Some of the stupidest remarks about Cain’s 999 plan have been those posted on FR.
From the “party of no new ideas”, Mr. Cain has brought forth a Big Bold New Idea, and people are responding very favorably to it.
It is a good economic plan, and a brilliant campaign strategy. Guess what everyone is talking about now? The 999 Plan.
It’s far better than the system we have now.
And yet, somehow, even with the government riding my back, I've managed to have some money put away. And so here comes Herman Cain and his band of sales tax morons, all hyped about coming after what's left of my earnings, and trying to take another 33% of it everytime I try to spend it???
Big and Bold? Here's big and bold: F U.
I have converted 5 kids, ages 18-22, to Cain supporters just by telling them about the 999 plan. Once I tell them how it’ll help the economy, they’re on board.
My daughter is putting together a group to go vote together in the primaries next spring.
They’ve all decided to walk with a cain when they go to vote! My daughter is collecting them now. :D
(I thought that was awesome!)
GO HERM!!!! I really like this guy.
The FairTax is a horrible idea. What’s to prevent future congresses from increasing the FairTax rate to 10,000%?
/sarc
Next time some MENSA decides to harp on about 999, this will be my NINE point response:
Yes, it does put a new “pipeline” in w/o ditching the income tax. But its worth the tradeoff and here is why:
1) The IRS could be reduced by 99%, saving many billions. The tax form would be a single 1/4 sheet of paper, about the size of the old W2 forms:
Line 1. How much did you make _________
Line 2. Multiply Line 1 x .09 _________
Line 3. Send in total from line 2
2) Adding a sales tax yes, but eliminating the Capital Gains tax, FICA tax and Medicare tax for both employee and employer, the communications and other excise taxes, and the Death tax, and the double taxation of dividends. A fair tradeoff.
3) It expands the tax base to all individuals. No more freeloaders. My guess is the first 25K of income would be exempted from the 9% flat income tax.
4) A 9% corporate flat tax would be a world beater. The problem of shipping jobs overseas would be greatly reduced, if not altogether reversed
5) Art Laffer is behind this plan. IMO, one of the finest economists alive.
6) It would become infinitely harder to raise taxes. Not only for the reasons Cain mentioned in the debate, but more importantly, when raising a tax effects 100% of the population, Congress will feel the heat like never before.
7) It kills off the class warfare on taxes. So fools like Romney and Pelosi can’t ply their poisonous trade anymore.
8) It would force a major collapse or at least a major rejiggering of the WTO. They would rule it unfair, we’d tell the to *$#@! off
9) The entire cabal of tax lawyers, tax accountants, tax planners and IRS agents would have to find a new line of productive work instead of leeching off the blood of others.