Peter Schiff exposes the Achilles heel of Herman Cain's 999 planSubmitted by Gmartine on Sat, 10/15/2011 - 10:19
"Schiff's bottom line: under Cain's 999 plan, the 15% payroll tax is NOT eliminated but is instead replaced with an effective 9% payroll tax b/c businesses can no longer deduct employee wages from their own tax burden. Because this 9% falls entirely on the employer, where will he get the money to pay for this tax? By reducing employee wages by 9%. Schiff says Cain's plan should therefore be called the 18-9-9 plan: 18% (9% income + 9% effective payroll) + 9% sales tax + 9% business tax. I have presented his view in the youtube graphic."