from the LA Times:
How not to change the tax code [Most commented]
How hot is former Godfather's Pizza magnate Herman Cain? For the second day in a row, the new front-runner for the GOP presidential nomination dominated the "most commented" category here at The Times' Opinion Manufacturing Division. More than 100 readers weighed in on Sunday's editorial about Cain's "9-9-9" tax plan, even more than had posted comments about Friday's piece on Cain's views regarding racism.
The Times' editorial board praised Cain for coming up with a plan that would radically simplify the tax code. But it complained that the proposal would shift the tax burden from the wealthy to the middle and lower classes:
The current system gradually increases the tax rate on individuals and businesses the more they earn. Moving to Cain's formula would effectively dun those least able to pay in order to spare those at the other end of the economic ladder, in the hope that the tax cuts for high earners would translate into more jobs, faster growth and higher wages. We tried a less extreme version of that approach in President George W. Bush's first term, and the rising tide that resulted lifted only the yachts.
Commenters were roughly evenly divided between supporters and critics of Cain's plan. What follows is a sampling, edited only to correct the occasional spelling error.
You can read the sampling at the link at the beginning of this post; here's the comment that caught my eye:
We need another alternative
A better idea for tax reform: The Land Value Tax first proposed by 18th century economist Henry George. No sales or income tax, only a tax on the value of land.
Simple to define and enforce: You can try to hide income, but you can't hide land.
Progressive AND pro-growth: The wealthy own most of the expensive land and would pay most of the taxes, but the marginal tax on both income and consumption would be ZERO - a win-win for liberals and conservatives.
Henry George believed that what you earn from your labor, business or profession is 100% yours, but the value of your land depends on the value of your community and is therefore fair game to be taxed to support that community.
The Land Value Tax sends the message that you make money by creating useful products and services, not by wheeling and dealing in real estate.
--singerfb
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