Talk of The Villages Florida - Cain's 999 Plan must have some support!

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I would actually like to hear a concise economic discussion about the effect of sales taxes on the very poor by non-partisan economists who are just about the numbers and are promoting no social change agenda. It's almost impossible though, as everyone has an agenda.

People who are "conservative" seem to be all about "fair taxes", but can't agree on the definition of "fair" in a discussion with anyone who is "liberal".

People who are liberal refuse to include the "underground economy" of cash workers, legal and illegal, into the mix of people who are statistically "very poor". Some "very poor" people seem to live pretty well for people who are "very poor" and are thus judged to be exempt from the imposition of taxes.

It goes around and around in my head, but I can't produce a "fair solution" that would satisfy all in my pondering.

It is difficult to have an indepth discussion about a proposal that if seriously considered would have so many re-drafts that by the time pols get done with ot yu wouldn't recognizemit from the original. Again as it stands now reitrees would get beat up with this plan in part becaise it would amount to double taxation.

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Posted by Guest (Post 406730)

Except for the fact that their federal tax on income would be cut; in some instances by a substantial amount.

the "double taxation" would be self imposed by their consumer activity, but they start out with more available funds to do this.

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Posted by Guest (Post 406730)

I don't think so, on your last statement (retirees getting beaten up by Cain plan). Last night when interviewed, Cain said clearly that the plan would actually help people living on Social Security and dividend income--would not be taxed on those. So it would be the national sales tax and none on those types of income.

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Posted by Guest (Post 405608)

A lot of people forget history. I try not to. In this instance, I'm sure Newt Gingrich would like to avoid any discussion of his role in de-regulating the banks, a move which ultimately lead to the financial crisis of 2007-8.

In 1999, Gingrich was the Speaker of the House in the 105th Congress and along with Senate Majority Leader Trent Lott and Senator Phil Gramm of Texas, jammed thru legislation that repealed the Glass-Steagall Act of 1932. Glass-Steagall was the law that separated commercial banks from investment banks, prohibiting commercial banks from becoming involved in trading and the use of exotic financial products using the capital of the banks to leverage into those new and highly risky businesses and products.

Both houses of Congress were heavily lobbied by the banks, who wanted the prohibitions on them becoming involved in those highly profitable but risky businesses lifted. The commercial bankers desperately wanted a piece of the huge bonuses being earned by the Wall Street investment bankers.

The repeal of the laws and regulations that for 70 years had kept the U.S. banking system strong and safe and capable of providing the credit needed for a strong economy was the "beginning of the end" and lead to the almost complete failure of our banking system less than ten years later.

I'm sure Gingrich wouldn't want to be questioned on his role in getting the repeal of Glass-Steagall jammed thru the House. That's a part of his personal history that I'm sure he'd like to forget...and he'd certainly like us to forget!

Why you credit the repeal of the Glass Stegall act to Newt Gingrich puzzles me. While Newt Gingrich supported its repeal, the primary proponent of repeal was President Clinton. He led the effort to repeal the Glass Stegall on the advice of then Secretary of the Treasury Lawrence Summers and his previous Secretary of the Treasury, Robert Rubin. The vote in congress was bipartisan and overwhelming. 90 to 8 in the United States Senate.

A direct quote representing the administration�s position on the repeal - �Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century� Treasury Secretary Lawrence H. Summers said. �This historic legislation will better enable American companies to compete in the new economy.�

President Clinton stated on ABC in 2010 that Lawrence Summers and Robert Rubin had given him �bad advice.� He took responsibility for the action and did not try to blame others.

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Posted by Guest (Post 406801)

Just a thought, since it would be consumer driven, most retirees here in The Villagers are past what I call my collection days. I bought most of my toys when I was still working and we sure don't need all the clothing that we did up North.

Yes, Richie, the sales tax increase of 9% on top of local and state sales taxes would be self-controlling. Just eat less food and buy less medicine.

That would take care of a large chunk of the extra tax. Oh, don't forget you cannot deduct from your income tax things like child care, mortgage interest, and tuition.

Yep, a good plan for everyone. (that is sarcasm, if some of the more challenged conservatives did not recognize it.)

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Posted by Guest (Post 406865)

Our President says we should sacrifice more so people will eat less and get more healthy so they will not need as much medicine. See, it all works out. Obama is a genius. (That is sarcasm for the mentally deficient extreme left-wing progressive liberals out there)

Dang it, VillageGolfer, when you use those terms like extreme left-wing progressive liberals, you keep forgetting elitist. I have earned that right (no pun intended) to have the full string of adjectives. Thank you for your future consideration.

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Posted by Guest (Post 406883)

There are not any liberal elitists out there, just liberals who think they are elite. (PS. they are not good at thinking)