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Will Herman Cain's 9-9-9 Plan Put a 9% Sales Tax on New Houses?
9-9-9 is getting a lot of play lately.  Last night at the Republican debates in New Hampshire Herman Cain was getting it from all sides.
I've been trying to research the details to find out more specifics to see what it's all about.  I have to assume that under this plan, new houses and new cars will have the new 9% national sales tax imposed on them.  So now, in order to buy a new home, let's say $200,000, I not only have to come up with a down payment and closing costs for the loan, I will have to pay $18,000 in a sales tax?  How's that going to work? 
The big thing that I see is that it creates a new Federal sales tax without eliminating the income tax.  Someone asked him yesterday how he can ensure people that the 9-9-9 plan wouldn't become a 15-15-15 plan.  One of his responses was that as president, he would veto any attempt to raise the rates.  That's great, but what happens when he's not president? 
From his webpage on the plan , he says that this 9-9-9 plan gets us a step closer to Phase two, which is the Fair Tax.  It's ... more

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