999 tax reform is a magic trick. Herman Cain is the magician and as in most magic tricks is using misdirection to accomplish his magic. As the voters and the media attempt to determine who will pay how much under the Cain plan, Herman is using misdirection to accomplish the trick, his goal to eliminate capital gains and the inheritance taxes. Why those two taxes? Because the wealthy accumulate their wealth by being taxed less on capital gains than on earned income, income earned by the sweat of their brow. Once the wealthy have accumulated their wealth, they want to pass it on undiminished by inheritance taxes to their heirs. Once upon a time, Americans believed that everyone must start on a level playing field and earn their own way. The wealthy no longer believe that.
- Teach me some magic tricks with twists. (ask.metafilter.com)
- Herman Cain’s murky 9-9-9 tax plan (latimes.com)