Yeah well if that's the case then it requires having faith that once government gets it's greedy hands on more of our money via a sales tax that it would then demonstrate fiscal restraint and lessen our income taxes, something which seems unrealistic to me. They'd need to simultaneously abolish the income tax (forever) while introducing a sales tax for me to believe it.Originally Posted by arock
GE had access for years it has little to do with the Obama and everything to do with how much money big business can throw at Washington. These types of things are voted on the president is not a dictator who simply changes laws at will. Which goes back to the point of Occupy Wall Street that is against lobby money being the determining factor of how laws are written and changed.Gee, if some political clown who's buddy-buddy with the President and has access to the White House says so then it must be true
GE's Tax-Break Guard Dogs - BusinessWeek
Transforming the most creative strategies of the tax team into law is another extensive operation. G.E. spends heavily on lobbying: more than $200 million over the last decade, according to the Center for Responsive Politics. Records filed with election officials show a significant portion of that money was devoted to tax legislation. G.E. has even turned setbacks into successes with Congressional help. After the World Trade Organization forced the United States to halt $5 billion a year in export subsidies to G.E. and other manufacturers, the company's lawyers and lobbyists became deeply involved in rewriting a portion of the corporate tax code, according to news reports after the 2002 decision and a Congressional staff member.
By the time the measure -- the American Jobs Creation Act -- was signed into law by President George W. Bush in 2004, it contained more than $13 billion a year in tax breaks for corporations, many very beneficial to G.E. One provision allowed companies to defer taxes on overseas profits from leasing planes to airlines. It was so generous -- and so tailored to G.E. and a handful of other companies -- that staff members on the House Ways and Means Committee publicly complained that G.E. would reap ''an overwhelming percentage'' of the estimated $100 million in annual tax savings.
BUT NOBODY PAYS THAT - At G.E. on Tax Day, Billions of Reasons to Smile - News; Series - NYTimes.com
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I honestly think if that gets passed (a long shot) we will see revolution and full out riots in America within a year. You cannot raise taxes that high on people already with no money without major consequences. First of all it will raise prices on basics like food 9% by way of the new 9% national sales tax. Second, I've read that it will raise taxes for the lower 60% of the country on average $2,000 a year.
yeah and my initial comment regarding disallowing business expense write offs is partly correct. his tax plan wouldn't allow deducting employee compensation as an expense. it's completely impossible to implement.
Something else to consider many states are not going to give up their sales tax so easy. If backed into a wall they would just raise state tax on things like 911 access, electric and water/waste.
One way or another the states are not going to submit and give all their revenue to President Cain. For sure it would end up costing much more for what is being advertised as costing less. Then we will get some lip service about how it actually ended up costing more only because states are going flat broke due to Obama's debt.
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erm, state tax would stay, there would just be a 9% federal tax added on to it. It'd basically be like europes VAT that starts at something like 17.5%
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Exactly. I've heard people suggest that Cain would remove certain other taxes though such as those on alcohol. But still it would essentially mean a 9% price hike on things like food which in itself is bad enough.
I think they should implement a 1000% tax on political donations. If you donate $1000 to any of these idiot windbags of any party then you owe the taxpayers an additional $10k. This would both raise additional tax revenue and help discourage the noise pollution emanating from election campaigns.
Who pays all that much in liquor tax?
Ah yes the wealthy people who can afford to destroy their liver and buy new ones from poor dead people. Meanwhile the poor get to pay an extra insurance tax to cover the cost of the rich mans transplant surgery.
WhatisTaxed.com - List of taxes - Other taxes
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