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Reagan Economist Breaks Down 999 Plan
Fox news ^ | 10/13/11 | Baier/laffer

Posted on 10/15/2011 3:46:42 PM PDT by justsaynomore

Art Laffer (the originator of the Laffer Curve, and inspiration of Reagonomics) breaks down Herman Cain's plan

(Excerpt) Read more at video.foxnews.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 999; 999plan; artlaffer; byebyeperry; cain; economy; hermancain; simpletonomics; soakthepoor; texastoast; vatlover
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Art Laffer (the originator of the Laffer Curve, and inspiration of Reagonomics) breaks down Herman Cain's plan
1 posted on 10/15/2011 3:46:47 PM PDT by justsaynomore
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To: justsaynomore

BFL. Thanks for posting ;)


2 posted on 10/15/2011 3:47:45 PM PDT by Jane Long (Soli Deo Gloria!)
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To: justsaynomore
Art Laffer is a respectable supporter to have too, IMHO.

I trust his thinking and economic savvy.

3 posted on 10/15/2011 3:54:20 PM PDT by EGPWS (Trust in God, question everyone else)
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To: justsaynomore

There you go.


4 posted on 10/15/2011 3:55:49 PM PDT by LoveUSA (You don't notice the night light until it gets dark.)
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To: justsaynomore

30 years ago Laffer was a Reaganite. Laffer also admits to being a Clintonite, twice voted for BillyBoy and a Democrat on social issues, that means he’s pro-choice! Laffer admits to getting inspiration for the Laffer Curve from John Maynard Keynes among others. When the smart economists were warning everyone about the impending economic and financial crash. Laffer was in denial. Laffer hasn’t shown good economic judgment for years. His support for Cain’s 999 tax plan is just the latest example of his being out of touch with reality.


5 posted on 10/15/2011 3:56:24 PM PDT by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
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To: justsaynomore

The part of the idea I like the best is that even those that now are getting a free ride have to pay something.


6 posted on 10/15/2011 3:56:39 PM PDT by Repeal The 17th
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To: Reagan Man
Well I remember reading an essay by Milton Friedman arguing that of all the forms taxation for raising revenue. A national consumption (i.e., sales) tax had the fewest economic disincentives therefore did the least harm and gave the most freedom to market
Cain's 9-9-9 is a transition to that tax. Go to Cain's web page. I think if Dr Friedman was alive today he would approve. Today's tax code only benefits the political and rent seeking class.
7 posted on 10/15/2011 4:06:41 PM PDT by Reily
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To: justsaynomore

8 posted on 10/15/2011 4:08:13 PM PDT by Brown Deer (Pray for 0bama. Psalm 109:8)
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To: Reily
'So, you don't like Laffer, lets bump up to Milton Friedman'. Okay. Look. If it was ONLY a national slaes tax, I might agree. If it was 999 minus the 9% for a sales tax, I might agree. 999 is far from JUST a national sales tax. Its also a prelude to the VAT.

Freedomworks has done an analysis [LINK]on Cain's 999 Tax plan and they say:

Mr. Cain's 999 plan is on the right track with its goal of a lower, flatter, simpler, fairer, more transparent tax system. Nine percent would be a wonderful top rate for the income tax, compared to today's 35% top rate. And let's face it, abolishing the payroll tax and the death tax would simply be awesome.

But adding a national retail sales tax on top of the federal income tax (even a flat tax) is a bad idea, because it creates the infrastructure for a federal-level, European-style VAT.

And if Cain's 9% personal flat tax failed to remain flat (as happened with Ronald Reagan's promising but ultimately failed 1986 tax reform), we would end up with the worst of both worlds: a confiscatory income tax and a job-crushing VAT.

Paradoxically, then, if you want higher taxes and permanently bigger government, one way to get there would be to support Herman Cain's 999 plan!

Two rousing cheers, for boldness and imagination. And one bronx cheer, for a dangerous lack of foresight.

9 posted on 10/15/2011 4:18:09 PM PDT by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
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To: Repeal The 17th
The part of the idea I like the best is that even those that now are getting a free ride have to pay something.

Clearly you either didn't watch the video or you didn't pay attention, when specifically asked about the "regressive" nature of the tax, Laffer said that those getting a free ride will still get their free ride.

10 posted on 10/15/2011 4:18:13 PM PDT by The Theophilus (Obama's Key to win 2012: Ban Haloperidol)
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To: Reily

Interesting info. Thanks.


11 posted on 10/15/2011 4:19:53 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: Repeal The 17th

See my new tagline.


12 posted on 10/15/2011 4:20:21 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: Reagan Man
because it creates the infrastructure for a federal-level, European-style VAT.

I'll repeat myself from another thread, since this post has been repeated on other threads:

Believe me, I have no quibble with mashing the national sales tax proposal as hard as possible to make sure we are not getting into something terrible. So far, I'm still open to the NST and see several positive things it would do for our country and our continued freedom.

Criticisms such as the one above strike me as sooooo 20th century.

