So we have another tax plan from a couple of presidential candidates that will revolutionize how we collect revenue from individuals and corporations in order to have money to spend on the national budget and entitlements and defense and social programs.
Herman “Godfather” Cain has the 9-9-9 plan which is very vague in the nuts and bolts of the program, I looked at a few Cain websites and while it says what the effect will be, it does not say how it will be attained. It states the plan is revenue neutral and it does not raise taxes to ” those in need” how that is determined is unclear.
Rick “Bush III” Perry’s flat rate tax of 20% sounds good but we get Mr. Perry with it who wants to do away with the Dodd-Frank act of 2010 whose main initiative is to protect the PUBLIC and Investors from rogue accounting practices by Wall Street corporations.
Mr. Perry also wants to do away with the Sarbones-Oxley act of 2002 Which was put into law to make sure stock trading is done according to securities laws already in place.In other words they are held to scrutiny in their tax filings and provides disclosure of securities law guidelines. This is all based on the Republican /Obstructionist party’s mantra that there is too much regulation and that alone is holding down our economy.
Everyone knows about Wall Street’s greed and the damage caused by them to the economy in the last few years with the mortgage loan fiasco. Can you imagine what it would be like if they were not regulated?
We do need to simplify the tax codes and a major overhaul is needed but what plan is right for all Americans?