Local Wells Fargo employee crafted Herman Cain's 9-9-9 plan
Page 1 of 1 [ 5 posts ]
Jacoby
Veteran
Joined: 10 Dec 2007
Age: 32
Gender: Male
Posts: 14,284
Location: Permanently banned by power tripping mods lol this forum is trash
12 Oct 2011, 12:29 am
http://www.huffingtonpost.com/2011/10/1 ... 06201.html
Quote:
WASHINGTON -- Herman Cain's now-famous "9-9-9" tax plan was crafted by a rank-and-file investment adviser working at a Wells Fargo branch in an affluent rural Ohio town with a population of about 6,000 people.
Cain name-checked Richard Lowrie during Tuesday night's Republican debate on economic policy, and his campaign confirmed to HuffPost that Richard Lowrie Jr., a Wells Fargo employee in Pepper Pike, Ohio, outside of Cleveland, was the official adviser to his campaign who hammered out the "9-9-9" plan. The plan calls for creating a new 9 percent federal sales tax on everything consumers buy, while cutting the corporate tax rate to 9 percent and imposing a flat 9 percent income tax on all wages.
Cain said on "Meet the Press" that his program is "revenue-neutral," meaning it will raise exactly the same amount of tax money as the current tax system. By cutting corporate taxes and taxes for the wealthy, the program puts a heavy new tax burden on the poor and the middle class.
It is unusual for a presidential campaign to employ a local investment adviser as an economic policy expert. Major electoral campaigns typically seek out high-profile economists with federal policymaking experience or academic gravitas.
According to Lowrie's LinkedIn profile, his education tops out with a Bachelor of Science in accountancy from Case Western University. He has no formal training in economics, and there is no indication that he has ever worked on public policy. According to that same profile, Lowrie's political experience includes working on the board of advisers for Americans For Prosperity, a hardline conservative outfit founded by the Koch Brothers, until 2008. In 2011, the group ran into trouble for posting fake eviction notices on the doors of Detroit families. Lowrie's LinkedIn profile also says he works on the volunteer advisory panel for the American Conservative Union.
Lowrie was not immediately available for comment.
Cain name-checked Richard Lowrie during Tuesday night's Republican debate on economic policy, and his campaign confirmed to HuffPost that Richard Lowrie Jr., a Wells Fargo employee in Pepper Pike, Ohio, outside of Cleveland, was the official adviser to his campaign who hammered out the "9-9-9" plan. The plan calls for creating a new 9 percent federal sales tax on everything consumers buy, while cutting the corporate tax rate to 9 percent and imposing a flat 9 percent income tax on all wages.
Cain said on "Meet the Press" that his program is "revenue-neutral," meaning it will raise exactly the same amount of tax money as the current tax system. By cutting corporate taxes and taxes for the wealthy, the program puts a heavy new tax burden on the poor and the middle class.
It is unusual for a presidential campaign to employ a local investment adviser as an economic policy expert. Major electoral campaigns typically seek out high-profile economists with federal policymaking experience or academic gravitas.
According to Lowrie's LinkedIn profile, his education tops out with a Bachelor of Science in accountancy from Case Western University. He has no formal training in economics, and there is no indication that he has ever worked on public policy. According to that same profile, Lowrie's political experience includes working on the board of advisers for Americans For Prosperity, a hardline conservative outfit founded by the Koch Brothers, until 2008. In 2011, the group ran into trouble for posting fake eviction notices on the doors of Detroit families. Lowrie's LinkedIn profile also says he works on the volunteer advisory panel for the American Conservative Union.
Lowrie was not immediately available for comment.
LOL. This was the big economist Herman Cain said endorsed his $9.99 pizza plan during the debate. I wonder Lowrie is one of his top secret candidates for Federal Reserve chairman.
12 Oct 2011, 1:06 am
Inuyasha wrote:
Yeah and Obama has been getting advice from top economists, how's that working out for us?
So, Inuyasha, your response to a Ron Paul supporter (Jacoby) criticizing the lack of depth in Herman Cain's top advisers is to say stuff like "... yeah, but Obama this and Obama that...".
Your intellectual dishonesty is beyond measure.
