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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:29:18 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
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quote:

ORIGINAL: Masta808

quote:

ORIGINAL: FirmhandKY

quote:

ORIGINAL: Masta808

If you read the article

And my second post made it clear that you had set up the thread with a slant, by titling it only about income tax, and only quoting about income tax.

Firm



Yes its only talking about the income tax. He will pay 0, ZIP, ZERO, NADDA in Income taxes. He will ONLY be paying a SALES TAXES. Do you really want Warren Buffet to ONLY pay a sales tax. Then the only way for the government to collect taxes on Warren Buffet's enormous wealth compared to rest of America is for him to spend lavishly since he lives moderately. What then force Warren Buffet to pay for lavish goods?



I can't speak for Firm, but why would anyone else care what Warren Buffet pays and whether it is income tax or sales tax?

As I said in another thread:

I would be lying if I claimed there was not a good part of me that asks just why the rich should pay more in taxes.  We already know that there is a significant number of citizens who pay effectively no Federal income tax... and some who actually receive more money back than they paid in.  We know that Warren Buffet's tax rate is less than his secretary's, but what is the bottom line?  Do you really think that Warren Buffet paid less in taxes than his secretary?  He paid $6.9 million... what did she pay?  Did he receive more benefit from his contribution?  Did he use the roads more?  Did he receive more protection from the military?  Did he have access to more infrastructure? 

Just why is it "fair" for one man to pay so much, when others pay nothing at all? 

Of course he has a larger income and can afford it, but why does that matter? 

Would you consider it fair if the price for every purchase you made was based not on the value of the item, but on how much money you have?  Would it be fair for the regular guy in front of you in the grocery store line to get milk for $3.60 a gallon, but because you have a larger bank account, you have to pay $154 a gallon?

(in reply to Masta808)
Profile   Post #: 61
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:29:41 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Actually, I prefer to let the economist do it... who did post exactly what you are claiming you want at the end of the analysis.

Problem 1 comes in when you are paid. you are assuming 50,000 income will continue to be 50,000. It wont.

Family CD - $50,000 Wage Income
Current Law
Employer share of payroll tax = $3,825
Employee share of payroll tax = $3,825
Pre-employer share of payroll tax “wage pool” = $53,825
Family AB gross income = $50,000
Family AB taxable income = $50,000 – [$11,400 + $14,600] = $24,000
Tentative federal income tax (from tables) = $ 2,766
Child credit = $2,000
Total federal income tax = $766
Total federal payroll taxes (Both employer and employee "halves") = $7,650
Grand total tax burden on employee (all payroll and individual income taxes) = $8,416
Total take home pay of employee, beginning from $53,825 of wage pool:
$53,825 - $8,416 = $45,409 after-tax disposable income

9-9-9 Plan

Business flat tax = $53,825 x 9% = $4,844. (Business flat tax comes out of constant $53,825 “wage pool” and thus functionally reduces cash available to pay wages.)
Wages received by employee = $53,825 - $4,844 = $48,981 (not $50,000)
Individual flat tax = $48,981 x 9% = $4,408
Amount available for consumption = $48,981 - $4,408 = $44,573
2010 Present value of sales tax (regardless of when spent) on tax inclusive basis = $44,573 x 9% = $4,012
$44,573 - $4,012 = $40,561 after-tax disposable income

Effect of 9-9-9 Plan = $4,848 decrease in after-tax disposable income



You mean like this?

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:30:17 PM   
Masta808


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quote:

willbeurdaddy
quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: xssve

Buffet pays almost no taxes under Bush rules already, he pointed that out himself, back when the tax cuts were being debated - I thought that was the whole idea that the rich wouldn't have to pay taxes because it's so gosh darn unfair.


Buffet paid $6.9 million.  While I agree that amount is a lower percentage than it should be as compared to others, I'd hardly call it "almost no taxes".



You are leaving out a big part of his taxes. He achieved the low personal income tax rate by having what would have been salary paid out in incentive stock options, "converting salary to capital gains". But his company doesnt get a deductions for ISOs, so that "income" was taxed at the corporate level, most likely at 35%.

Using that phrasing makes you sound like you are guessing. You are better than state it with conviction and as though it is a fact even if you dont know. Thats the Conservative way.

