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Old 10-12-2011, 01:42 PM   #1
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Default Herman Cain's 9-9-9 Plan

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Old 10-12-2011, 02:34 PM   #2
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I need to do some reading so I fully understand this 9-9-9 plan. From the article I did read about the plan, it seemed like it may have curb appeal to some but won't really do us any good, and could possibly do more harm than good.
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Old 10-12-2011, 03:06 PM   #3
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I'm all in for a flat tax. Been waiting a long time for it to get some play in the political arena. You spend, you pay.
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Old 10-12-2011, 03:30 PM   #4
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It's all a vicious circle...

Simplify tax code = Layoff of IRS workers (No need for 100,000+ workers if it's all automated and simplified)

Savings in $$ = Increase in national unemployment.

The solution is not as easy as most politicians paint it.

Not to mention if tax code is simplified and loopholes are closed then a bunch of corporate or private accountants and tax lawyers also out of work...probably becoming personal trainers...which will make my field more competitive. LOL

And then there's Michele Bachmann's take:
""You turn the 9-9-9 plan upside down, and the devil's in the details," she said -- possibly suggesting that the plan was actually "6-6-6" -- the "number of the beast" in the Bible.

Can't argue with logic like *THAT*
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Old 10-12-2011, 03:48 PM   #5
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Personally I'm all for any plan that reduces the complexity of the tax code. I have to wonder how much money the US spends each year on taxes. I'm not talking about how much Americans PAY in taxes each year... I'm talking about how much do we spend on the IRS agents that have to interpret, collect, and enforce the tax laws. How much do we spend on all of the specialized tax attorneys who try to find people the most advantageous way of taking advantage of the tax laws? How much do we spend on lobbyists each year who try to get the tax laws changed to make things more advantageous to their interest group? This is all *overhead* in the tax code. It's basically sucked out of the economy while serving no useful purpose.

Simplify the tax code to a single set of rules that apply equally to everyone. There's no longer anyone who complains "so and so group uses their loopholes to get out of paying their fair share of taxes".

And frankly I don't mind if a bunch of IRS employees and tax attorneys are put out of work by the new system. They're educated enough -- let them find productive work.
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Old 10-12-2011, 04:08 PM   #6
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Quote:
Originally Posted by Aurik View Post
And frankly I don't mind if a bunch of IRS employees and tax attorneys are put out of work by the new system. They're educated enough -- let them find productive work.
I agree.

The government is far too big and bloated as is. I'm tired of working hard and feeding the bloat.
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Old 10-12-2011, 04:09 PM   #7
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Quote:
Originally Posted by Aurik View Post
Personally I'm all for any plan that reduces the complexity of the tax code. I have to wonder how much money the US spends each year on taxes. I'm not talking about how much Americans PAY in taxes each year... I'm talking about how much do we spend on the IRS agents that have to interpret, collect, and enforce the tax laws. How much do we spend on all of the specialized tax attorneys who try to find people the most advantageous way of taking advantage of the tax laws? How much do we spend on lobbyists each year who try to get the tax laws changed to make things more advantageous to their interest group? This is all *overhead* in the tax code. It's basically sucked out of the economy while serving no useful purpose.

Simplify the tax code to a single set of rules that apply equally to everyone. There's no longer anyone who complains "so and so group uses their loopholes to get out of paying their fair share of taxes".

And frankly I don't mind if a bunch of IRS employees and tax attorneys are put out of work by the new system. They're educated enough -- let them find productive work.
Just to clairify, I wasn't being sympathetic to the laying off of Tax Accountants and Lawyers, just stating that the "Simplification" solution would possibly lead to increased unemployment.

I too am for anything that is fair and simple and doesn't cause those suddenly out of work seeking jobs in the Fitness industry!

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Old 10-12-2011, 04:39 PM   #8
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I am no tax or economics expert, but my take is rather simple.

Cain's plan will make me more careful on what I spend, since prices of the commodities go up. I will probably hoard my money for a rainy day. Who takes the hit? The businesses who were selling their goods/services to me.

On the other hand, there are some essential stuff that we all have to buy - irrespective of our bank balance. At the end of the day, you will pay higher taxes on those. So, the poorest in the society will probably be hit the hardest with this policy. I don't think this addresses the real problem at all.

The root cause for the mess has been greed and the practice of living beyond one's means. Hey, here's an idea. Curb that greed. Come down to earth and for a change buy only the stuff you can afford to pay for. Lower the sales tax , but tax expensive loans so that folks think twice before taking a loan for something they can't afford.

Sorry for the rant. Like I said, I dont understand much of tax policies or economics, but as a simpleton, the polciy mentioned doesn't sound good to me.

Last edited by kitarpyar; 10-12-2011 at 06:27 PM.
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