12 Oct 2011, 1:42 am
Master_Pedant wrote:
Inuyasha wrote:
Yeah and Obama has been getting advice from top economists, how's that working out for us?
So, Inuyasha, your response to a Ron Paul supporter (Jacoby) criticizing the lack of depth in Herman Cain's top advisers is to say stuff like "... yeah, but Obama this and Obama that...".
Your intellectual dishonesty is beyond measure.
Sigh, I'm not suprised that you simply can't see something that is blatently obvious.
I'm pointing out how well "intellectuals" have led this country thus far, and Cain's idea actually makes a lot of sense if you consider the ramifications.
Do you realize how much time it takes to fill out taxes right now, and how simple his idea would simplify the tax code, it would eliminate the loopholes like the ones GE uses.
It would also get it so everyone has some skin in the game and would be very aware about where tax money is going and more prone to holding Government accountable for badly using tax money.
When we have about 50% of the country not even paying income taxes, we have a problem cause everyone has seen how people have no problems spending other people's money.
The one thing I will disagree with Mr. Cain on is the sales tax part.
12 Oct 2011, 2:06 am
Inuyasha wrote:
Master_Pedant wrote:
Inuyasha wrote:
Yeah and Obama has been getting advice from top economists, how's that working out for us?
So, Inuyasha, your response to a Ron Paul supporter (Jacoby) criticizing the lack of depth in Herman Cain's top advisers is to say stuff like "... yeah, but Obama this and Obama that...".
Your intellectual dishonesty is beyond measure.
Sigh, I'm not suprised that you simply can't see something that is blatently obvious.
I'm pointing out how well "intellectuals" have led this country thus far, and Cain's idea actually makes a lot of sense if you consider the ramifications.
Sure. We've tried the best, now lets try the rest. That sounds like a great idea.
Except this plan was formulated to be catchy-sounding because the pizza man needs an easy to remember jingle.
It's a regressive tax plan that will make things worse than they are now.
Quote:
Do you realize how much time it takes to fill out taxes right now, and how simple his idea would simplify the tax code, it would eliminate the loopholes like the ones GE uses.
I'm an individual with no dependents or anything and it takes my accountant (who is also my sister) approximately 90 seconds to fill out my taxes. Granted the firm she works for has software for that and said software already has a lot of my info in it.
Corporate taxes take a lot longer. but you knew that.
The loophole GE used this last year was taking massive losses in GE Finance. All other parts of GE were on the hook for a lot of taxes, but GE Finance lost so much that it basically erased all of it.
So if you consider losing money a loophole, sure, tell me how to close it.
Quote:
It would also get it so everyone has some skin in the game and would be very aware about where tax money is going and more prone to holding Government accountable for badly using tax money.
When we have about 50% of the country not even paying income taxes, we have a problem cause everyone has seen how people have no problems spending other people's money.
When we have about 50% of the country not even paying income taxes, we have a problem cause everyone has seen how people have no problems spending other people's money.
That meme that "everyone should have some skin in the game" is thoroughly dishonest nonsense designed to distract people from actual tax shortfalls.
Blame the lucky duckies who are too poor to pay federal income tax. You know what? If you take away half of everything those people have in the world - not just their income but half of everything they have to their names - you will collect about $700,000,000 in taxes. And then next year you'll have to take the other half.
This would not even begin to put a dent in any of our financial problems.
Lay off the poor folk. They don't have anything to give.
They deserve to have a say because they are part of this society, and no better reason should ever be required.
Unless I'm very much under the wrong impression, I'm pretty sure this is why you should have a say in the way federal monies are spent, inu.
I on the other hand wave goodbye to a good chunk of change twice a month. And that's ok, because i can afford it.
Page 1 of 1 [ 5 posts ]
| Similar Topics | |
|---|---|
| Uvalde city report clears local officers of wrongdoing |
08 Mar 2024, 2:53 am |
| Scientists Working On Plan To Cool Earth By Blocking The Sun |
04 Feb 2024, 4:14 pm |
| Scientists Propose Plan to Insulate The Doomsday Glacier |
14 Mar 2024, 2:29 pm |
