President Barack Obama says GOP presidential hopeful Herman Cain’s 9-9-9 tax plan would be a “huge burden” on middle-class and working families.
The president says Cain’s plan would make sure that the wealthiest pay less – and replace the revenue with a sales tax hitting the less well-off.
Obama said that approach isn’t new. And he said that across the board he hasn’t heard any new ideas on helping the economy from Republicans, either in Congress or the candidates.
Obama made his comments Tuesday in an interview with ABC News.
Cain’s plan would scrap current taxes and replace them with a 9 percent tax on income, a 9 percent business tax and a 9 percent national sales tax.
{The Associated Press/Matzav.com Newscenter}
If it was 99-99-99, Obama would love it!
Beroke Disdain OblameA’s opinion is important how?
Personal income taxes will be eliminated and replaced by a national sales tax and that is a GOOD thing. As long as the NEEDS of life; food, shelter, and energy are not further taxed. These are typically taxed at the state levels.
Low income people today for the most part qualify to receive government food, housing, and energy assistance so it makes no sense to effect changes in funding of these programs with higher taxes. This would be an example of government bureaucracy bloating; increase a tax and then turn around and increase the assistance to pay the higher tax a perpetual bureaucracy machine that does no work at all..
The 9-9-9 Plan: A free market approach to the evil of the US average 27% of GDP taxation. The Payroll Tax cost of 13.85% is eliminated. You pay only 9% tax on income minus real estate and retirement investments. The corporate tax at 9% will be the only tax built into product cost.
A national sales tax (NST) on all goods and services is an indirect tariff on imported goods. Most other countries have a NST, a tariff on imported American products. America must level the playing field.
An NST liberates US Consumers to pay taxes with total FREEDOM.
With a FAIR TAX American products can be sold on world markets at a 28% discount, and the result; a positive trade balance, a profit to all Americans.