The Murder of the Middle Class by Wayne Allyn Root

Author:Wayne Allyn Root [Root, Wayne]
Language: eng
Format: epub
ISBN: 9781621572329
Publisher: Regnery Publishing

The 0-15-0 Tax Plan

And the NITV is only a small start. Here comes the next important part of the plan. In 2012 GOP presidential candidate Herman Cain proposed a 9-9-9 tax plan that was attacked and denigrated by his conservative opponents. Liberals had a cow. The media was up in arms. It seemed everyone was upset. Not me—I was inspired.

The only way you know something works in D.C. is when it makes all sides angry. Cain stirred a hornets’ nest because he created a winning idea. Of course the lawyers, lobbyists, and bureaucrats knew it had to be discredited and killed.

9-9-9 was simple . . . it was memorable . . . it opened the conversation . . . and it reminded me of Ronald Reagan’s plan to cut taxes from 70 percent to 28 percent. That, too, was laughed at and denigrated as “simplistic.” No one believed it would work.

But it did. All it took to revive the American economy was unleashing the power and motivating the great American middle class—and especially the people that start, invest, and run small businesses. If they’re inspired, rewarded, and energized they can get America going again. That’s the group Reagan always played to. Smart. Ironically, that is the same group that Obama spends his time denigrating, demonizing, and punishing.

Herman Cain’s 9-9-9 plan was creative, daring, and interesting. It was made up of 9 percent income taxes, 9 percent capital gains tax, and 9 percent sales tax. But that last 9 percent of 9-9-9 represents a dangerous precedent. It’s not a good idea to introduce a national sales tax unless you first get rid of the income tax completely through a constitutional amendment. Still, Cain should be applauded. He was headed in the right direction. We need to inspire and reward the job creators, flatten the tax code, and eliminate capital gains to encourage investment and financial risk-taking. Herman Cain inspired me to create an even better idea.

My 0-15-0 Tax Plan keeps the best of Cain’s plan (low rates and simplicity), while eliminating the worst (a national sales tax). And, it starts with the supercharged attention-getter that, we’ve seen, will create jobs like no tax plan in U.S. history: the NITV (National Income Tax Vacation).

But the NITV is just the start.

Now comes part two, the “15” of the 0-15-0 Plan. U.S. taxpayers will be welcomed back from their one-year income tax vacation with a 15 percent flat tax on personal and business income starting on any amount over $40,000 a year. This replicates the most successful economic model in the world—Hong Kong, with a booming economy and 3.5 percent unemployment. Unlike Cain’s plan, we don’t rely on a national sales tax. We just keep the income tax flat and simple—15 percent for everyone, individuals and business.

Unlike the Cain tax plan, instead of a 9 percent rate we make ours 15 percent (just like Hong Kong), but allow three deductions: mortgage, charitable, and health and medical expenses.

Why allow a mortgage deduction? Real estate is the foundation of America (and any economy).

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