Politics: Showing the Economic Consequences of a Terrible Tax Plan

While it is not certain that he will remain a frontrunner, Herman Cain has made a splash in the Republican Party. Last month he proposed his own tax plan, the 9-9-9 plan, to replace our current messy tax structure. His plan, which sounds like a pizza promotion, would put a 9% tax on certain corporate earnings, a 9% tax on individual earnings, and a 9% national sales tax. It would end payroll taxes. It would end most tax deductions. It sounds simple. It is simple. Unfortunately, what's simple on the surface hides the devils in the details. ( Cut for those who want to skip this. )