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As a new resident in FL, I am happy to have found a moderate viewpoint.
Cain should change his tax plan to 1-9-9-9.
• 1% annually on assets (in excess of the first $1 million)
• 9% income tax (in excess of the first $30,000 of income)
• 9% national sales tax, and
• 9% corporate income tax
I believe that less taxes on earnings is the way to go to generate economic activity.
To make it more palatable, I would like to add a 1% tax on the taxpayer’s worldwide assets in excess of $1 million and remove the 9% tax on the first $30,000 of income.
This would also address the issue of the rich paying their fair share and give the poor a break. At the same time, the majority of people would now have money to go out and spend to generate economic activity and stimulate job growth.