Who needs those damn elitist economists? Not Herman. His “9-9-9” proposal would effectively tax all sales and income at a flat 9%.
But don’t worry, this is a fiscally and socially responsible plan.
At least Richard Lowrie Jr. thinks so. This is the guy who, according to the HuffPost, created and thoroughly vetted Cain’s plan. If you haven’t heard of him, you’re not alone because, make no mistake, he’s not one of them big city elitist economists. He’s just Dick the Accountant, a financial adviser from some Wells Fargo branch in rural Ohio and the brains behind the centerpiece of Cain’s economic policy. According to his Wells Fargo profile, Dick “can offer you a wide range of services, from helping you select individual investments to developing a retirement plan” or, evidently, crafting a presidential tax reform scheme.
And while it may seem silly, ridiculous or even scary, ever since Joe the Plumber, this has been normal operating procedure for the GOP — to decry anything intelligent as elitist and anything simple as common sense. The health care bill was too long, Obama is too professorial and textbooks are too complicated. If Dick the Accountant is on-board, so is the Right.
The real truth is, not only would Cain’s “9-9-9” plan devastate lower income and middle class Americans (the 9% sales tax would apply to food!) while cutting the tax rate for the rich and corporations, it would have a significant effect on the Government’s ability to collect revenue.
UPDATE: Thanks to the Huffington Post, it has come to my attention that there may be more to this speculative story than I originally thought. Apparently, the 999 plan has been around for years as an economic standard for the computer game Sim City 4. Keep it up, Herman!