For once, Michelle Bachmann was right, the Devil is in the Details. Read Cain’s ((( Plan carefully. It calls for ending Social Security, Medicare, Medicaid, Aid to Families with Dependent Children, and Food Stamps. Instead, the elderly should go from church to church and door to door hoping to find someone who would give them the retirement income they already spent their lifetime labor paying for.
Do you want a 9% sales tax on everything you buy? Not unless your income is in the millions, and you need spend only a tiny fraction of it on purchases. And his plan exempts used homes but applies the 9% sales tax to new ones. That would effectively kill what’s left of the housing construction market in the US for good, saving us so much money by laying off all those greedy carpenters and bricklayers that are taking the money our poor, starving millionaires so desperately need. It seems all GOP jobs plans now revolve around how to eliminate more jobs and ship them offshore soe investors and corporate CEOs can reap ever greater profits.
It would be the greatest tax-cut windfall yet for the very wealthy, and the largest tax increase in history on the working poor. For the last 30 years, income and wealth disparity in the US has grown rapidly as the GOP and even bought off Democrats heaped loopholes for the rich into the tax code and voted to make a formerly progressive tax system ever more regressive. In the 1960s, the top 1% paid 70% on income over $250,000 a year. Today, the top 400 tax filers in the US pay an average of 21.4% om an average income of $227 million a year.. In that same time, total taxes for the working poor have gone up. Incomes for the top 1% have risen 300%. Incomes for the rest of us have stayed just about flat. For the bottom 60%, real income has fallen. And Cain wants to make the tax system FAR more regressive, which would turn the USA into a banana republic in the next 10 years.
His plan shows where the leadership of the GOP wants to take America.