Ricky the Rightard
This weekend Ricky the Rightard showed up at one of our staffer's homes. The Major asked him who he thought would get the GOP nod. Ricky couldn't answer the question. Instead he said he like Herman Cain.
The Major pointed out that Cain had been bankrolled by the Koch brothers since 2005 and the 9,9,9 tax plan was a gift to the affluent.
Ricky shot back with an attack on George Soros and said the Koch brothers had never done anything bad.
One of the other staffers pointed out that the Koch Brothers had a bad environmental record and had lost millions in lawsuits. The brothers were also involved an an illegal sale to Iran.
Regardless, the Cain 9,9,9 tax plan would have a bad impact on someone like Ricky who makes less than $30,000 per year. For example if Ricky made $29,000, his income tax tab would be $2610.
Sales tax in Florida would be an onerous 16 per cent ( 9 per cent for the feds and 7 per cent for the state). If Ricky bought a $20,000 car, he would pay $1400 to the state and $1800 to the feds or $3200 in sales taxes.
If Ricky bought a $100,000 home. he would pay $9,0000 in taxes to the feds during the closing and also pay a monthly 9 per cent federal tax with his mortgage payment.
The real estate community should be screaming about this plan!
The tax would take a toll on the poor who have to spend most of their paycheck to make ends meet.
In fact, the National Association of Retailers panned the 9,9,9 plan because it would have a chilling effect on retail sales for years.
The Cain tax plan would be likely to stimulate a lot of underground bartering to bypass the sales tax.
The Major also pointed out that Bloomberg had written a series of unfavorable articles about the Cain tax plan.
Ricky thought The Major was talking about the mayor of New York, rather than the media giant.
Ricky is such a nebbish!
Well, Ricky wasn't having any of this.
"So what if I have to pay more in taxes," he responded!
In his mind, if the tax pan came though conservative channels, it was OK. If the tax change was Obama's idea, it was bad.
Fix News is trying to spin these bad tax ideas. Mike Huckabee had two tax experts discussing the Cain plan. The right winger suggested the Cain tax plan was advantageous because people who saved wouldn't be taxed. Obviously this man made a lot of money because people who make $50k per year and less don't save much money.
Many Americans are fortunate if they can pay all their bills by the end of the month.
This is why federal and state programs like unemployment compensation and food stamps provide more bang for the buck than tax cuts. Low income earners spend the money which causes a multiplier effect. Tax cuts can be banked which is less stimulative to the US economy.
Some writers have suggested the simplicity of the Cain tax plan will appeal to many Americans. However, the 1040EZ takes about 2 hours to complete. So Rightardia doen' buy that argument either.
Taxes primarily get complicated when income tax has to itemized. Generally, a person has to own a home before itemization becomes desirable.
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