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Old October 13th, 2011, 12:26 PM   #9
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I think this 999 plan, as currently put forward, would be an economic disaster, especially in the short term.

It's been stated by pundits on both sides of the aisle, and I have to agree, that totally eliminating capital gains and estate taxes and drastically reducing taxes on the top earners doesn't make much sense, especially if you do it all at once.

My main problem with this plan is that I cannot see how it would spur more demand from the wealthy since they already have money to spend. I've seen no evidence that demonstrates that the losses in the income tax portion of this plan would be offset enough by the revenue from the sales tax portion.
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