Business groups call Cain's 9-9-9 plan a job killer

[highplainsdem]

Source: Miami Herald

Called a job killer at worst or a detail-free slogan at best, Herman Cain’s 9-9-9 tax plan is getting tepid-to-awful reviews from some of the nation’s most-influential business groups.

The National Retail Federation strongly opposes the Republican presidential candidate’s plan because it would institute a first-ever national sales tax of 9 percent that, the federation says, will dampen consumer spending.

-snip-

Florida’s general-revenue state budget is primarily funded by sales taxes because the state has no income tax. If consumers hold back on purchases, then the budget shortfalls would likely grow bigger and state legislators would have to cut more from schools and health programs.

The homebuilders association said 9-9-9 could be bad for any state where construction is a mainstay of the economy, as in Florida. The association says Cain’s proposal could impose new taxes on rentals, remodeling jobs, mortgages and sales of new homes.

-snip-



Read more: http://www.miamiherald.com/2011/10/14/2453651/business-groups-blast-cains-9.html

[SpiralHawk]

1. Republicon FAIL. As usual.

Get thee to a Pizzaria, Hermy. And hey, take it easy on the SAUCE. You got the fundies with their underwear in a kinky apocalyptic twist, and the bizcomm with spike-in-brain hurty-head syndrome, what with your evil Republicon 999...666 demonic thingy. As Republicon enrich-the-already-rich propaganda, 999 totally sucks. It has already jumped the cred shark.

[HereSince1628]

2. Is it me or when you seriously look at the 9-9-9 plan, turn it upside down and shake it

are you immediately thinking 6-6-6?

I think the republican right is beginning to have serious impacts on my orientation to information!

[SpiralHawk]

3. Michelle Bachmann is all over that 666 Occult Republicon SUBBterFUGE , like white on melba toast

[COLGATE4]

8. That's what Bachmann said at the latest Rethuglican 'debate' -

she pointed out that, upside down it's 6-6-6, i.e. the Devil!!!!!!!!!!

[oldhippydude]

14. silly goose

everyone knows the Anti Christ was Ronald Wilson Reagan.. folks In my circle openly refer to his term as "the anti Christ administration"

[provis99]

25. Ronald = 6 letters. Wilson= 6 letters. Reagan= 6 letters.

666.

[Harmony Blue]

4. Florida thrives on sales

it would be a killer blow to go through with Cain's silly 9-9-9 plan.

[Auggie]

5. I call it insanity

[SpiralHawk]

7. I call it MORE OF THE SAME

old enrich-the-rich, starve-the-poor crapola -- straight from the Billionaire PuppetMasters (R) & their unHumble SuckerServants (R).

[truthisfreedom]

6. Duh.

Another one bites the dust.

[Ikonoklast]

9. This is why Economics theorists get Nobel Prizes...economic problems aren't fixable with a slogan

Herb's stupefying plan would cause food price in this country to DOUBLE overnight, at the very least.

I know he says that *manufacturers* would be tax exempt for purchasing basic commodities and other essentials that are used in their day-to-day operations, but the plan does not exempt all other functions ancillary to those operations.

Example: Farmer sells crop to a grain elevator co-op, that will be taxed as the co-op is not an end-user or manufacturer, but a middle-man. 9% sales tax.

Many farmers have their trucking operations set up as separate corporate entity, 9% tax on that freight service to carry the grain to the elevator, or if they contract out the grain hauling, same deal, 9% sales tax on that service.

Co-op sells grain to a cereal manufacturer, grain is considered exempt as it is an essential raw material for the cereal maker. No tax needs to be paid...but wait.

How did it get there? By rail in a grain hopper? 9% sales tax on that freight service. Services are NOT exempt under Herb's moronic 'plan'.

Cereal manufacturer sells finished product of breakfast cereal to wholesaler, 9% tax on that sale, AND a 9% tax on whatever freight venue they ship it on, truck, rail, steamship...doesn't matter, 9% tax on that freight bill, which gets added to into the cost of the product.

Wholesaler sells that cereal to a retail food distributor, 9% tax on that sale.

