GOP Debate - 60 seconds away - CNN

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Anyone gonna watch it?

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This is actually pretty good so far.

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Santurum: "cain's plan would raise taxes on 84% of US households" --- PWNED

1 hour ago:

84% would pay more under Cain's 9-9-9 plan

NEW YORK (CNNMoney) -- Under Herman Cain's 9-9-9 tax reform plan, 84% of U.S. households would pay more than they do under current tax policies, according to a report released Tuesday by a nonpartisan research group.

And the impact would be felt most heavily by the lowest income groups.

Those are some of the estimates from the Tax Policy Center's analysis of Cain's proposal, which has helped make him a leading contender for the Republican 2012 presidential nomination.

While some key questions about the 9-9-9 plan remain unanswered, the Tax Policy Center's analysis is one of the first to take a comprehensive look at its potential impact.

Cain's 9-9-9 plan would replace much of the current tax code with a flat-rate system: a 9% individual income tax; a 9% corporate income tax and a 9% national sales tax. Estate and gift taxes would be eliminated, as would the payroll tax, and most tax credits, deductions and exemptions.

In terms of investment taxes, capital gains would be tax-free, while dividends would be deductible to businesses paying them out but taxable at 9% for investors who receive them.

Cain's tax plan: More than 9-9-9

According to the Tax Policy Center, households with incomes below $30,000 would have, on average, between 16% and 20% less in after-tax income than they do today.

By contrast, households making more than $200,000 would see their after-tax income grow by between 5% and 22% on average.

There are two reasons for that discrepancy between the poor and the rich.

First, while the Cain campaign has said it is working on ways to lessen the tax burden on low-income households, the Tax Policy Center said it didn't have enough detail to assume what that change would be. One way to address regressivity is to offer a rebate to low-income households.

The second reason has to do with how Cain would restructure taxes.

Under the current system, most of the lowest income households end up owing no federal income tax. That's because their incomes are so low that they're exempt, or because their tax liability is canceled out by the standard deduction and tax breaks, such as the Earned Income Tax Credit.

The Cain plan doesn't exempt very low incomes from taxation. And while it would eliminate the payroll tax, which is the heaviest tax for low-income families, that tax relief would be offset for many by the elimination of the EITC and other tax breaks they qualify for now.

But the majority of the highest income households would get a tax cut. For instance, 95% of those with more than $1 million in income would receive an average tax cut of $487,300.

Under Cain, capital gains -- a notable source of income for the wealthiest Americans -- would be tax-free. He would also preserve the charitable deduction. And taxing all non-capital gains income at 9% would amount to a considerable break from today's top rate of 35%.

Cain's plan has been criticized by those on the left, who say it would hurt the poor, and those on the right, who worry a new national sales tax is an invitation for the government to raise taxes over time.

Cain has said his plan would raise the same amount of revenue as the current system. The Tax Policy Center generally concurs with that assertion.

In 2013, the group estimates that Cain's plan could raise about $2.55 trillion. That represents 15.4% of expected GDP, well below the historical average for tax receipts.

But Cain's plan would not raise as much revenue as the current system if he decided to offer a rebate to low-income households to lessen their tax burden.

The Cain campaign did not immediately reply to a request for comment.

http://money.cnn.com.../cain_999_plan/

Edited October 19, 2011 by Lord Infamous

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Paul: "Cain's plan is dangerous....It raises revenues....It's regressive....Right now a lot of people aren't paying taxes (pause) - and I like that!....We need to replace an income tax....with NOTHING!"

Edited October 19, 2011 by Lord Infamous

[dalegg 143]

Okay so far Rick Santorum is a Jerk and Mitt Romney is not believable. They're sitting here debating on whether Mitt Romney will or will not repeal Obama care. I can't believe so much time gets exhausted on this subject. The truth is nobody is going to repeal Obama care, not even part of it if the Republicans don't take a majority of the Senate, and I kind of think that isn't going to happen.

This reminds me of how the Democrats talked about repealing the Bush tax cuts, and in the end that didn't happen either.

