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As Michele Bachmann stated in the last debate, the devil is in the details and the MSM is starting to pay attention.

From ABC News: 9-9-9 Plan Would Almost Double Taxes on Middle Class

If conservatives think raising taxes on anyone is a bad idea in a recession then raising taxes on the middle-class is a really bad idea. Cain will be sunk by his own 9-9-9 plan and if he tries to back off it now the flip-flop sinks him.

And your source is ABC???????????????????????
Cisco

Of course.. their definition of middle class is a family of 4 making 50K.

How about the same family making say 125K.. Aren't they still middle class? They are likely to see a tax reduction under Cains Plan.

It gets everyone into the game, equally.

Lie-berals, like the San Diego set, HATE that, as it makes it impossible for them to play class/race warfare.

liberals like the original poster, just hate the thought of EVERYONE paying their fair share.

That, and they don't count in the fact that the 9% income tax REPLACES the SS/FICA crap that everyone has stolen from their checks currently. That would be a far greater number than 9%.

I wonder about the "middle class" definition. If about half of the citizens do not pay any federal income tax, as has been reported, then half of the middle class would have to pay more because they are not paying anything now.

I have not investigated 999 but would be cautious accepting anything ABC news said as being accurate.

I am all for a flat tax collected the day before elections.

9-9-9 is is not in ADDITION to the current tax codes. It is INSTEAD of the current tax codes.

I want to see GE, Soros and John Kerry pay 9% of their income to taxes.

I'll take the 9% plan in a NY nanosecond!!

Especially, over what I pay now..I am robbed of now!

Class warfare is great as long as it isn't your "class" that is being asked to do more. Cain at this point has my vote. Flat tax and get everyone in the game. 999 is a good start.

When I first watched Cain's clip on the plan a month ago, I he didn't say it eliminated SS payments... so it seemed mathematically an increase to the taxpayers and a decrease for the businesses. 9% + 9% + 15.3% (SS) = 33.3% for everyone plus state and local income/sales... gets to 50% fast.

But... take out the 15.3% SS, then the 9% income will be used up for that and the 9% sales tax is the real tax. 18% total... You'd have to be paying 2.7% or less income tax to pay more with the 9% 9%.

So for most middle class it's a tax reduction... for the nonpayers, it's an increase at the sales counter.

Kent

krp;

That's exactly the correct math.

So, a family of 4 making 50K is gonna get a tax increase, and a family of 4 making 125K is gonna get a reduction?

Amen, amen, and amen.

It would still give the middle and lower classes significantly higher tax percentage to pay as they have to spend a much higher percentage of of their income on essentials to live. The 9% sales tax would bring that rate disparity as all or nearly all middle/lower class income is required for families to live. Wealthy have much more discretionary income and can more readily choose not to spend and keep their tax burden lower.

Cain's plan is a good start but not a panacea.

from the article:


They deleted the social security part. If their current tax rate is 7%, they're paying 14% because they pay an additional 7% in SSI. This would reduce their taxes by 5%, not increase them.

I like the way the philosophy of the plan:

Make everyone pay something.

Makes tax hikes truly transparent.

Incentivizes investment by getting rid of capital gains taxes.

Incentivizes job production by lowering taxes on producers.

Gives family owned businesses continuity by killing the death tax.

Tilts toward American production by shifting taxes off our producers and putting tax on consumption of imported goods which do not exist today as such.

Gets the political pandering class out of social engineering by taxation.

Starts attrition on the IRS tumor.

So, again, what's not to like? ;-{>8

I don't trust the MSM, so I figured the difference myself and it's even worse for Cain than ABC reported if you include retired folks in the middle class.

Being they are retired they pay no payroll tax, so there's no offset to buffer the 9% flat income tax with no deductions.

Unless Cain has more details some place that I haven't found, then money from a Roth IRA, which is tax free now, gets taxed at 9%. Money from Social Security, which is tax free now unless you have too much other income, is taxed at 9%. Then all that money is taxed at 9% again by the new federal sales tax. That adds up to an 18% tax increase on retirement income and a 9% tax increase on savings.

A couple with 50,000 in social security and Roth IRA income would see a $9,000 increase in their federal taxes under Cain's plan.

Cain's plan is simple and it simply shifts the tax burden from the highest income people to lower income people. Like Santorum said in the debate, Congress will never pass the 999 plan. Cain's a one trick pony and when retired folks learn about the massive tax increase they would get under 999, Cain will be heading for the exit.

I suspect the IRAs will be untaxed as long term capital gains.

Not quite accurate, but using your 5% reduction in income tax, they then pay an additional 9% in federal sales tax. The result is a 4% tax increase.