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I’ve had about enough of the Tory Party ‘Patriots’ October 22, 2011

Posted by WillardWhyte in 2012 elections, Economy, Politics.
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Well, the first non-political assessment of Herman Cain’s 9-9-9 tax plan is in and, to the surprise of no one at all familiar with various forms of flat tax-ery, it amounts to a massive redistribution of wealth going forward.

As this assessment  from the Tax Policy Center shows:

— 84% of U.S. households would pay more than they do under current federal taxes.

— Households with incomes below $30,000 would have, on average, between 16% and 20% less in after-tax income than they do today, mainly because of the national sales tax and the loss of Earned Income Tax Credit.

— Households making more than $200,000 would see their after-tax income grow by between 5% and 22% on average.

— 95% of those with more than $1 million in income would receive an average tax cut of $487,300.

The study doesn’t specifically say what happens to most of the people between $30,000 and $200,000, but you can figure it out. The poor pay a lot more than they do now, but that won’t raise much. Those at the upper end get big tax reductions.

And since the Tax Policy Center agrees with Cain that his plan would raise just as much money as the current system does, the folks in the Big Middle have an awful lot of lost revenue to make up through much higher tax outlays.

And this proposal has catapulted Mr. Cain to the head of the class among Republican presidential candidates. The others now are scrambling to come up with something similar to placate a wing of this “party” that seems so enamored with the 1770s that it has become completely color-blind.

And I make no reference to Mr. Cain’s ethnicity in that. The Palin-Bachman-Perry-Paul front seems to be hell-bent on turning the GOP into the Tory Party, for all they seem to wish for is the destruction of any and all legal protections for our air, our water, our land, any laws that would safeguard our marketplaces from usury, fraud, rotten food and goods brought in by boat from lands comfortable with the employment of children in sweatshops, in many cases employed by subsidiaries of multinational corporations based in the USofA.

And they rush to support a taxation system such as the one put forth by Mr. Cain that would execute a massive redistribution of wealth from people making less than $200,000 to the very wealthy – the new American royalty who will control the faux-King they hope to choose to replace Mr. Obama.

This would take us very rapidly to a place akin to 1776, when these colonies chose to take up arms to liberate themselves from an English tyranny that came with the seal of the King, but was planned, controlled and executed by the merchant elite in jolly old London. In America, the Tories sided with the mercantile tyranny. As the Tea Party does today.

Indeed, they clamor to ladle praise on a Cain plan that would enact a new national tax of 9 percent on — well, tea, among other common commodities.

If this all were not so deadly real, it would be comedy. It amazes me that good conservatives, good well-intentioned Republicans do not rise and thrust this band of absolute idiots from the stage.

If  for no other reason than to protect themselves from this radical restructuring of the entire economy, done in the hope that once all this wealth is moved to the very rich, some of  it will trickle down somehow and make everything better.

No. Mr. Cain’s extremely disruptive proposal would rip just about every business plan in the country to shreds, destroy tens of thousands of small businesses and make the recession of 2009 look like a minor bump in the road.

It would do this by erasing every shred of discretionary income left in most of the economy, leaving the very rich with a whole lot more money they will not be able to spend.

And guess what? They won’t invest it in new businesses that would hire a bunch of people to make stuff that no one has any money to buy.  Trust me — that’s not a formula many of them used to get rich.