[skiptex 225]

FIGHT FIGHT FIGHT FIGHT!!!

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Romney to Perry on experience of protecting the border: "You say you have the experience. It's sorta like a college football coach that lost 40 games in a row and says he's got experience!"

[Gary and Alla 3,694]

Watching it right now. They are scared to death of Cain.

Romney and Perry have been standing three feet apart shooting at each other and missing, so they each put the guns in their mouths and blew their own brains out. They are both done after this.

The others are...who? who are the others?

I will give it to Santorum for finally busting out Romney as the architect of Obamacare. Someone needed to.

[skiptex 225]

i love the BOO'ing from the crowds!!!

[Gary and Alla 3,694]

Paul: "Cain's plan is dangerous....It raises revenues....It's regressive....Right now a lot of people aren't paying taxes (pause) - and I like that!....We need to replace an income tax....with NOTHING!"

Paul is right. But Cain is the only one moving in that direction. The politicians and manipulators are scared to death, that means CAIN is the one to vote for. The one that ALL the politicians hate should be the frontrunner!

i love the BOO'ing from the crowds!!!

Me too! Especially since the BOOing is for Romney and Perry.

[skiptex 225]

Anderson Cooper is a TERRIBLE MODerator..

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Paul is right. But Cain is the only one moving in that direction. The politicians and manipulators are scared to death, that means CAIN is the one to vote for. The one that ALL the politicians hate should be the frontrunner!

84% of US households will pay more under the 666 plan - FACT!

It's regressive - FACT!

True, drug dealers and illegals will pay a 9% socialist sales tax. But so will everyone else. Including the piss poor, the middle class (hmm-pretty much everyone - 300 million people)....My uncle's a pastor - he pays no property taxes (tax exempt) - no income taxes (tax exempt) - no socialist sales tax.....Now all of a sudden he'll be paying 9% on income and the 9% socialist sales tax. And he supports the 666 plan. But I don't think he has examined it closely enough to realize he is going to be taxed on 100% of his income - to the tune of 18%. 18% tax hike.

Those 46 million Americans on food stamps - 9% tax on everything.

Those 50 million uninsured - 9% tax on everything.

The rich, the upper class, the people that live in pure luxury with 4 vacation homes, butlers, maids, that make all their money in the stock market. They have a 0% tax bill cause he's going to eliminate the cap gains tax.

Corporations that pay 35% (top rate) ---- They pay 9%....That's a massive tax cut on big business, ie the rich.

SS / Medicare - Possibly will disappear.

The plan sucks - unless you make over $200,000 a year....And the more you make the better the 666 plan is.

Edited October 19, 2011 by Lord Infamous

[Obama 2012 1,714]

When there's a real debate on, let me know.

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i thought perry was going to slap mitt's hand off his shoulder!! LOL

[Gary and Alla 3,694]

Anderson Cooper is a TERRIBLE MODerator..

There is a moderator?

84% of US households will pay more under the 666 plan - FACT!

It's regressive - FACT!

True, drug dealers and illegals will pay a 9% socialist sales tax. But so will everyone else. Including the piss poor, the middle class (hmm-pretty much everyone - 300 million people)....My uncle's a pastor - he pays no property taxes (tax exempt) - no income taxes (tax exempt) - no socialist sales tax.....Now all of a sudden he'll be paying 9% on income and the 9% socialist sales tax. And he supports the 666 plan. But I don't think he has examined it closely enough to realize he is going to be taxed on 100% of his income - to the tune of 18%. 18% tax hike.

Those 46 million Americans on food stamps - 9% tax on everything.

Those 50 million uninsured - 9% tax on everything.

The rich, the upper class, the people that live in pure luxury with 4 vacation homes, butlers, maids, that make all their money in the stock market. They have a 0% tax bill cause he's going to eliminate the cap gains tax.

Corporations that pay 35% (top rate) ---- They pay 9%....That's a massive tax cut on big business, ie the rich.

SS / Medicare - Possibly will disappear.

The plan sucks - unless you make over $200,000 a year....And the more you make the better the 666 plan is.

Vote for the guy that politicians on both sides hate.