Wednesday, October 12, 2011

JMaynard Cain

LA Times
"""Herman Cain’s 9-9-9 tax plan sounds simple enough: Eliminate the existing tax code and replace it with a 9% tax on personal income, a 9% business tax and a 9% national sales tax.

But could it work?

That question has been posed to a number of tax policy experts since Cain unveiled the plan last month. And it was a topic that dominated Tuesday’s Washington Post-Bloomberg debate.

Cain insists that the plan would immediately jump-start the economy by putting more money into people’s pockets.

But Bruce Bartlett, a former Treasury official under President George H.W. Bush who studied Cain’s plan and wrote an analysis Tuesday for the New York Times, said Cain “offers no evidence for this assertion; it is simply put forward as self-evident.”

Bartlett called the plan “a distributional monstrosity.”

“"The poor would pay more while the rich would have their taxes cut, with no guarantee that economic growth will increase and a good reason to believe that the budget deficit will increase,” Bartlett wrote.

That’s because two of Cain’s three 9s – the income tax and the national sales tax -- would disproportionately impact the 47% of tax filers who don’t pay any federal income tax under the current system – many of whom are elderly or poor.

The extra money paid by these people would in effect subsidize the huge tax break for wealthier Americans who currently pay as much as 35% in federal income tax.

And for the middle class – that shrinking group of consumers whose spending on goods and services is key to keeping the economy rolling – the 9% sales tax might discourage purchases on non-essential items. Or, as Cain himself has suggested, it might encourage them to buy used goods instead, which he says would be exempt from the tax...."

What is the 9 9 9, peoples? Why Ill give you a quick run down. First, it's about takin' on the Man, that is, the government, the Feds, the low down dirty shame that is...the IRS.'s the part ya gonna like--uh huh--it's about giving yall a bigger piece of the pie (now yall hush yr mouth about  pizza)--a big piece for bidnessmen--the  power players--,and bidnesses, and workers too. Payroll taxes, corporate and income--cut, which is to say removed, destroyed, and defunct. No need for Mitt Romney's liberal- socialistic dreams, or...lil Mister Obama's. My homie Alan Greenspan--Mister Greenspan would approve.  Three nines, like three of a kind, three nasty nines,and we'll being doing fine. Can I, can I get a witness? Ahhyeah. Now, let's open the floor for some mutha-f-ing questions from the media byatches.

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