Herman Cain

[billt]

Got a better idea ?
Or are you happy to continue with the same old failed policies ?

How do you figure they are "failed"? I'm married with no children and my wife does not work. We file jointly. Last year I paid almost no Federal Income tax because of the way I invested my income under today's current tax laws. I did not "cheat". I simply utilized the deductions and investment options that were avaliable to me, along with anyone else, the way they are written. Why would I want something "simpler" if it's going to cost me more of my money to implement it? That makes no sense.

Most people know how to do two things with money. Earn it and spend it. Cain's plan is aimed at them, and perhaps it doesn't matter because most of those people won't ever get ahead in life, regardless of what kind of tax laws they implement, or how "simple" they are.

[tombogan03884]

How do you figure they are "failed"? I'm married with no children and my wife does not work. We file jointly. Last year I paid almost no Federal Income tax because of the way I invested my income under today's current tax laws. I did not "cheat". I simply utilized the deductions and investment options that were avaliable to me, along with anyone else, the way they are written. Why would I want something "simpler" if it's going to cost me more of my money to implement it? That makes no sense.

Most people know how to do two things with money. Earn it and spend it. Cain's plan is aimed at them, and perhaps it doesn't matter because most of those people won't ever get ahead in life, regardless of what kind of tax laws they implement, or how "simple" they are.

For starters, because I was on unemployment for most of the year, with no deductions  and still paid about $1,000 in income tax while you worked all year and paid nothing.
There should be no loop holes.
I actually do have a better idea that I've outlined else where in the forum, but it would never get past the Congress.

[billt]

For starters, because I was on unemployment for most of the year, with no deductions  and still paid about $1,000 in income tax while you worked all year and paid nothing.
There should be no loop holes.

They are not "loopholes". They are the tax code, and they apply to anyone and everyone the same way. Not everyone is in the same financial position. You have many options of what you can do with your money. The Federal government, (as much as you seem to hate them), actually give people a damn good incentive to save and become self reliant. IRA's, 401 K's, tax deferred annuities, and many other investment options allow you to invest, and pay no taxes now, and at a far reduced rate later. This is a good thing.

The problem is as I said, most people save nothing, and to make matters worse, borrow far too much. They are their own financial worst enemy. That is not the governments fault. They, (the government), are in fact giving people the opportunity to invest, and pay them less doing it. The smart ones take advantage of this. Many do not, and blame the government for their own shortcomings. These people then in turn blame "the rich" for getting all the breaks, and using all the "loopholes". These Wall St. idiots prove that. They want to blame everyone but themselves for their inability to generate wealth in an environment where others have. They think the whole playing field should "be more level", when in fact it already is. They just can't take advantage of it because they are not as disciplined with money as many others are.

In your case you have become the victim of a bad economy, like many others have. It is bound to happen to most at some point in their lives. Now you find yourself paying tax at a time when you can afford it the least. Welcome to Herman Cain's plan. If he gets his way your pain will be equally spread throughout the nation. I fail to see how that improves anything?

[tombogan03884]

They are not "loopholes". They are the tax code, and they apply to anyone and everyone the same way. Not everyone is in the same financial position. You have many options of what you can do with your money. The Federal government, (as much as you seem to hate them), actually give people a damn good incentive to save and become self reliant. IRA's, 401 K's, tax deferred annuities, and many other investment options allow you to invest, and pay no taxes now, and at a far reduced rate later. This is a good thing.

The problem is as I said, most people save nothing, and to make matters worse, borrow far too much. They are their own financial worst enemy. That is not the governments fault. They, (the government), are in fact giving people the opportunity to invest, and pay them less doing it. The smart ones take advantage of this. Many do not, and blame the government for their own shortcomings. These people then in turn blame "the rich" for getting all the breaks, and using all the "loopholes". These Wall St. idiots prove that. They want to blame everyone but themselves for their inability to generate wealth in an environment where others have. They think the whole playing field should "be more level", when in fact it already is. They just can't take advantage of it because they are not as disciplined with money as many others are.

In your case you have become the victim of a bad economy, like many others have. It is bound to happen to most at some point in their lives. Now you find yourself paying tax at a time when you can afford it the least. Welcome to Herman Cain's plan. If he gets his way your pain will be equally spread throughout the nation. I fail to see how that improves anything?

Of course you don't, you are one of the ones milking the system.
Just like GE.

[kmitch200]

These so called "flat taxes" are not all they are cracked up to be. "9-9-9" will hurt middle income people far more simply because they are required to spend a higher percentage of their income to exist in a civil society. Therefore they will be taxed on a higher percentage of their income overall when all is said and done.

How does a flat tax of X% make the middle income people pay a higher percentage?   X% is X% is it not?

[Sponsor]

[Solus]

How does a flat tax of X% make the middle income people pay a higher percentage?   X% is X% is it not?

I believe he is looking at the sales tax of 9% which is higher than most folks are paying now.

Since non-rich have a higher % of their income going to non-discretionary spending, like food, basic housing, fuel, utilities, etc., they will be paying a higher percentage of their income unless these items are excluded.

[kmitch200]

Even the uber-rich have to pay for their house, fuel and food.
I don't really like the idea of a National sales tax either, but the economy needs CPR not a bandaid.
Don't forget, everyone of us is paying a 35% corporate tax now.

I haven't heard of any real plan for the economy exept for sound bites of "I'm going to focus on jobs." I will admit that since the election is over a year away, I haven't really been looking though.

All I care about is getting rid of the POS that currently resides at 1600 Pennsylvania Avenue. As has been stated before, we will not find the "Perfect" candidate. Such a thing doesn't exist.

[Solus]

Even the uber-rich have to pay for their house, fuel and food.
I don't really like the idea of a National sales tax either, but the economy needs CPR not a bandaid.
Don't forget, everyone of us is paying a 35% corporate tax now.

I haven't heard of any real plan for the economy exept for sound bites of "I'm going to focus on jobs." I will admit that since the election is over a year away, I haven't really been looking though.

All I care about is getting rid of the POS that currently resides at 1600 Pennsylvania Avenue. As has been stated before, we will not find the "Perfect" candidate. Such a thing doesn't exist.

Yes they are paying for food.....but the % of their income that goes to food will be small compared to the % paid by a low income person.


If each spend $100/mo on food and say the tax is $9 and the low income person makes $900/mo, they are paying 1% of their income to that tax.  I rich person making $10,000 a month is only paying   .1% of their income to the tax.

They are not paying a higher % of tax, but it is a greater portion of their available income.

[jnevis]

Of course you don't, you are one of the ones milking the system.
Just like GE.

So you've NEVER had a deduction in the past?  It was a tax break then , but now it's a loophole?  Were you "milking the system" then?  Your previous argument boils down to equal protection under the law, but now you're saying it shouldn't apply to taxes?  If I can't use it no one should?

I don't make enough to afford to get significant deductions, matter of fact I was penalized for not paying enough taxes quarterly so I had to pay at the end of the year.  I changed my deductions so I shouldn't have the same problem this year.  Is that gaming it too?  My only direct deductions have been the kids, the interest on my house, and college bills.  The others being 401k investments for retirement.  So having kids, owning a house, going to school, and saving for retirement are loopholes?

Is it a flawed system, yes.  Is a flat tax the only solution, no.  Do I think it's a bad one, probably.

[tombogan03884]

No, J I've always filed 1040 EZ