For families below $200K some simple graduated scheme.
5% consumption tax applied to all purchases other than food and clothing. would have to be negotiated with the states to keep the total sales/consumption tax less than 10%.
Five year plan to get to a balanced budget...and amendment to the constitution.
Simple...politically challenging with lobbyists, the accounting and legal communities...but good for the US.
Would get us almost immediately into the black.
Consider 50% tax rate for incomes over $10M/year.

Ron of CA 11:09AM October 17, 2011

The only candidate with real ideas! People need to quit voting for the parties that have "created" the problems we now face. Had enough? Vote independent!

David Rounsaville of FL 11:06AM October 17, 2011