Most retail food stores in this country have the wholesale and retail divisions as separate corporate entities that need to stand on their own, so the wholesale warehouse division sells to the retail store division, 9% sales tax on that transaction, and another 9% tax on the freight bill; that wholesale operation uses a leased trucking delivery service.

Retail food store sells box of cereal to you, it now costs close to $25.00 or so for one box of Wheaties.

But, before all this would happen, every trucking firm and rail operation in this nation would need to TRIPLE their freight rates, as depreciation of physical assets is no longer allowed under Herb's 'plan'.

If a trucking firm has 8,000 tractors that cost $100,00.00 each and can no longer offset any of that capital outlay with depreciation, they will need to re-coup that expense in any way that they can.

Same with railroads, those locomotives and rail cars don't come cheap, they'll need to raise the rates dramatically if they can no longer depreciate those assets.

That throws all else out the window.

That box of cereal will be closer to $50.00 to the retail customer...who will then pay a 9% tax on that purchase.

Inflation in this country would make Zimbabwe's look like nothing.

[SoapBox]

10. It certainly is a Mess in a Dress!

...some articles at Think Progress, to show how BAD the Nein, Nein, Nein plan would be for the 99%.

First:
"Barbour And Ryan Praise 9-9-9 Plan" (Barbour and RYAN? Wow...'nuff said)
http://thinkprogress.org/yglesias/2011/10/13/343663/barbour-and-ryan-praise-9-9-9-plan/

Second:
"Pressed About His Plan To Raise Taxes On Food, Herman Cain Says Poor People Should Just Buy Used Goods" (idiot!)
http://thinkprogress.org/economy/2011/10/12/341817/cain-food-used/

Third:
"NEW ANALYSIS: The Three Things You Need To Know About Herman Cain’s 999 Plan" (clear and concise)
http://thinkprogress.org/economy/2011/10/13/343181/cain-999-plan-analysis/

[Donny]

11. He wan't us to eat "used" food too?

Isn't that commonly called feces?

[louis-t]

13. Hermy to America - "Eat Shit and Die"

Formerly know as Plan 999 From Outer Stupid.

[Donny]

19. wan't = wants?

[Roy Rolling]

12. the stamp of dis-approval . . .

came in this morning when the "Club for Growth" fell all over themselves trying to endorse and praise the 9-9-9 plan. That was the kiss of death for any thinking person...

http://www.politico.com/news/stories/1011/65967.html

[Muskypundit]

15. They have no credibility with me, seeing as they would endorse the 0-0-0 plan too

NO TAXES FOR ANYONE EVAAAAAAA.

Yea. Thats the ticket.

[harun]

16. If he was Pres. he would have as much success with 999 as we've had with

a Public Option. Meaning it is DOA in this Congress.

[Auntie Bush]

17. Hermycain is full of hot forced air. lol (hurricane)

[Yo_Mama_Been_Loggin]

18. But $9.99 pizza was a good deal.

Why not a 9 9 9 economic plan?

:sarcasm:

[fascisthunter]

20. what a great businessman... greedy, selfish and self-deluded

this business man is... go back to making pizzas ya megalomaniac.

[PSPS]

21. What I find hilarious is that this is even being taken seriously

Cain's (or "Herb's" as Palin would say) proposal is obviously ridiculous. Why the press and various "groups" is "evaluating" it is beyond me. "Herb" and his "plan" won't even be around in a month or two anyway. It makes me laugh that any time is spent on this at all by anybody.

[clinton4life2011]

22. It's just a way to put in more taxes...

That's what the Repos want to do!

[AverageJoe90]

23. Even the profit centered business community hates Cain's little B.S. plan......

[newspeak]

24. cain's on meet the press

don't you know that his plan won't hurt the poor or middle class? All those invisible taxes on our food and other merchandise are going away so therefore everything is going to priced down, also because he believes the competition fairy tale. Also, liberals destroyed the country. Hell, we can't even get a seat at the table, but those damned liberals are what destroyed the country.

Had to walk away, listening to his BS raises my blood pressure. I was yelling at the telly that little boots must have been one of those liberals because he, along with reagan, has decimated the middle class, raised the deficit and very much helped destroy this country.

Oh, and all americans love his plan. If this religious zealot nut bag gets in, I think there is going to be a mass migration of people wanting out.