Effect of Cain plan on middle class

It’s gonna be a hot time in the old “townhall” Tuesday night when the GOP candidates go after the newly minted frontrunner’s 9-9-9 tax plan.

According to a chart posted by Reuter’s, Herman Cain’s plan would reduce by seven percent the after-tax income of a single person earning $50,000 in wages per year; reduce by 19 percent the after-tax income of a family of four earning $50,000 in wages per year; and raise by seven percent the after-tax income of a single person earning $1 million in capital income per year:

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Gintas writes:

Aggressive war on the Middle Class? Why, you’d think Cain wanted to become a member of the ruling elite! Now we only need to know what he thought of TARP. This article links the Cain column from 2008 which is an unbridled paean of praise for TARP:

Unprecedented problems require unprecedented solutions. The actions by the Treasury are a win-win for the taxpayer. But the mainstream media does not get brownie points for reporting win-win solutions for the taxpayers. Their focus is doom and gloom.

These actions by the Treasury, the Federal Reserve Bank and the actions by the Federal Depositors Insurance Corporation (FDIC) are all intended to help solve an unprecedented financial crisis. Unlike steps taken prior to and during the Great Depression, these actions have a high probability of success.

Bingo! I think he’s in good with the Fed bankster racket.

As we say in the South, y’all hush!

He was so sure, yet so wrong.

Sophia A. writes:

What are you trying to do, start a Cain Mutiny?

LA writes:

I repeat what I said to a commenter in another post about Cain yesterday: I am not anti-Cain, I am not pro-Cain. If readers sent me informative items supporting Cain’s 9-9-9 proposal, I would post them too.

Posted by Lawrence Auster at October 10, 2011 01:13 PM | Send