Yesterday I said Herman Cain’s 9-9-9 tax overhaul plan deserves discussion.
One reason it could never pass Congress in its current form is that it would be a huge advantage for the nation’s wealthy … with much lower income taxes, no capital gains tax, and no estate tax. Cain’s 9% income tax would increase taxes for the poorest Americans, and his sales tax would hit them hard.
Truth is, most Americans are not wealthy … and a good many of them still vote.
Bloomberg News estimates Cain’s plan would raise 200 billion dollars less than what the government collected last year. To make it up, Cain proposes cutting 1.5 trillion dollars in outlays … an amount equal to Social Security and defense, combined.
Another plan is put forward by Republican presidential candidate Jon Huntsman … 8-14-23. Those would be the new margins, after elimination of all deductions and credits.
Our thought for today is from J. Arthur Thomson:
“The most powerful factors in the world are clear ideas in the minds of energetic men of good will.”