majorspark;930836 wrote:Cain's plan is simple 9-9-9. No bullshit. No tax breaks for big corps. You could fit it on a pizza menu. Throws out the 7,500 page albatross we have in place today. You will not need tax lawyers and a team of accountants to figure out your tax liability. Its simple take profits/income x .09. Done.
But see, business people and even individuals, by and large, prefer complexity over simpleness if their taxes are lower. I will pay more in taxes under the 9-9-9 plan than I do currently do under the current "monstrosity" most of which doesn't apply to most Americans. Additionally, because the people who's taxes will be lowered already have enough disposable income to spend on what they want, them keeping more will not increase aggregate demand for goods and services and therefore even if they use it to buy stock in Starbucks, it will be of no consequence because there won't be any new demand for latte's etc, etc.
And let's compare Romney's Chief Economic Adviser to Herman Cain's.
Romney's: Gregory Mankiw, Ph.D. Former Chair of the Council of Economic Adviser's and the 25th most cited economist in the world noted for arguing against raising marginal rates because of its effect on work incentives.
Cain's: Rich Lowrie, B.A. Director of Investments of Wells Fargo Advisers; Pepper Pike, Ohio. You can check out his LinkedIn page here where he lists himself as Herman Cain's "Senior Economic Adviser"
http://www.linkedin.com/pub/rich-lowrie/a/74b/805
And it's not about being "elitist." You're an avid capitalist right and believe that highly talented individuals ought to be rewarded and respected. The Founder's were all elite and created the Senate to preserve the elite. To think it might be more appropriate to have someone like Greg Mankiw, someone at the very pinnacle of their field, leading your economic team when you're running for the highest office in the land is exactly what you might expect out of someone who is a capitalist.