On Oct 18, 10:14*pm, RicodJour wrote:
On Oct 18, 10:02*pm, Ed Pawlowski wrote:

On Tue, 18 Oct 2011, RicodJour wrote:

When your tax plan is simple - and wrong.
http://www.foxnews.com/politics/2011...ax-plan-raises....

The plan, as it stands, does not seem so good, but the idea of a flat
tax and elimination of tons of loopholes is a great idea. *Maybe it
should be 12-2-4 or 13-1-3. *Exemptions for incomes under $x. *

No matter how you *cut it, our present tax code sucks big time.

It will eliminate the need for tax accounts, lawyers, other tax
preparers that prey on low income or low educated people. *

I'm all with you on that, brother! *A million pages of tax code is
about 995,000 too many.

I was hoping for more from Cain's plan. *Maybe something that would
finally wake people up to demand a better tax plan.

It certainly contributes to the discussion and at least it's an
actual plan. But from the start I too was surprised that someone
running for President, who's been a CEO, and has economic
advisors would put forward this plan. It's easy to tear apart.
Start with those on social security and limited retirement
income. Right now they pay zero income tax. The 9% sales
tax would be a huge tax increase for them.

Then take those lower income tax payers who are paying
no income tax. That's almost half of all taxpayers. They
get hit with not only the 9% sales tax, but also a 9% income
tax. They go from paying nothing to close to 18%, assuming
they spend nearly all they make.

At the same time, upper income tax payers who are
probably paying at about a 30% rate overall, wind up
only paying 9%. And Warren Buffet would get a huge
cut because there would be zero capital gains tax.

How he could possibly put this forward as a serious
proposal is beyond me.