Saturday, October 15, 2011

Cassidy on 9-9-9

John Cassidy has a good explanation of why most people should see the Cain 9-9-9 plan as, basically, a 27% income tax. That's a bit of an exaggeration because not all of the corporate tax would be passed on to workers and the 9% sales tax is really an 8.2% tax. But even at 25%, that's a big tax hike for most people.

One thing he wrote, however, annoys me so I'm just going to point it out:
There’d be no way around [the sales tax] either, unless you choose to save some of your income, which many poor and middle-income families can’t afford to do.

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