Today Art Laffer came out and endorsed Herman Cain's 9 9 9 tax reform plan.
Art Laffer is famous for creating the "Laffer Curve"; a simple demonstrative tool that allows even thick headed leftists to understand how regressive left wing taxation hurts everyone.
Laffer pointed out that Cain's plan broadens the tax base, while eliminating loopholes.
It has come under attack from Democrats who don't understand how it works. They say that since 50% of the country isn't paying taxes right now, that making them pay a 9% tax would be too much for them. Cain rightly points out that even people who get all their federal taxes back (and more!) still pay a 15% payroll tax that is charged to their employer (so most people aren't aware of it.) This would replace that, and so even people in the lowest income brackets would also be getting a tax break.
This endorsement has me liking Cain's plan quite a bit more. I still don't like the idea of a national sales tax, but we already have thousands of taxes on the books right now, and if this one can be used to re-orient our economy to a path of prosperity, then it will be well worth it.
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