It would be a “wash” for most people, except that the cost of most goods and services would go down in price as businesses wouldn’t be burdened with such a high tax rate, and the economy would become “healthy” again in a very short time.
People would be spending money again, buying things, American made things, and businesses would be able to expand, hire more people, which would also contribute to a growing economy.
To (re)use the words of Everett Dirksen: “I do not disagree”. What you describe are those “dynamics” I referred to. But to be selfish and take my Mom as a fairly “typical” example of a senior / retiree, on a “static” basis it appears to me that the 999 plan comes out being a disadvantage to my Mom, so the “dynamics” have to make up for it. Then the question becomes how quickly and how strongly those dynamics kick in. There’s much more wrong than just our Federal tax code.
For a lot of people in more-or-less my Mom’s position, Herman has to make a very good, easily understood, and trusted(!) sales pitch.
There is where the Gov't gets the money: in the CHURN of the money.
It HAS to keep MOVING, so that the 9% gets taken again and again and again during the year. THERE is where it builds up in Gov't coffers!
If you just make money and SAVE it for a rainy day; how does THAT allow Gummint do WHAT IT WANTS?