Maybe you’ve heard about Herman Cain’s 9-9-9 plan for America: 9% sales tax, 9% income tax, and 9% corporate tax, and wondered how it would play out in the real world. Here’s a chart that illustrates the answer neatly (click for full, farcically long-ass version): the poor will pay a little more (or a lot more, relative to their income), and the rich will pay a lot less, and the very rich will pay so much less that it takes 9403 vertical pixels to express how much they’ll save.
(Thanks, Fipi Lele!)
That’s what we need – a plan to give move money to the rich and try to make up for it by taking more from the poor.
This is like something from the Gilded Age, which has many similarities to today. That period came to an end with a financial panic that lasted 4 years. It ushered in the Progressive era.