Herman Cain’s 999 plan is a complete joke, a bad one at that. The unsuspecting public would be shocked when they have to shell out a 15 to 20 percent sales taxes (Cain's 9% plus state sales tax), on top of finding extra cash from their pay checks to fund their own private versions of Social Security and Medicare. Good luck with that. Employers will save 7 percent, their portion of the payroll tax and not raise your wages, while employees will go from their portion, 7 percent, to Cain's 9. What a deal.
The tax doesn't apply to used items, like cars and houses, but no one in the media wants to mention how demand for tax-less items will artificially increase the price of everything that is used to black market levels.
The rich on the other hand will receive a huge tax cut, corporate and personal, under a very regressive tax system.
This is a plan Cain admits doesn’t deal with many of his plans flaws, where tens of millions of people will be adversely affected, with no safety nets. They have nobody but themselves to blame for not being rich.
But detailed planning means higher page counts to legislation, a no-no in conservative circles.
Here’s a list of names to remember as having blown their credibility 100 percent by backing Cain’s simplistic and deadly tax plan:
Newsmax: Herman Cain’s catchy 9-9-9 tax overhaul system is gathering major supporters
House Budget Committee Chairman Rep. Paul Ryan and Ronald Reagan’s economic guru Art Laffer both expressed their support for the plan to replace the current tax code. (Ryan) did not endorse the plan, but praised it saying he loved “specific and credible” proposals.
The anti-tax Club for Growth also came out in favor of Cain’s plan.
More equivocal support came from Douglas Holtz-Eakin, the former director of the Congressional Budget Office who advised John McCain. “I don’t think it’s dramatically out of line with reality,” he told Bloomberg.