jcummins
Well-known member
I see two big problems with Cain’s 999 plan. I want to like Cain, he’s not as much of a politician as the others…but these two issues I’ve raised on some Cain facebook sites. Not only did they not answer….they deleted the exchanges we had so the rest of the world could not see. Censorship. So…..tell me how I error in my thinking.
Seniors appear to be hit hard. I’m on social security, and pay little to no income taxes. Under Cain’s plan I pay 9% flat tax, and then I pay another 9% when I buy something with what is left. Cain has said the elimination of all the taxes in the product stream will lower prices and it will wash. Do you trust any business to pass on the savings? Ever heard of a bird in hand is worth two in the bush. I don’t have the faith prices will come don’t to offset the 9% sales tax. Then the 9% flat tax in itself is more than I pay now.
Savings. Although I have very little savings falling into this category, take this scenario. You work, save and have after tax dollars in a savings account. All of which was saved before Cain's change to 999. Now, you want to spend the money you have already paid federal tax on…you owe no more to the feds. Yet you spend it, you pay 9% sales tax. Double taxation.
Seniors appear to be hit hard. I’m on social security, and pay little to no income taxes. Under Cain’s plan I pay 9% flat tax, and then I pay another 9% when I buy something with what is left. Cain has said the elimination of all the taxes in the product stream will lower prices and it will wash. Do you trust any business to pass on the savings? Ever heard of a bird in hand is worth two in the bush. I don’t have the faith prices will come don’t to offset the 9% sales tax. Then the 9% flat tax in itself is more than I pay now.
Savings. Although I have very little savings falling into this category, take this scenario. You work, save and have after tax dollars in a savings account. All of which was saved before Cain's change to 999. Now, you want to spend the money you have already paid federal tax on…you owe no more to the feds. Yet you spend it, you pay 9% sales tax. Double taxation.