So what? Under Cain's 999 plan it would be taxes at 9% instead of 35%. His Capital gains wouldnt be taxes at all and would pay nearly 0 in income. all he will pay is a SALES TAX!!! Do your really want Warren Buffet to only pay a Sales tax and get richer?

(in reply to willbeurdaddy)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:33:38 PM   
Masta808


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quote:

ORIGINAL: willbeurdaddy


quote:

ORIGINAL: erieangel

Since when has lowered taxes encouraged a business to lower their prices or increase compensation to their workers???  Anybody who claims this happens or is likely to happen in the future is a liar.


Anybody who claims it doesnt happen hasnt had to compete for employees.


Exactly thats why the Bush Tax cuts worked so well over the last 10 years. Employers have had their chance to hire from a multitude of candidates thanks to 9+% unemployment rate. But too bad they wont hire the unemployed. That would be stupid.

(in reply to willbeurdaddy)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 2:40:15 PM   
Masta808


Posts: 591
Joined: 1/6/2011
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quote:

ORIGINAL: TreasureKY
quote:

ORIGINAL: Masta808
quote:

ORIGINAL: FirmhandKY
quote:

ORIGINAL: Masta808

If you read the article

And my second post made it clear that you had set up the thread with a slant, by titling it only about income tax, and only quoting about income tax.

Firm



Yes its only talking about the income tax. He will pay 0, ZIP, ZERO, NADDA in Income taxes. He will ONLY be paying a SALES TAXES. Do you really want Warren Buffet to ONLY pay a sales tax. Then the only way for the government to collect taxes on Warren Buffet's enormous wealth compared to rest of America is for him to spend lavishly since he lives moderately. What then force Warren Buffet to pay for lavish goods?



I can't speak for Firm, but why would anyone else care what Warren Buffet pays and whether it is income tax or sales tax?

As I said in another thread:

I would be lying if I claimed there was not a good part of me that asks just why the rich should pay more in taxes.  We already know that there is a significant number of citizens who pay effectively no Federal income tax... and some who actually receive more money back than they paid in.  We know that Warren Buffet's tax rate is less than his secretary's, but what is the bottom line?  Do you really think that Warren Buffet paid less in taxes than his secretary?  He paid $6.9 million... what did she pay?  Did he receive more benefit from his contribution?  Did he use the roads more?  Did he receive more protection from the military?  Did he have access to more infrastructure? 

Just why is it "fair" for one man to pay so much, when others pay nothing at all? 

Of course he has a larger income and can afford it, but why does that matter? 

Would you consider it fair if the price for every purchase you made was based not on the value of the item, but on how much money you have?  Would it be fair for the regular guy in front of you in the grocery store line to get milk for $3.60 a gallon, but because you have a larger bank account, you have to pay $154 a gallon?



So you comfortable with the liberal, progressive, socialist who funded the Occupy Wall Street Protest making more money so he continue to fund his left wing agenda? If you answer yes, your not a True Conservative or a True American. Why do you hate America?

(in reply to TreasureKY)
Profile   Post #: 65
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:13:51 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: tazzygirl

Actually, I prefer to let the economist do it... who did post exactly what you are claiming you want at the end of the analysis.

Problem 1 comes in when you are paid. you are assuming 50,000 income will continue to be 50,000. It wont.

Family CD - $50,000 Wage Income
Current Law
Employer share of payroll tax = $3,825
Employee share of payroll tax = $3,825
Pre-employer share of payroll tax “wage pool” = $53,825
Family AB gross income = $50,000
Family AB taxable income = $50,000 – [$11,400 + $14,600] = $24,000
Tentative federal income tax (from tables) = $ 2,766
Child credit = $2,000
Total federal income tax = $766
Total federal payroll taxes (Both employer and employee "halves") = $7,650
Grand total tax burden on employee (all payroll and individual income taxes) = $8,416
Total take home pay of employee, beginning from $53,825 of wage pool:
$53,825 - $8,416 = $45,409 after-tax disposable income

9-9-9 Plan

Business flat tax = $53,825 x 9% = $4,844. (Business flat tax comes out of constant $53,825 “wage pool” and thus functionally reduces cash available to pay wages.)
Wages received by employee = $53,825 - $4,844 = $48,981 (not $50,000)
Individual flat tax = $48,981 x 9% = $4,408
Amount available for consumption = $48,981 - $4,408 = $44,573
2010 Present value of sales tax (regardless of when spent) on tax inclusive basis = $44,573 x 9% = $4,012
$44,573 - $4,012 = $40,561 after-tax disposable income

Effect of 9-9-9 Plan = $4,848 decrease in after-tax disposable income



You mean like this?


