Congressional Reform Act of 2011
Here’s What Warren Buffett Suggests to Cure the Economy!!!
Warren Buffett, in a recent interview with CNBC, offers one of the best quotes about the debt ceiling:
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Category: Tax Reform
“THAT DOG WON’T HUNT”
QUOTE BY HERMAN CAIN
REFERENCING THE CURRENT TAX SYSTEM
[Picture Via: forkparty.com]
Republican presidential candidate and former pizza mogul Herman Cain is taking heat for his 999 tax plan, which would establish a corporate income tax at 9%, personal income tax also at 9%, and national sales tax at (you guessed it) 9%.
SimCity 4
9%, personal income tax also at 9%, and national sales tax at (you guessed it) 9%. Though Cain says his plan would fix the economy, there’s some haziness about the plan’s origins. Some say Cain got the 9-9-9 idea from the video game SimCity. In SimCity 4, which was released in 2003, residents of the game’s virtual city also lived under a 9-9-9 tax plan (because of the 9% commercial, industrial, and residential taxes). Social media is buzzing about the similarity between Cain’s tax plan and the video game. When asked about it, a spokesperson for Cain’s campaign said, “Well, we all like 9-9-9.”
But SimCity may not have the best real world applications. A producer of the game said, “Our game design team thought that an easy-to-understand taxation system would allow players to focus on building their cities and have fun thwarting giant lizard attacks, rather than be buried by overly complex financial systems.” On Twitter, @ddisabatino said, “Herman Cain took his tax plan from Sim City. Also, got war strategy from Halo, and music skills from Guitar Hero.” [Quote Via: yahoo.com/blogs/trending-now/herman-cain-9-9-9-plan]
Herman Cain breaks down his 9-9-9 plan
Here are the numbers from an excellent and highly detailed study by the Bipartisan Policy Center (BPC) quoted in this piece:
[Source MarketWatch WSJ]
WHO GETS PAID IF THE DEBT LIMIT IS NOT RAISED?
“The BPC study found that the United States is likely to hit the debt limit sometime between August 2 and August 9. “It’s a 44 percent overnight cut in federal spending” if Congress hits the debt limit, [BPC's Jay] Powell said. The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there’s enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion).
That leaves you with about $39 billion to fund (or not fund) the following:
Defense vendors ($31.7 billion)
IRS refunds ($3.9 billion)
Food stamps and welfare ($9.3 billion)
Unemployment insurance benefits ($12.8 billion)
Department of Education ($20.2 billion)
Housing and Urban Development ($6.7 billion)
Other spending, such as Departments of Justice, Labor, Commerce, EPA, HHS ($73.6 billion)The decision to prioritize payments would fall on the Treasury department, and Powell points out it would be chaotic picking and choosing who gets paid (in full or partially) and who doesn’t.”
[Source MarketWatch WSJ]
WHO IS THE BPC?
What’s in store for the world in 2011? Trends forecaster Gerald Celente of the Trends Research Institute provided his insights on the year ahead. He argues here will be a wakeup call on the economy, a crack down on the people and a loss of liberty, and also an increase in Journalism 2.0, alternative energy and a growth in cyber war tactics. And in the end, the world will end… what that means, only Celente knows.
STEVE FORBES ON TAX REFORM
Scholarly research tells us that . . .
The FairTax:
SEE THE FAIR TAX BILL AT THE
H.R.25
Fair Tax Act of 2009 (Introduced in House)
