Leave it to a pizza guy to come up with the $9.99 deal. Wait, sorry, that’s the 9-9-9 deal. And former Godfather’s Pizza CEO Herman Cain has made the proposal the centerpiece of his 2012 campaign for president.
Simply put (wait, sorry again, it is simple), the plan calls for setting the personal income tax, including Social Security and Medicare, at 9 percent for everyone; reducing corporate taxes to 9 percent; and establishing a new national sales tax of 9 percent.
That way, says the self-made millionaire and son of a cleaner mother and janitor father, “everybody gets some skin in the game.”
Now, before we crunch Mr. Cain’s numbers, or check that skin quotient, let’s take a look at the current tax situation.
President Obama wants to target “millionaires and billionaires” (although there are only 235,000 of them — and FYI, that’s a lot less than there were before the junior Illinois senator took office). But here’s the problem with that: The top 1 percent of income earners already pay roughly 40 percent of all federal income taxes – the top 5 percent pay some 70 percent (See The Bible: turnip, blood from a).