The Herman Cain campaign released details of the revenue expected to be collected from his 9−9−9 tax plan. Here are the estimates for 2010:
- $701 billion from the 9 percent personal income tax.
- $753 billion from the 9 percent retail sales tax.
- $863 billion from the 9 percent business VAT.
Yikes! By far the largest tax haul under the Cain plan would be from the business VAT — a tax which would be hidden from most voters.
By the way, the Cain business tax is not a tax on “corporate income,” as some media stories are identifying it. The new revenue data makes it clear that it is a tax on all value added by all businesses in the nation — corporate, partnership, and proprietorship.
Sorry Mr. Cain, I think your tax plan gives the federal government far too much room to grow in coming decades as entitlement cost pressures increase. I’d suggest dropping 9−9−9 and going with my 15−15−15 tax plan. After that, you could move on to proposing a detailed plan for spending cuts, as candidate Ron Paul has delivered.