Quote Of The Day,October 19, 2011
“Herman, I love you, brother, but let me tell you something. You don’t need a big analysis to figure this thing out. Go to New Hampshire where they don’t have a sales tax. You’re fixing to give them one… Right here in Nevada, you’ve got 8-plus percent. You want nine cents on top of that, and 9% on a new home, 9% on your Social Security, 9% more? I don’t think so, Herman. It’s not going to fly.”
- Rick Perry, to Herman Cain on his 9-9-9 tax plan at last night’s debate
Sorry, but that was pretty pathetic of Perry. Sure 9-9-9 would be a tough enough sale in any circumstance, as would the “flat” or “fair” tax, but all would be a vast improvement over the current tax code. To hear Republicans criticize it because it’s too regressive (Romney), not family friendly (Santorum), and because New Hampshire doesn’t already have a sales tax and Nevada does (Twittle Dee), is sad.
Look at the bid picture guys, 9-9-9 would shift some taxation over to consumption and result in a massive cut in the top marginal rate – a supply side dream! Cain has 9-9-9 on the table. What you got Rick?
It’s not a question of whether it would be better than the current tax code. Even Democrats know the current tax code has to be changed. The question is whether it’s a good idea to let the federal government impose both sales and income taxes, and Perry rightly recognizes that it isn’t. Cain’s camp is grudgingly admitting as much.
If it’s not complete it’s not true. Whether you like it or not the truth is his plan calls for the elimination of the 15% payroll tax now being collected from every paycheck. So you get to keep the payroll tax and pay the sales tax but you see you catch all the cheaters with the sales tax who have been getting a free ride. In some cases you win in some cases you lose but my opinion is you get rid of winners and losers with this plan. That is why the politicians hate this plan.