Thursday, August 25, 2011

Herman Cain, We Need to Talk about Your Growth Plan

Herman Cain has an economic recovery plan, a vision for economic growth.

Herman, help me with the political math. You've got a 9% national sales tax (ugh) coupled with a 9% payroll/income tax with no or very limited deductions (ugh). Businesses pay another 9% on the wages they pay workers (if I read between the lines correctly). So that's a combined 18% on wages, and you thinks you're going to eliminate the double taxation of dividends and zero out capital gains taxes?

That's just Phase I. In Phase II you want to replace the payroll/income tax for individuals and businesses with a national sales tax of unspecified rate at an unspecified time in the future. And you can't do any of this without a Congress to support it.

After reading your complicated multi-phase plan, that line at the beginning about how "policy uncertainty is killing the economy" just kills me. To vote for you, I am going to need to take a tax accountant and a ouija board with me into the voting booth.

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