Major Study : Cain's 9-9-9 Plan Would Cut Taxes For Millionaires; Raise Them For Poor

[stockholmer]

http://www.npr.org/blogs/thetwo-way/2011/10/18/141486219/cains-9-9-9-plan-would-cut-taxes-for-millionaires-raise-them-for-poor


The first detailed analysis of Republican presidential candidate Herman Cain's 9-9-9 tax plan found that it would cut taxes for Americans making $200,000 or more a year and raise taxes for those making less than $200,000 a year.

The analysis http://taxpolicycenter.org/numbers/displayatab.cfm?Docid=3221&DocTypeID=1 was released today by the independent Tax Policy Center, a joint venture by the Brookings Institution and the Urban Institute.

Cain's 9-9-9 plan, http://www.hermancain.com/999plan which would institute a flat 9 percent business, individual and national sales tax, has been credited for catapulting the former Godfather's Pizza CEO to the top of the Republican race.

The Tax Policy Center found that if the plan were instituted, those making more than $1 million would receive a $455,000 (15 percent) tax break, while those making $20,000 to $30,000 would see a $3,800 (15 percent) tax increase

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http://www.theatlantic.com/business/archive/2011/10/how-herman-cains-9-9-9-plan-would-change-your-taxes/246941/

How Herman Cain's 9-9-9 Plan Would Change Your Taxes

Hours before tonight's Republican debate in Las Vegas, the Tax Policy Center has just released their first complete analysis of Herman Cain 9-9-9 tax plan. It doesn't change the federal government's tax diet much. In fact, it raises about the same revenue as current policy (i.e.: Bush tax cuts minus the payroll tax break). But it does dramatically change tax burden on a family-by-family basis. Under his plan, 84 percent of the country will pay higher taxes, and 91 percent of the top percentile will pay lower taxes.

Here's another TV-ready statistic for tonight's moderators: For a family making between $40,000 and $50,000, Cain's plan would raise their tax bill by $4,000. For the group of Americans earning more than $1 million a year, it would lower their tax bill by an average of $580,000. Note: there are a few billionaires in this group throwing off the average (hey, I said it was TV-ready!).


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The Tax Policy Center has done yet another analysis of Herman Cain's 9-9-9 plan, and guess what? Unless you're really rich, your taxes will go up! If you earn, say, $50,000 per year, you currently pay about 14.3% of your income in federal taxes. Under Cain's plan, you'll pay 23.8%. Whee!

And if you make the big bucks? Well, millionaires currently pay about 32.9% of their income in federal taxes. Under Cain's plan, they'll pay 17.9%. Ka-ching!

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[spanone]

1. of course they would, that's why he's leading the pack

[KamaAina]

2. "Excellent, Smithers!"

(Is Mr. Burns related to the Koch Bros., by any chance?)

[SlimJimmy]

3. Not just the poor. Most of the middle class has an effective tax rate of

9% or less. Add to that a federal 9% consumption tax, and we *all* end up paying more.

[etherealtruth]

4. I am sure that is the goal n/t

[nadinbrzezinski]

5. I am shocked I tell ya