19 October 2011
Herman Cain is unfit to govern: flat taxes are for idiots
Which brings us to Herman Cain and his 9-9-9 tax plan, which is epic stupid for a lot of reasons, not least of which is the 9% flat tax. Flat taxes are not very equitable when there is a wide distribution of income. They don't take the ability to pay into account, for starters. If Cain's tax plan were implemented, the tax rates for everyone except the top 20% would go up. This is the definition of broadening the base.
The really interesting thing is how much money the super rich will save. That is well illustrated by the attached graph. As you can see, the top one tenth of one percent (the richest of the rich) get quite a nice break. So that they can buy a fourth Ferrari or whatever.
Krugman has some information here: http://krugman.blogs.nytimes.com/2011/10/18/tpc-does-herman-cain/
I know you don't love economics as much as I do, but still: this is absurd.