Hmm... do you really think that is in a similarly comprehensive format?

At any rate, the assumptions made in this analysis are absurdly inflated.  First, there is the assumption that the employer will withhold the difference in business taxes from the employee's salary.  Then, there is the assumption that all net pay of the employee will be spent in a fashion that would incur a 9% sales tax.  

Does this family not pay rent or make a house payment?  No car payment?  No insurance payment?  Why assume that all these items will be subject to the sales tax?  Do you, in Pittsburgh where you pay State and local sales tax on purchases now, currently pay sales tax on your monthly housing and car payment, etc?  Why is it automatically assumed that the proposed 9% sales tax will apply to absolutely everything?

As I've said several times before, there isn't enough information provided in order to make a complete analysis.  I've made my best guess with what I consider to be reasonable assumptions.  It may be wrong in the end, but I'm not just going to take some yahoo "expert" claim as the God's truth.   I've more sense than that. 

(in reply to tazzygirl)
Profile   Post #: 66
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:18:09 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		No one said it was "gods" truth. But his analysis makes sense in most placed. You dont have to agree with him... but most economists are agreeing with him on several points.

quote:

Does this family not pay rent or make a house payment? No car payment? No insurance payment? Why assume that all these items will be subject to the sales tax? Do you, in Pittsburgh where you pay State and local sales tax on purchases now, currently pay sales tax on your monthly housing and car payment, etc? Why is it automatically assumed that the proposed 9% sales tax will apply to absolutely everything?


The rent and car payments dont matter on income ... they come out of the disposable income regardless of what formula you use.

I pay rent... I do not own a car... I do not make car payments... I do not have insurance payments.

A national sales tax is a new tax which would presumably be tacked onto local sales taxes already in place. In the city of Chicago, for example, the effective sales tax rate is already 9.75 percent on non-food items; for food, it is 2.25 percent. Add in the new federal tax, and consumers would pay 18.75 percent sales tax on goods and 11.25 percent on food.

http://news.yahoo.com/herman-cains-9-9-9-plan-fairs-eye-185400435.html

Interesting comment in that article...

If the household income is $100,000 per year, after the 9 percent personal income tax, the $800 in sales tax is 0.88 percent of their budget. If the family makes $35,000 per year, though, their net income is $31,850. The sales tax on food then takes up 2.25 percent of that family's total resources, effectively taxing them at nearly three times the rate of a family with three times the income.


Now, on to the "why assume all these items to be subject to sales tax"?

Tax experts from various nonpartisan think tanks say without seeing more details of the plan than Cain has released thus far, they can't say for sure whether the system would match current tax collections, or add to the deficit.
"It is theoretically possible it could be revenue neutral, if you literally taxed all of consumption," said Diane Lim Rogers, chief economist with the Concord Coalition, a think tank that focuses on reducing the federal deficit.

Seems many are saying it would have to be on all consumption.

The effective tax rate for the top 1% of wage earners is about 18%, Williams said, so a flat rate of 9% would mean a substantial reduction for most, even with the addition of a 9% sales tax on purchases. The wealthy are far less likely than low- or middle-income wage earners to be spending all of their earnings on purchases that would be subject to the sales tax.

http://money.cnn.com/2011/10/11/news/economy/Herman_Cain_999_tax/index.htm'
'
COMMENTARY | Herman Cain now admits that under his 9-9-9 tax plan some people will pay more taxes than they do currently. As previously discussed, and supported by subsequent in-depth analysis, the people who will pay more in taxes are generally middle- and lower-income families. Cain's answer to this issue? The sales tax will only apply to new goods.

Here, in that single statement, lies the heart of what ignited the Occupy Wall Street protests. Confronted with the reality that his tax plan shifts the burden from the wealthy onto the poor, Herman Cain has given us a modern version of the words Marie Antoinette allegedly said when told her subjects were starving on the brink of the French Revolution.

