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The Spectacle Blog
As Joe Lawler has noted, our former AmSpec colleague Phil Klein makes the case that Herman Cain’s new 9-0-9 plan for lower income Americans and other modifications to 9-9-9 undercut its simplicity.
However Cain refines 9-9-9 it will still be far simpler than our present federal tax code.
W| 10.21.11 @ 7:10PM
The revision is necessary but it shows Cain didn't analyze his plan in any detail. Most stats show that a family of four, earning $50,000 does not pay any federal income tax but it pays about 7% in FICA. Cain would eliminate the 7% or $3500. But now the family pays 9% or $4500 for a net increase of $1000. On top of the $1000 the family will pay 9% in sales tax, so if it buys a new car for $2000 it will pay another $1800 in sales tax..
The 9-9-9 plan would benefit the higher income taxpayers. I don't understand how Cain and his advisors din't figure this out. So now he has to eliminate the 9% income tax on lower incomel. Next he will have to adjust the 9% corporate tax because that tax will harm business.
He needs to be better prepared. This will affect his credibility in the next debate, along with his contradictory answers on abortion.
Margie| 10.21.11 @ 7:59PM
BULL DINKY, W.
Casey Abell| 10.22.11 @ 2:16AM
W.'s right, of course, but Margie's response makes it clear that Cain supporters really don't care about policy. They aren't even much interested in Cain's all-important 9-9-9 or 9-0-9 or whatever other set of numbers he comes up with. (Do they all have to be nines or zeros? Why not slip in a seven or a four, just for some variety?)
Cain's supporters like him because they like him. And he's not Romney or Gingrich or Perry. So no matter what Cain does on policy or how muddled his explanations get, his supporters may stay loyal.
Margie| 10.22.11 @ 12:25PM
WRONG.
But then again, people like you see no problem making assumptions about where other people stand and you do it with no pangs of conscience!
Those of us who back Herman Cain know his plan isn't perfect. But at least he has one and is into scraping the old tax code, and it never was anything written into law yet (as you KNOW), and he is willing to tweak it, or change it for the better.
I could venture to say that NON-supporters of Cain are just not for him just because they don't LIKE him, but then..oh my.. that just wouldn't be FAIR, now would it?
So, Casey, don't be a hypocrite.
Dave| 10.22.11 @ 4:14PM
True words of economic wisdom from the village idiot, Margie.
Casey abell| 10.22.11 @ 5:30PM
I'm not a hypocrite. I've never supported Cain. I dislike his loonball national sales tax...although it will probably get scrapped sooner or later from whatever nine-and-zero slogan he strings together.
And Cain isn't ready for a House seat, much less the presidency.
aware| 10.22.11 @ 6:23AM
Once the Fed can tax consumption you will never get that power back. Handing government a new tax is not, and never will be, "conservative".
Clint| 10.22.11 @ 5:11PM
If Ya Ain't In Cain's Opportunity Zones Then,
" The business portion of Cain’s plan apparently does not allow employers to deduct wages and salaries, which means — for all intents and purposes — that they would levy a 9 percent withholding tax on employee compensation. And that would be in addition to the 9 percent they presumably would withhold for the flat tax portion of Cain’s plan.
Employers use withholding in the current system, of course, but at least taxpayers are given credit for all that withheld tax when filling out their 1040 tax forms. Under Cain’s 9-9-9 plan, however, employees would only get credit for monies withheld for the flat tax.
In other words, there are two income taxes in Cain’s plan — the 9 percent flat tax and the hidden 9 percent income tax that is part of the VAT (this hidden income tax on wages and salaries, by the way, is a defining feature of a VAT)."
Cain's Forgot To Explain That Part Of TARP Recipient Wells Fargo Division Employee Rich Lowrie's Plan.
Cain's Plan Is A Non-Starter.
We Conservatives Won't Allow Big Government To Have A National Sales Tax & An Income Tax.
Bumr50| 10.23.11 @ 9:05AM
I'm voting for Cain just to irritate Rick Perry supporters.
No way the stammering, crony-capitalist, big government yayhoo is getting the nomination much less winning the Presidency.
Perry couldn't carry Cain's jockstrap.
Margie| 10.23.11 @ 7:29PM
Oh he could carry it. He just couldn't wear it.
I hear Perry's gonna announce he has a plan to scrap the tax code, like Herman Cain.
I can just picture him at the next debate~ Unlike YOU Herman Cain, MY scwapping of the tax code is better than YOURS.!
LOL.
I'll vote for whoever becomes the nominee (Repub)., but let's just see who it is that the Country Class conservatives are getting behind.
Keep those individual donations going!
Herman Cain 2012!
Honor| 10.24.11 @ 2:17AM
STEPHEN COLBERT FROM ‘COLBERT REPORT,’ OCTOBER 19, 2011:
[Herman Cain clip]: “Don’t blame Wall Street, don’t blame the big banks if you don’t have a job, you’re not rich. Blame yourself.”
[Colbert]: That message of hope is sure to rally the nation’s unemployed to Herman Cain, if they weren’t so god damn lazy.
[Herman Cain clip]: “They might be frustrated with Wall Street and the bankers. But they’re directing their anger at the wrong place. Wall Street didn’t put in failed economic policies. Wall Street didn’t spend a trillion dollars that didn’t do any good. Wall Street isn’t going around the country trying to sell another 450 billion dollars. They ought to be over in front of the White House taking out their frustration.”
[Colbert]: Yeah, unemployed! You should be out in front of the White House blaming yourself for not having a job. May I remind you, Wall Street has not cratered our economy in two years! That’s ancient history! At this point, who can even remember who took worthless sub-prime mortgages and knowingly bundled them as mortgage derivatives so they could be sold, rebundled and resold to pension funds and banks around the world until (because this entire scheme was a castle made of sand and shit) it inevitably collapsed, annihilating 17 trillion dollars, the national economy, centuries old financial institutions, and the life savings of untold millions of Americans? I can’t remember. And neither can Herman Cain. So suck it up, unemployed! It is your own damn fault that you don’t have a job. Speaking of which, where are all those jobs Obama keeps promising? People can’t find work and it is all the President’s fault! So stop scapegoating Wall Street, workers, because you’re the problem … that Obama caused.
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