At a minimum, the Cain plan is a distributional monstrosity. The poor would pay more while the rich would have their taxes cut, with no guarantee that economic growth will increase and good reason to believe that the budget deficit will increase. Even allowing for the poorly thought through promises routinely made on the campaign trail, Mr. Cain’s tax plan stands out as exceptionally ill conceived. [NYT via TaxProf]
Related Posts
Research: The Talent Shortage is Starting to Take Its Pound of Flesh From Corporate Tax Departments
This morning, Thomson Reuters released new research that reveals both corporate tax and global trade […]
LeBron James’ CPA Needs to Get to Work
“Wouldn’t you love to be Mr. James’s tax accountant right about now?”
In Case You Forgot, Today Is National Tax Freedom Day
That means, theoretically, the rest of the money you earn this year is yours. We understand that tea partiers too lazy to leave the house will still be marching virtually.
What’s far more interesting is Tax Freedom Day by state which shows that you’re basically getting screwed if you live near New York City or Washington, DC. Of course if you’re hung up on this whole Tax Freedom Day thing, then your ideal state is Alaska which seems about right.
Image source: Tax Foundation