Hype is different than 999. 999 will be an albatross around Cain's neck should he actually get elected. The talking heads are rightfully saying now that such specificity in 999 is dangerous.
No it won't.
The president can't introduce and pass legislation, he can only agree or veto with any bills that hit his desk.
Cain will be obligated to push hard for 999, but he is not responsible should congress fail to produce a bill.
He'll be obligated to resist all attempts to increase and further complicate the tax code, which will be a great thing.
If we don’t move away from taxing production we are going to simply witness continuing decline in competiveness
We cannot continue to rack up debt first with mortgages and then with government debt to support our massive importation of the goods we buy
We are running out of ways to borrow our consumption, and are about to simply sink to a much lower standard of living
Moving from production tax to consumption tax will turn around our abysmal savings rate and allow businesses who manufacture here to be competitive again
His plan would increase tax massively on 50% of the people (including many of his supporters) who currently do not pay any federal taxes after they file all deductions. In order for his tax plan to generate the same tax revenues as we have today his sales tax would have to tax everything we purchase including the essentials such food and clothing and who would not love that. It is the 9-9-9 tax plan, it is a catchy name invented by a Pizza guy, embrace it, love it, adore it, and chant Herman Cain, Herman Cain, Herman Cain.