October 24, 2011
How About 6-6-6?
Ok. Let's get any talk of the devil out of the way. I'm not talking about THAT 666 -- I'm talking a serious alternative to 9-9-9. Herman Cain's 9-9-9- tax plan, which he has called a "bold" rewriting of the tax code, has gained a lot of attention because of its inherent strength and simplicity. It is indeed a step in the right direction, imposing a flat 9% tax on individuals and corporations while greatly simplifying the tax code by eliminating most deductions. The problem is the third 9% -- a national sales tax that nobody wants. So maybe Cain's plan is not bold enough. A revision to the tax code that imposed a 6% tax on individuals and corporations coupled with a 6% reduction in federal spending would accomplish the same goals without a national sales tax. That's a 6% cut with no future increases in federal spending beyond inflation. Coupled with 6% tax rates across the board, an actual 6% cut in spending -- not a cut in projected baseline spending or other Capitol Hill...(Read Full Article)