Let them buy used.

http://news.yahoo.com/herman-cains-9-9-9-plan-let-them-163400006.html

Seems appropriate that those who are not rich enough should only buy used.

< Message edited by tazzygirl -- 10/19/2011 3:41:29 PM >

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to TreasureKY)
Profile   Post #: 67
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:20:24 PM   
mnottertail


Posts: 60698
Joined: 11/3/2004
Status: offline 		Does this family not pay rent or make a house payment? No car payment? No insurance payment? Why assume that all these items will be subject to the sales tax?

So banks and mortgage companies are off the hook then? My house is at 6% interest and they are going to pay 9% of the interest to taxes, no breaks? Talk about TARP. Motherfuckers would go under in one month. We already had to let them keep their books inflated (and still are) to the bubble values for the rotting pieces of shit they have out there now........

And because congress wanted to cap the fees they charged on swipes they had to raise all other costs? But this is an okie dokie deal?

I guess my mortgage will go to 25% without my say so.

< Message edited by mnottertail -- 10/19/2011 3:21:01 PM >

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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:26:13 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: tazzygirl

No one said it was "gods" truth. But his analysis makes sense in most placed. You dont have to agree with him... but most economists are agreeing with him on several points.


I could care less what this guy thinks.  I made my analysis on my own in what made complete sense (not just most) to me... without the help of any economist and without any other "credentialed" yahoos chiming in their support or agreement on "several points".   If it turns out to be wrong, then that's on me.

You want to take the word of someone who mostly makes sense and has agreement on several points, be my guest.   Just don't expect me to swoon and agree just because they are an "economist".  I'll continue to disagree and point out why.

(in reply to tazzygirl)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:29:06 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: mnottertail

Does this family not pay rent or make a house payment? No car payment? No insurance payment? Why assume that all these items will be subject to the sales tax?

So banks and mortgage companies are off the hook then? My house is at 6% interest and they are going to pay 9% of the interest to taxes, no breaks? Talk about TARP. Motherfuckers would go under in one month. We already had to let them keep their books inflated (and still are) to the bubble values for the rotting pieces of shit they have out there now........

And because congress wanted to cap the fees they charged on swipes they had to raise all other costs? But this is an okie dokie deal?

I guess my mortgage will go to 25% without my say so.


The 9% Business tax is on gross income less all purchases from other US located business, all capital investment, and net exports.

(in reply to mnottertail)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:31:56 PM   
FirmhandKY


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quote:

ORIGINAL: Masta808

Firm,

Still waiting for you to reply to my posting here

Do you really want Warren Buffet to only pay sales taxes?

Sorry Masta.  You'll probably be waiting a while, yet.

I am waiting for more details and analysis to come out on the entire issue.  I've said before I don't think the plan is perfect.  Such a plan does not exist, and I'm not expecting one.  I think other factors are at play.  I'm waiting to discuss those "other factors".

Truthfully, it also becomes academic if Cain doesn't get sufficient support to get the nomination.  As I'm sure you aren't a Republican, I doubt that any comments I make to you will have an affect on his chances. Not trying to diss you, just stating a fact.

Firm

< Message edited by FirmhandKY -- 10/19/2011 3:34:26 PM >

_____________________________

Some people are just idiots.

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Profile   Post #: 71
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:36:59 PM   
Masta808


Posts: 591
Joined: 1/6/2011
Status: offline
quote:

ORIGINAL: FirmhandKY

quote:

ORIGINAL: Masta808

Firm,

Still waiting for you to reply to my posting here

Do you really want Warren Buffet to only pay sales taxes?

Sorry Masta.  You'll probably be waiting a while, yet.

I am waiting for more details and analysis to come out on the entire issue.  I've said before I don't think the plan is perfect.  Such a plan does not exist, and I'm not expecting one.  I think other factors are at play.  I'm waiting to discuss those "other factors".

Truthfully, it also becomes academic is Cain doesn't get sufficient support to get the nomination.  As I'm sure you aren't a Republican, I doubt that any comments I make to you will have an affect on his chances. Not trying to diss you, just stating a fact.

