The Cain Tax Plan:
I like it, thus far!! The personal income tax provisions of the Herman Cain '9-9-9' tax plan is the first--seemingly--workable plan that treats everyone equally. Equality--particularly in this regime--has consistently waned during recent decades. The Cain Concept melds well with my principle of "no representation without taxation!" Under the current system, those 'riding in the wagon' overwhelmingly vote for the candidate who promises to increase their benefits or at least maintain the current rates. The Cain Concept taxes everyone equally, no matter their source of income-even those 54% who consistently 'ride in the wagon.' If--after a presidential win--Herman Cain can combine his tax plan with and honest, complete and fair reformation of the America's vast entitlement system.... what a boon to the national treasury, for the national economy! Just imagine:
The IRS Form 1040 would be reduced to a post-card!
On the 'national sales tax' side of The Cain Concept, the sales tax would hit low-and-middle income earners the most; how hard depends if consumer staples like food, vehicle fuel, prescriptions et al, are exempted. While The Cain Concept concentrates this sales tax on new sales, it's unclear how used items would be treated.
The United States is one of several countries at 35%, ranking second behind Japan who's corporate income tax rate is 40.69%. The Cain Concept's 9% corporate income tax rate represents nearly a 75% rate reduction-a concept completely foreign to the ruling class of both parties! The 35% rate is actually artificial; there are many exemptions, credits and deductions which allow qualifying companies to pay far less than the prescribed 35%. In any case, America's corporate income tax is fictitious at best; the taxes are passed onto the consumer in the form of increased wholesale and retail prices.
In any case--with any hidden, unrealized faults--I like the concept! This is the first time, in my lifetime--including the "Ronaldus-Magnus" Era--that the federal government will have reduced all tax rates with the citizen, the taxpayer in mind. This will be the first time that true fairness and equality will have been injected into the federal tax structure. Those 'riding in the wagon' should--and under The Cain Concept, will--be on equal footing with the 46% of American of working age who do pay income taxes.