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9-9-9 Plan Will Impose Sales Tax on New Houses and on Real Estate Services
Before getting too excited about Herman Cain's bold 9-9-9 tax plan, you might want to think through the consequences of how it will affect your real estate business and the industry as a whole.
Do your own research and let me know if you find my analysis to be off.
First, the 9-9-9 plan imposes a new 9% federal sales tax on all new goods and services.  Herman Cain's webpage explaining the 9-9-9 plan doesn't exactly say "goods and services", it doesn't say much at all unfortunately.  But his plan is to eventually transition to the Fair Tax. So on the Fair Tax site it does say "new goods and services".
That's a 9% sales tax on a new home.  How's that going to be handled?  If you buy a new $300,000 home you now will have to come up with an additional $27,000 along with your down payment and closing costs.  Sure they say that there is embedded tax already in everything that we purchase and over time, new house prices will come down.  That's fine if it eventually happens, but until it all works through the system, that 9% sales tax is going to be  a huge tax at current pricing.
Many people are used to paying ... more

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