Firm


At least you are being honest. But still dodge my question, on the possibility of Warren Buffet ONLY paying a sales tax under Cain's 999 plan. Sure all the details are not out yet, but that didnt stop us Conservative from drawing conclusions on Obamacare before the bill was finalized and passed.

(in reply to FirmhandKY)
Profile   Post #: 72
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:37:50 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: Masta808

quote:

ORIGINAL: TreasureKY
quote:

ORIGINAL: Masta808
quote:

ORIGINAL: FirmhandKY
quote:

ORIGINAL: Masta808

If you read the article

And my second post made it clear that you had set up the thread with a slant, by titling it only about income tax, and only quoting about income tax.

Firm



Yes its only talking about the income tax. He will pay 0, ZIP, ZERO, NADDA in Income taxes. He will ONLY be paying a SALES TAXES. Do you really want Warren Buffet to ONLY pay a sales tax. Then the only way for the government to collect taxes on Warren Buffet's enormous wealth compared to rest of America is for him to spend lavishly since he lives moderately. What then force Warren Buffet to pay for lavish goods?



I can't speak for Firm, but why would anyone else care what Warren Buffet pays and whether it is income tax or sales tax?

As I said in another thread:

I would be lying if I claimed there was not a good part of me that asks just why the rich should pay more in taxes.  We already know that there is a significant number of citizens who pay effectively no Federal income tax... and some who actually receive more money back than they paid in.  We know that Warren Buffet's tax rate is less than his secretary's, but what is the bottom line?  Do you really think that Warren Buffet paid less in taxes than his secretary?  He paid $6.9 million... what did she pay?  Did he receive more benefit from his contribution?  Did he use the roads more?  Did he receive more protection from the military?  Did he have access to more infrastructure? 

Just why is it "fair" for one man to pay so much, when others pay nothing at all? 

Of course he has a larger income and can afford it, but why does that matter? 

Would you consider it fair if the price for every purchase you made was based not on the value of the item, but on how much money you have?  Would it be fair for the regular guy in front of you in the grocery store line to get milk for $3.60 a gallon, but because you have a larger bank account, you have to pay $154 a gallon?



So you comfortable with the liberal, progressive, socialist who funded the Occupy Wall Street Protest making more money so he continue to fund his left wing agenda? If you answer yes, your not a True Conservative or a True American. Why do you hate America?


What the heck does that have to do with questioning why you care about what Warren Buffet has or doesn't have, pay or doesn't pay?

Sheesh... 

(in reply to Masta808)
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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:45:04 PM   
FirmhandKY


Posts: 8948
Joined: 9/21/2004
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quote:

ORIGINAL: Masta808

At least you are being honest. But still dodge my question, on the possibility of Warren Buffet ONLY paying a sales tax under Cain's 999 plan. Sure all the details are not out yet, but that didnt stop us Conservative from drawing conclusions on Obamacare before the bill was finalized and passed.

You faulty logic and vague attempts at some high art of sardonic humor are other reasons that I may not choose to answer you.  You have shown little in the way of rationality and maturity, and I husband my time for people and posters I believe are worth the time invested.

You could get there.  You just ain't there yet.

Firm


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RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 3:45:15 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
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quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: tazzygirl

No one said it was "gods" truth. But his analysis makes sense in most placed. You dont have to agree with him... but most economists are agreeing with him on several points.


I could care less what this guy thinks.  I made my analysis on my own in what made complete sense (not just most) to me... without the help of any economist and without any other "credentialed" yahoos chiming in their support or agreement on "several points".   If it turns out to be wrong, then that's on me.

You want to take the word of someone who mostly makes sense and has agreement on several points, be my guest.   Just don't expect me to swoon and agree just because they are an "economist".  I'll continue to disagree and point out why.



Obviously. Im still waiting on you to point out why. May want to check my edit.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to TreasureKY)
Profile   Post #: 75
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 4:00:51 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: tazzygirl

Obviously. Im still waiting on you to point out why. May want to check my edit.


I already did:

quote:

ORIGINAL: TreasureKY

... the assumptions made in this analysis are absurdly inflated. First, there is the assumption that the employer will withhold the difference in business taxes from the employee's salary. Then, there is the assumption that all net pay of the employee will be spent in a fashion that would incur a 9% sales tax.


