Herman Cain is an economic idiot

[flpoljunkie]

Cain said on ABC's 'Good Morning America' today that 'every worker pays 15.3% payroll tax' so his 9% tax would leave the worker with 6% of his salary to apply to his national sales tax.

Well, no, it wouldn't. The worker pays 6.2% payroll tax (4.2% in 2011) plus 1.45% Medicare tax--a total of 7.65% which is matched by his employer--which combined equals a total of 15.3%. How could Herman Cain be this clueless. Of course, ABC's George Stephanopoulos failed to out point this major error in Cain's 9-9-9 plan or that Cain's national sales tax would be on top of state and local sales tax. Cain told Chuck Todd on 'The Daily Rundown' this morning that he did not concern himself with how state and local sales tax would affect his 9-9-9 plan.

Video of Cain on ABC's Good Morning America: http://abcnews.go.com/GMA/video/republican-presidential-candidate-herman-cain-interview-defending-plan-14719057

(Payroll tax discussion begins 2 minutes into the video.)