I have a few issues with the plan.
It would give me an effective tax rate of 17 3/4% on necessity’s, housing, food and drink.
That COULD be OK, if we had no capital gains and no Federal income tax, but I really get scared that Cain specifically calls on “THE” super committee to do the right thing.
It all hinges on 12 hand select ***holes
That 17.75% sounds like a lot until you realize that would replace about 17-38% income tax (depending on your bracket) and 30% corporate tax that is written into the cost of goods you buy. It would also eliminate the massive expenses incurred by corporations producing those goods and services that are spent in trying to keep up with the tax code.