Herman Cain explains his economic plan with salt shakers

Herman Cain outlined 9-9-9 economic plan at the breakfast table

Category:

News & Politics

Tags:

• Cain
• 2012

[FreeRE1]

Great Job Herman!

[toemasie]

It's easier to understand with Pokemon cards....

[bsharker]

HC > Obama

[mmaier2112]

Further, it is STILL going to cost money to collect these taxes. Less, maybe. But you are not going to have zero processing and zero collection costs.

Pull the other slice of pizza, Cain.

[mmaier2112]

It's an idiotic plan. Why "reproduce" the same amount? Why in the world does Cain or anyone else think that the govt deserves the amount of loot it's robbing us of today?

How about HALF? That sounds like a nice START. Not an end point.

And regression analysis does work on Wall St or anywhere else for future projections. Economic ignorance is amusing, but painful when you implement plans based upon it.

[jfsfrnd]

@drinfested Yeah, wanna bet when the poorest peoples money would run out faster the Conservatives would belittle them for having bad spending habits. They didn't purchase enough of those used goods. :)

[drinfested]

@jfsfrnd Yes I did. I can't imagine paying 7% plus 9% on every thing I buy at Wal-Mart, Lowes, the grocery store and other places.

[jfsfrnd]

@drinfested Cain said his 9 percent federal sales tax wouldn't replace the state sales tax but be added to it. Did you see him claiming it was apples and oranges to Romney at the debates?

[drinfested]

@jfsfrnd Combined that is $2400 per year on sales tax alone! For a family of 4 with a $20000/yr income, that is a HUGE number. It is basically an income tax that applies to poor people, and will hurt nobody but the poor and middle class. The upper class uses most of their money to invest, save, and do other things, not necessarily spend, and so they will be largely unaffected.

Even if the federal tax replaced state sales taxes, it would still be an increase for most people. My state is 7% rate.

[drinfested]

@jfsfrnd Exactly. It is a fact that most poor people spend their money because they simply cannot invest it. Their hard earned money is spend on goods and services for themselves and their families.

If you imagine a state that has a 7% sales tax, and a poor family of 4 making $20,000 a year, you can easily calculate that if that family spends $15,000 on products they buy, that is $1050 per year spent ONLY on sales tax. Now slap a 9% federal sales tax to that, and you get $1350!