Local Real Estate Comments and Ramblings

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Current tax code or 9-9-9

A comparison

The current Tax code
tax code    tax cartoon

vs.
HC
9-9-9
smiley

Maybe I am a little to simple minded but I am pretty sure even I can figure out 9-9-9!

BTW- One of the questions that comes up regarding 9-9-9 is what will pevent it from becoming 15-15-15 (or worse)?  Herman Cain touches on that as well as what is wrong with the Romney jobs plan in today's Dick Morris Lunch alert video.  

There are some other questions to answer about the details of  the 9-9-9 tax plan.  I could speculate what soem of the answers are but I will leave that to Mr. Cain.  Right now I am confident in the plan and in his ability to answer the questions!

Get more information about Herman Cain at www.HermanCain.com

*****

 

 


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Comment balloon 15 commentsBob Southard • October 06 2011 12:07PM

Comments

I'd go for it.

Congress would never pass it because there are no special examption, depletion allowances, deductions, etc. for the lobby industry.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 6 years ago

We need all new people that are business minded.

Posted by Daniel J. Hansmeier over 6 years ago

It all sounds great in theory, except the part about eliminating "income tax" is NOT a part of the 9-9-9!  I still like the thought of firing the IRS!!  That would be my first step in a simple tax code!!

Posted by Dan Hopper, Denver Realtor / Author / Advocate/Short Sale (Keller Williams Realty Downtown LLC) over 6 years ago

Lenn,  that is one of the so far unspoiken plusses.  it takes away power! If he is elected there would be enough pressure that I think it would pass.

 

Daniel. Thanks.  I agree!

 

Dan, 999 streamlines it.  Phase 2 repeals the 16th amendment!

 

 

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) over 6 years ago

I'll store this one on my "Everyone should live together in peace and harmony," shelf.  It needs to address the cost of doing business in a little more detailed way, and the 9% sales tax could stimulate an American black market.  I love the theory but fear the reality.

Posted by Mike Carlier, More opinions than you want to hear about. over 6 years ago

Mike,  In the states with no state income tax and only a sales tax it hasn't happend.

Also keep in mind that there is a huge black market of tax avoidance right now.  People intnetionally accidentally miscalculate.  Also people living in the cash underground economy now become tax payers at least on the 9% sales tax portion.

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) over 6 years ago

Bob, I like the plan, it is different and does take away power. And we already have a huge section of our population that operates on a black market.  Those that don't pay taxes, welfare receipents, illegals, etc.

Posted by Dale Terry over 6 years ago

The mouse traps needs some escape ports, a few free-cheese islands and a couple of places cheese is just dumped out.

Posted by Than Maynard, Broker - Licensed to List & Sell - 405-990-8862 (Coldwell Banker Heart of Oklahoma) over 6 years ago

Home Realty- Anybody now working in the cash economy now becomes a tax payer at least on the sales tax portion.  Drug dealers, bartenders, or anybody that makes tips or just gets paid in cash.

 

Than- agree!  LOL.  thanks

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) over 6 years ago

Congratulations - This post is now featured in Silent Majority Group of Active Rain!

Posted by Broker Nick, Broker Nick Relocation Broker Service (South Florida Real Estate & Development, Inc.) over 6 years ago

Thanks Nicholas!

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) over 6 years ago

We need simplifcation regardless of what it ends up being.  It is ridiculous that the average American has to spend a few hundred dollars every year just to figure out what their tax bill is.  Give me a break.

Posted by Rob Arnold, Metro Orlando Full Service - Investor Friendly & F (Sand Dollar Realty Group, Inc.) over 6 years ago

it's a better idea than anything else which has been floated. I think some people need to be exempt.  Social Security recipients and the disabled.  Those who are in the poverty level as well.  anything over social security which is earned income should be taxed not that everyone would get a free pass just because they collected social security.

Posted by Bonnie Vaughan, CNE SFR - Buyers/Sellers - Lackawanna & Surroundin over 6 years ago

Rob- I agree. With a simle tax code like 999, or the fiar tax, or a simple flat tax, the average person can do their taxes in just a few minutes and most of the time would be spent trying to find the stamp!

 

Bonnie- I mentioned in the post that there are some other questions and I was thinking along those lines. Maybe excemtions or an explantion of the impacts.  The fair tax covers that with a monthly "prebate".  Mr Cain is an avid supporter of the Fair tax and that would be part 2 of his economic plan.  I suspect the questions can be answered but I wont answer them for him.

Posted by Bob Southard, e-Pro - Cobb, Cherokee, North Fulton (Atlas Realty Service, LLC) over 6 years ago

I can't help but be concerned that a 9% sales tax on home purchases will be another nail in the coffin of the American dream of home ownership. In my market, it's hard enough for our first time homebuyers to come up with 20% down, which many lenders are now requiring. So, we're going to add a 9% sales tax AND take away the tax deduction for interest etc.???

I like the idea of some sort of national sales tax and/or a simplification of our income tax code, but I fear that Cain's plan would lead to a deadly black hole for our struggling housing market.

Posted by Tavia Thomas (Keller Williams Great Smokies) over 6 years ago

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