Today, the editors analyze Herman Cain’s “9-9-9” plan. While a bold vision for tax reform is always welcome, the merits of Cain’s plan don’t go far beyond its superficial simplicity. Without exemptions of any kind, it would place an undue burden on retirees and the poor, and it offers unwelcome double taxation with both a corporate VAT and a sales tax. Tax reform requires a more thoughtful and nuanced approach. Cain’s flawed effort is all the more problematic, given further revelations this weekend that he understands very little about foreign policy — if he cannot sell his economic policy, he is in a bad place overall.
UPDATE: Since this post isn’t just a summary of the editorial and includes my own opinions, I’ve re-posted it under my by-line.