|Image from source, ThinkProgress|
If this lunatic manages to become President, and then manages to implement this plan (a highly unlikely scenario), I predict a mad burst of buying right before the tax goes into effect, followed by a sustained period of nearly zero purchase of high-ticket items.
Herman Cain: Tax Poor People’s Food To Finance Massive Tax Break For The Rich
The centerpiece of former pizza czar Herman Cain’s presidential campaign is his “999″ plan, which would slash taxes on the wealthy, drive up deficits to the worst point since World War II, and force low-income Americans to pay a massive nine times their current tax rate. In an interview this morning with CNN’s Candy Crowley, Cain even said food and clothing would not be exempt from the 9 percent national sales tax he would put in place if elected president. Indeed, he said it would be “fair” for a poor person to pay as much in sales taxes as Crowley does. . .
Read more at: Think Progress