Fox News/Christian Science Monitor: 999 plan raises taxes on middle-class

[Paul Kemp]

I see. So you are right and everyone else is wrong. And trust you and your secret advisers? You are Herman Cain arent you?

Classic jmf just making things up.

[Swing low, sweet chariot. Comin' for to carry me home.]

So you are sticking with the you are right and everyone is wrong line. OK. done talking to you.

all I am saying is that the term "costs of goods sold" (CoGS) is a universally defined term within the US and it is defined by the IRS.  The definition of that term is NOT in doubt, it does include wages.  I've done corporate tax returns, the writers of the articles you posts probably havent.

[Swing low, sweet chariot. Comin' for to carry me home.]

Cain will have to clear this up in a press release, else it will snowball very quickly

[Swing low, sweet chariot. Comin' for to carry me home.]

...also, costs of goods sold is a term used in the selling of goods, not services...which is why I am familiar with the term within the energy industry.

[JohnnyLongtorso]

Herman Cain's policy positions are like political bumper stickers: short, snappy, and completely nonsensical if you think about it for more than five seconds.

[tpfkaw]

When Democrats, Rick Santorum, and Michelle Bachmann can all agree that something is a bad idea ... well, it's a supremely bad idea.

Actually, that'd generally be an extremely good idea.  This is merely the exception that proves the rule.

[courts]

When Democrats, Rick Santorum, and Michelle Bachmann can all agree that something is a bad idea ... well, it's a supremely bad idea.

Actually, that'd generally be an extremely good idea.  This is merely the exception that proves the rule.

[Swing low, sweet chariot. Comin' for to carry me home.]

those stats can't be right, cause according to Obama, the rich already pay the less in taxes than the middle class.

You completely misunderstood what he said.

"I’ll tell you what, if asking a billionaire to pay the same tax rate as a plumber or a teacher or a bus driver makes me a warrior for the middle class, I will wear that charge with honor," he told donors in Dallas earlier this month.

[© tweed]

those stats can't be right, cause according to Obama, the rich already pay the less in taxes than the middle class.

You completely misunderstood what he said.

"I’ll tell you what, if asking a billionaire to pay the same tax rate as a plumber or a teacher or a bus driver makes me a warrior for the middle class, I will wear that charge with honor," he told donors in Dallas earlier this month.

of course that stuff is going to be largely rhetorical, but you're more than bright enough to understand what he is getting at: the distinction between income (ie wages paid for rented labor) and capital gains taxes.  

[Swing low, sweet chariot. Comin' for to carry me home.]

I see. So you are right and everyone else is wrong. And trust you and your secret advisers? You are Herman Cain arent you?

look, "Cost of goods sold" is an extremely common tax term and it DOES includes wages, for it represents the cost (to the producer) to produce the good that is being sold.

what is confusing people is what Cain means by deducting "all purchases from other businesses"....which could simply be Cain's way of saying that the 9% sales tax businesses incur by buying goods from other businesses is tax deductable.

Ok, in another thread, Likely Voter found the reference on Cain’s site that explains the confusion.  Cain’s plan does NOT resemble a VAT, or even a VAT with a twist, rather it is a VAT, as his own site states.

So, the “costs of goods sold” used by the IRS, which I was using, does not apply…for the IRS definition is not intended to be used in the context of a VAT.

[Simfan34]

You can't compare October 14th jmfcst with October 20th jmfcst, much less August 14th jmfcst.

[Swing low, sweet chariot. Comin' for to carry me home.]

You can't compare October 14th jmfcst with October 20th jmfcst, much less August 14th jmfcst.

that's because now I know Cain's cite was not using the American (IRS) definition of "costs of goods sold" and instead was using the VAT definition of it.

[GMantis]

Took them long enough to notice.

[Paul Kemp]

You can't compare October 14th jmfcst with October 20th jmfcst, much less August 14th jmfcst.

It's pretty hilarious.

[Swing low, sweet chariot. Comin' for to carry me home.]

You can't compare October 14th jmfcst with October 20th jmfcst, much less August 14th jmfcst.

It's pretty hilarious.

just because I'm dissin another candidate who hasnt read a newspaper, doesnt mean that I have changed.

[RRB]

It's all great right wing talk, but would never get through congress, so why bother other than to win a nomination talking about far out stuff that will never happen.  Sort of like the left trying to pass a universal healthcare bill.  The left ran everything fo a couple of years, and all we got was.....well what we got.

Will never happen.  What would each side fight about if you simplified the tax code.  I am a lefty, but even us lefties realize that the tax code is huge mess.  We would all like it simplified, but this would never make enough congressmen vote for it in the end.  The whole thing is a non issue.