Thread: Cain: My 9-9-9 plan will raise taxes on some in US

Cain: My 9-9-9 plan will raise taxes on some in US

GOP candidate says, 'Some people will pay more. But most people will pay less'

By David Morgan

WASHINGTON — Republican presidential candidate Herman Cain acknowledged Sunday his "9-9-9" tax reform plan would raise taxes on some Americans but denied criticism it would help the rich while hurting the poor.

Other political news of note

Cain could benefit handsomely from '9-9-9' plan

Presidential candidate Herman Cain made over a dozen stock sales over the past year and a half that earned him between $230,000 and $1.3 million in capital gains — income that would not be taxed at all under his “9-9-9â€

"Who would pay more? The people who spend more money on new goods. The sales tax only applies to people who buy new goods, not used goods. That's a big difference," Cain told NBC.

So were exactly do I buy "USED" food, Rx drugs, gasoline, etc.?

The problem I see with Cain's plan is that the elderly who live solely on Social Security will now pay 9% on that income, when formerly they paid nothing as they were below the poverty level. Their food and medicine will be taxed at 9%. Hasn't Obama done enough to pull the rug out from under the elderly?

The sales tax only applies to people who buy new goods, not used goods.

So if we buy used clothing, shoes, underwear, sheets, combs, hairbrushes, toothbrushes, toilet paper,etc. we don't have to pay this tax?

ReggieMay wrote........The problem I see with Cain's plan is that the elderly who live solely on Social Security will now pay 9% on that income, when formerly they paid nothing as they were below the poverty level. Their food and medicine will be taxed at 9%. Hasn't Obama done enough to pull the rug out from under the elderly?

so....maybe I do NOT like Cain

This will be my first year on Social Security.....and I don't want this!!!!!!!!!!!!

So were exactly do I buy "USED" food, Rx drugs, gasoline, etc.?

Obama's full of " Used Food."

I never heard of any entitlements being taxed as income. Those living on fixed incomes would see a 9% federal sales tax. Maybe those rich folks could pay 18% and take up the slack for the seniors , or make them sales tax exempt?

Originally Posted by grandmasmad

ReggieMay wrote........The problem I see with Cain's plan is that the elderly who live solely on Social Security will now pay 9% on that income, when formerly they paid nothing as they were below the poverty level. Their food and medicine will be taxed at 9%. Hasn't Obama done enough to pull the rug out from under the elderly?

so....maybe I do NOT like Cain

This will be my first year on Social Security.....and I don't want this!!!!!!!!!!!!

Hang in there.

My husband and I are on Social Security now as well. Give Herman Cain and others a chance to get all the facts out there before turning away.

Right now, there is a blitz of Ron Paul and Mitt Romney supporters on the internet doing everything they can do to tear down Herman Cain's 999 plan because he is gaining in popularity.

So don't give up yet! I have seen a lot of misinformation put out there on his plan.

There are some people who are well known for their financial expertise who believe the 999 plan is a good plan. We just have to take some time to understand it thoroughly.

or make them sales tax exempt?

OK....that would be Ok for people on Social Security

Originally Posted by grandmasmad

or make them sales tax exempt?

OK....that would be Ok for people on Social Security

grandma you got to remember Cains plan is to do awat with SS.Go online on your computer and look up cains plan it will shock you.Can you aford 9% more of paying taxes i cant.

Just saw Cain on Huckabee . No tax on Social Security income, no tax on investment income. ?? remains to be seen. The way he explained it is that during the production of goods such as a loaf of bread there would be no tax on the added value of the flour , no tax to the producer of the bread, and only the end product would be taxed at sale. Consider the cost of a car or truck.
In theory if it worked as designed the actual cost of goods would go down by removal of the taxes associated with the production of those goods. Not really sold yet ,, but he is the only one with a plan to reform the tax system. All the other ones seem to just want to tinker with it. Throwing out the whole thing and starting over works for me.