9-9-9

If someone would actually propose a truly un-exemptable flat rate on every transaction - and I do mean every transaction - coupled with a strong tariff policy, I could see getting behind it.

But I'm with you, oldtimer, I fail to see how this simplifies anything.

And again, there is no discussion on what big cuts will be made on the spending side.
 
Quote from Random.Capital:

If someone would actually propose a truly un-exemptable flat rate on every transaction - and I do mean every transaction - coupled with a strong tariff policy, I could see getting behind it.

But I'm with you, oldtimer, I fail to see how this simplifies anything.

And again, there is no discussion on what big cuts will be made on the spending side.
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well, I don't agree, IMHO, the only fair tax is an income tax, but if you wanted a transaction tax, it could be accomplished very simply by eliminating green and going to all electronic cash.

Every time you swipe, Uncle Sam gets a cut. And for patriotic Americans, they could have electronic supositories. HELP SUPPORT THE WAR, GIVE EVERYTIME YOU WIPE
 
Quote from oldtime:

it would really be bad to take a loss for the year and still owe taxes. Are you sure about that? Tax on gross? nah, I don't think so. Really? As I understood it, all income is taxed at ordinary rates. so they say no cap gains, but cap gains a dividends are just treated as ordinary at 9%, which would be good for me. For that matter, if they are relying on my revenue for the 9% sales tax the country will be broke, because I hardly ever buy anything.

But I don't know how the corporate rate works, it can't possibly be on gross can it?
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It appears that way.

"Gross income" is gross receipts minus cost of goods sold. However, Cains website bears no mention of "cost of goods" in his 9% Corporate Flat Tax description.

"Gross income less all purchases from other U.S. located businesses, all capital investment, and net exports."
http://www.hermancain.com/999plan

He needs to clear it up..
 
I'm not sold on the idea of a sales/transaction/whatever tax either - just saying that if someone wanted to sell me on it, starting with a flat rate, no exemption, all transactions plan would be a starting point.

But personally, I don't think there is any purpose served in arguing how to tax without first figuring out how much should be spent.
 
Quote from achilles28:

It appears that way.

"Gross income" is gross receipts minus cost of goods sold. However, Cains website bears no mention of "cost of goods" in his 9% Corporate Flat Tax description.

"Gross income less all purchases from other U.S. located businesses, all capital investment, and net exports."
http://www.hermancain.com/999plan

He needs to clear it up..
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yeah, well that's the way it is now, you report your gross and then you lie about how much it cost you to produce everything you sold. Like whenever I drive up to Chicago to visit my daughter I always drive by the old CBOT building so I can write it off as a business trip.
 
Quote from Random.Capital:

I'm not sold on the idea of a sales/transaction/whatever tax either - just saying that if someone wanted to sell me on it, starting with a flat rate, no exemption, all transactions plan would be a starting point.

But personally, I don't think there is any purpose served in arguing how to tax without first figuring out how much should be spent.
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no kidding, medicare could be made solvent very easily just by raising medicare taxes until everbody finally says enough is enough. Just pass a law that simply states, medicare taxes must pay for medicare. It's really that simple.

Can you even imagine if we had a separate deduction on everyones paycheck marked War Tax?
 
Quote from oldtime:

yeah, well that's the way it is now, you report your gross and then you lie about how much it cost you to produce everything you sold. Like whenever I drive up to Chicago to visit my daughter I always drive by the old CBOT building so I can write it off as a business trip.
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I don't think Cains proposed definition of "gross income" includes cost of goods sold. I think he intends to redefine "gross income" as stated above. Otherwise, cost of goods would have been included in his list of exemptions.

I think somebody needs to clarify because at this point, it's a question mark.
 
Quote from achilles28:

I don't think Cains proposed definition of "gross income" includes cost of goods sold. I think he intends to redefine "gross income" as stated above. Otherwise, cost of goods would have been included in his list of exemptions.

I think somebody needs to clarify because at this point, it's a question mark.
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oh, I got ya, yeah that would be crazy, especially for a start up that may not see a profit for years. It's not like they have an extra 9% lying around.
 
Quote from oldtime:

no kidding, medicare could be made solvent very easily just by raising medicare taxes until everbody finally says enough is enough. Just pass a law that simply states, medicare taxes must pay for medicare. It's really that simple.

Can you even imagine if we had a separate deduction on everyones paycheck marked War Tax?
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The problem is, they could also have a congressional salary deduction that would probably be about 43 cents, and when they want a raise the news would announce it's going from 43 to 47 cents and no one would care.
 
The Cain 999 plan will not happen I guarantee it. Might as talk about how you're going to start dating super models, you have a better chance of that happening than Cain's tax plan passing.
 
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