Wednesday, October 5, 2011

Herman Cain's Regressive Anti-American Budget and Tax Plan

Herman Cain's Regressive Anti-American Budget and Tax Plan

Herman Cain's tax-overhaul plan is helping fuel a boomlet in the polls, but conservatives are divided over its proposed national sales tax while liberals worry that his proposal would penalize lower earners.

The Republican presidential candidate wants to scrap the current system—with its income-tax rates as high as 35% for individuals and corporations—and replace it with a system that combines a 9% personal flat tax, a 9% corporate flat tax and a 9% national sales tax.

The plan would eliminate the estate tax as well as current taxes on investment income....

Cain used to be corporate CEO. I'm not sure that his experience means he has no excuse for not running his numbers or that since he was a CEO that explains why he doesn't care if his numbers don't work. More here Herman Cain’s 9-9-9 Plan: Buy Less, Pay Less. Cain and his supporters apparently believe in the magic theory of economics. Yoy just invent things out of thin air and magically make them true. A Cain presidency, or Perry or Romney for that matter would be a return of the glory days of Bush-style economy management - which ended in driving the economy off the cliff the last time we tried it.

Andrew Breitbart is quite mad. Though like many mad millionaires his madness is taken for wisdom by his mindless genuflecting followers - Breitbart Smear: Obama (And Thousands More) "Marched With" New Black Panthers. More magic. It never happened but by cresting a narrative with some fuzzy pictures they can create the newest right-wing conservative urban myth.