Here's where the stupid really begins to burn. Herman Cain wants to implement a 9/9/9 plan.
http://www.hermancain.com/images/economicgrowth.pdf
9% sales tax, 9% income tax, and 9% corporate tax. Sounds great right? Low taxes and everyone pays their fair share. Well, no suprise to me, he's way the fuck off! Here's some figures from 2009:
Total Retail Sales - 2009: $4,091,723,000,000
9% = $368,255,070,000
Total U.S. Wages Paid - 2009: $5,900,000,000,000
9% = $531,000,000,000
Total U.S Corporation Profits (rough guess based on quarterly data avg. of $1.25 Tril) - 2009 : 5,000,000,000,000
9% = $450,000,000,000
$368,255,070,000 + $531,000,000,000 + $450,000,000,000 =
Total United States Revenue = $1,349,255,070,000
Anyone else see a problem here? How about this...it's only about 38% of our current annual budget! Unless we cut $2.1 trillion + interest from our current budget we'll double our current National debt of $14 trillion within 6 years. Assuming wages don't continue to drop an average 6% a year and another recession doesn't eat up retail sales, you'd need a 23/23/23 plan just to break even, and that's without ever beginning to touch our current National debt. For someone who claims to be a businessman, his math is particularly bad.
This should give you a rough idea just how loony these GOP characters really are.
Next!