State and local governments, and online retailers, manage to collect sales taxes everyday and this process is getting easier, cheaper, more efficient and more failsafe all the time.

Heck, I've lived in Europe and paid a lot of VAT and I can tell you the European VAT system is -- on a good day -- in the 19th century. They had a VAT when merchants had to add up pfennigs with a stubby pencil and stuff boxes full of receipts for the VAT man. IOW, their VAT bureaucracy is largely an artifact of when it began and, then, the lethal inertia of all bureaucracies.

We won't be needing to repeat that here.

Amazon collects sales tax in a whole bunch of states, at all kinds of different rates, and I don't see an Amazon Sales Tax Department taking over the world and choking our freedom.

Further, the European analogy breaks down because the Europeans (even when they had their own countries, before the EuroZone) did not have anywhere near the political means of resisting tax increases, nor did they, frankly, have the mentality to resist.

The fact is they are peoples that have *never* been free; Socialism is the best deal they've ever gotten in their entire history. Americans, on the other hand, are the only people in the world who have never been anything but free. That affects how we fight. (A very interesting piece by a German economist related to this idea is here: Obama's Misguided Approach: America Has Become Too European.)

As an aside, I was in Germany when the government raised the gas tax by a huge percent, seemingly overnight, and no one said a word. I remember thinking, good grief, what a difference between Germans and Americans -- if a state tries to raise its sale tax by a penny, much less by 75%, there's all hell to pay.

Which is a very salient point as to how any national sales tax would be kept in check here.

13 posted on 10/15/2011 4:25:00 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: The Theophilus

“...Laffer said that those getting a free ride will still get their free ride...”
-
I’m calling you out on this.
You are a blatant liar.
Laffer never says any such thing in the video.


14 posted on 10/15/2011 4:29:18 PM PDT by Repeal The 17th
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To: The Theophilus

I’m not sure what you’re referring to, but the point of the national sales tax is that everyone will pay it.

Sure, they may eventually exempt a basket of basic goods from the tax (many states do this with their sales taxes, or they tax a list of “necessities” at a lower rate).

But anyone who buys stuff will be paying Fedzilla taxes.


15 posted on 10/15/2011 4:31:18 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: All

One of Cain’s supporters has come up with a tax calculator. Check it out...

http://raisingcain2012.wordpress.com/about/


16 posted on 10/15/2011 4:37:21 PM PDT by justsaynomore (Cain 2012 - http://teamcain.hermancain.com)
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To: justsaynomore

Laffer admits the 9-9-9 will likely become a 20-20-20 plan in the future yet feels 9-9-9 is needed now to collect “much needed revenue”. He flat out stated that there is nothing that can be done to prohibit future Congresses from having yet another tax stick to bludgeon Americans with.

I am ashamed to look at the lack of vision in today’s American politicians and dignitaries.

Here is the vision that combined with repeal of the 16th Amendment will be lasting and enduring as a fundamental revolutionary reform that is in line with what the original Founders intended for the United States provision for taxation and at the same time solves the historical regressivity problem of indirect excise taxes and solves it in a brilliant innovative way by means that were not available historically:

http://www.fairtax.org/site/PageServer?pagename=about_faq

Study Study Study and Ask Questions! Do not let the naysayers lead you to think you are wasting your time. Determined Americans can make this happen.

Cain’s plan will lead to both an income tax and a national sales tax with VAT variations. Cain says he plans to scrap the tax code....do not swallow this poison! He will not be able to do that as long as the 16th Amendment lives.

Cain is a poor visionary, the wrong person for our time.

However, Romney or Perry or any of the others will not do any better. The FairTax is a People movement that will lead from the grassroots and make politicians follow the people rather than vice versa. It is said that only 3000 passionate and determined FairTax supporters are needed in a Congressional District to turn its Rep around.

Study Study Study and arm yourselves with knowledge. Don’t swallow the 9-9-9 poison and work for fundamental Constitutional reform in line with the Founders principles under the vision of the FairTax revolution. Be ready to make your move when the crisis leads to capitulation.


17 posted on 10/15/2011 4:38:04 PM PDT by Hostage (The revolution needs a spark. The Constitution is dead.)
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To: K-oneTexas; Tucker822; Kartographer; freekitty; carmody; Dead Corpse; MsLady; Publius772000; ...

One of Cain’s supporters has come up with a tax calculator. Check it out...

http://raisingcain2012.wordpress.com/about/


18 posted on 10/15/2011 4:42:30 PM PDT by justsaynomore (Cain 2012 - http://teamcain.hermancain.com)
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To: justsaynomore

FYI -
Herman Cain will his 9-9-9 plan and more with Governor Mike Huckabee tonight at 8 pm on Fox News.


19 posted on 10/15/2011 4:44:35 PM PDT by justsaynomore (Cain 2012 - http://teamcain.hermancain.com)
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To: fightinJAG

Thanks for an intelligent and civil post.


20 posted on 10/15/2011 4:46:43 PM PDT by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
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