Your edits make no difference.

(in reply to tazzygirl)
Profile   Post #: 76
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 4:06:19 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Actually, you asked a bunch of questions... nothing more.

Here is one for you...

Why would you assume 9% would not be on everything?

Why would you assume local sales tax would be out of play?

Do you have some knowledge that insurance and rents and such wont be taxed?

Do you know with certainty that employers wont pass on the wage tax?

Im really curious. And I would love to see the answers be something positive, because so far, its all smoke and mirrors to gain a tax break at the top and leave the lower and middle class hurting more.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to TreasureKY)
Profile   Post #: 77
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 4:20:10 PM   
TreasureKY


Posts: 3032
Joined: 4/10/2007
From: Kentucky
Status: offline
quote:

ORIGINAL: tazzygirl

Actually, you asked a bunch of questions... nothing more.

Here is one for you...

Why would you assume 9% would not be on everything?

Why would you assume local sales tax would be out of play?

Do you have some knowledge that insurance and rents and such wont be taxed?

Do you know with certainty that employers wont pass on the wage tax?

Im really curious. And I would love to see the answers be something positive, because so far, its all smoke and mirrors to gain a tax break at the top and leave the lower and middle class hurting more.


There are no questions in my quote that I posted to you.

But to answer yours...

I assume the 9% sales tax would not be on everything because existing sales taxes are not on everything.

I am not assuming the local sales tax is out of play, at all.   Why would you think that I have?

Related to the local sales tax issue, I am not one of the crowd that cannot understand the concept that State and local sales tax versus a new Federal sales tax is apples and oranges.

I have no more knowledge than anyone else that insurance and rents wouldn't be taxed.  I assume they won't as they aren't now. 

I have no certainty that employers won't pass on the difference in their own taxes to employees, but I don't assume they will.  As an employer, I wouldn't. 

(in reply to tazzygirl)
Profile   Post #: 78
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 4:23:20 PM   
tazzygirl


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quote:

I have no more knowledge than anyone else that insurance and rents wouldn't be taxed.  I assume they won't as they aren't now. 


Yet used items such as cars are taxed now... but wont be under the 999.

In some states, clothes and food arent taxed.... but will be.

quote:

I have no certainty that employers won't pass on the difference in their own taxes to employees, but I don't assume they will. As an employer, I wouldn't.


Much is assumed, by both of us. Most likely because Cain's answers keep changing, he hasnt released the actual proposal, and parts of it are still in development.

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(in reply to TreasureKY)
Profile   Post #: 79
RE: Warren Buffet would likely pay no income taxes in u... - 10/19/2011 4:27:34 PM   
mnottertail


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quote:

ORIGINAL: TreasureKY

quote:

ORIGINAL: mnottertail

Does this family not pay rent or make a house payment? No car payment? No insurance payment? Why assume that all these items will be subject to the sales tax?

So banks and mortgage companies are off the hook then? My house is at 6% interest and they are going to pay 9% of the interest to taxes, no breaks? Talk about TARP. Motherfuckers would go under in one month. We already had to let them keep their books inflated (and still are) to the bubble values for the rotting pieces of shit they have out there now........

And because congress wanted to cap the fees they charged on swipes they had to raise all other costs? But this is an okie dokie deal?

I guess my mortgage will go to 25% without my say so.


The 9% Business tax is on gross income less all purchases from other US located business, all capital investment, and net exports.




Exactly, so their interest portion of the payment is no overhead, they lose 9% of the interest payment they recieve from me now, (note innumerates: not 9% of 6% of the interest payment) bare naked, each and every mortgage, each and every car, each and every installment loan.....

Let's even throw away the time value of money calcs......

Hell thats positively sharia law, regarding usury.........(Hey! Cain is instituting sharia law in the united states!!!!! LOL. That's gonna play well in Ypsilanti. Way better than Obama is trying to take your guns away, fuckin lame in comparison, that)

LOL, interest rates go to Reaganomics levels again.

Well, at least, only the poor and middle class get slaughtered in that deal.


< Message edited by mnottertail -- 10/19/2011 4:32:31 PM >

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(in reply to TreasureKY)
Profile   Post #: 80
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