The Devil is In The Details
Someone said that of Herman Cain’s 999 plan. I forget who. Naturally, my buddy (the devil) being invoked, I wanted to know more.
999 is a taxation plan. MOST think our tax code needs reform. It is a complex BOOK. Herman Cain thinks it needs to be scrapped and replaced with 999.
What is it? MORE COMPLEX THAN IT SOUNDS. It involves phase one, two, and three. It would create 3 new income streams for the government and abolish the old ones.
The 999 refers to a 9% personal income tax, a 9% national sales tax, and a 9% business tax.
But that is phase two. Phase three is shifting all taxation to a national sales/consumption tax.
This radically shifts the tax burden to the poor and middle which we hear is more “fair”. Unless we consider the brutal unfairness of wages rates in the first place. How is it possible to have the working poor? I thought the problem was laziness? A nice sound bite, but more propaganda than truth.
999 appeals to the “flat taxers”. They have long disliked the notion that those who benefit the most should be asked to pay a higher rate. Never mind that they don’t. Because the devil IS in the details. If you think wealth is only a paycheck you ain’t rich and fire your tax lawyer.
I have no problem with progressive tax rates that are reasonable. The Eisenhower years were excessive, but those were good years for our economy in spite of modern Rote Wing thought.
Payroll taxes pay for Social Security, Workman’s Compensation and Unemployment Insurance? Gone. Kiss those goodbye and Medicare too. The Gop has long wanted that anyway.
Basically taxes would be more evenly spread and go way up for the 99%. But way down for the 1%. Wages have been stagnant for 20 years now and the top has never done better than they are today. Inequality of income has not been this extreme in America since the great depression. In the name of fair, by all means let’s give them even more.
If endangered species matter to you AT ALL, support the 999 plan. I want my children to be underpaid by the super rich, not just see the last mangy 1% remnant in a Zoo.
Yes. Some believe the rich are in danger of extinction.