Washington – A new study says the 9-9-9 tax plan promoted by Republican presidential candidate Herman Cain would raise taxes on 84 percent of U.S. households, contradicting claims by the candidate that most would see a tax cut.
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The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
Those making more than $1 million a year would see their taxes cut nearly in half, on average.
Cain’s plan would scrap current taxes on income, payroll, capital gains and corporate profits. He would replace them with a 9 percent tax on income, a 9 percent business tax and a 9 percent national sales tax.
“low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
Those making more than $1 million a year would see their taxes cut nearly in half, on average.”
Seems to be ignoring the fact that for those making $10k are paying $900 tax, while those making $1M are paying $90,000 tax!!!
It seems to me that they are equaling the burden, rather than the unbalanced setup it is now.
So the liberal ‘study group’ said that, huh? Well how about the 100% of taxpayers that will pay LESS in Federal taxes??????????
Do you want marijuana with that pizza you are ordering? You might need some if you are going to vote for 9-9-9.
Typical misleading liberal garbage. #1 said it best. How do they come up with this stuff
typical Republican garbage lower the tax of the rich and raise it on the poor
no news really
Its waste of time even trying to explain to Cain why his 9/9/9 plan is simultaneously regressive and bad policy. He is really too simple minded to understand anything more complicated than a pizza-style phrase. Its sad watching him tonight at the debate trying to defend a proposal that everyone on BOTH sides of the aisle say is a stupid plan with no basis in economics or policy. He has gotten a “free ride” for a few weeks because of his novelty value as a right wing afro-American. That free ride is over. He is not only going to be kicked off the bus but he will get run over now that the gloves have come off.
I guess the libs are taking Cain seriously otherwise they would ignore him. Obviously the left is scared that he will be the one to beat Owebama like a doll.
Great idea. This way people might actually be motivated to make money
Seems pretty easy to verify. If I am not a business I will be paying 9% of income and 9% of purchases. Assuming the average middle class spends 50% income on purchases, that means they will be paying 9+4.5=13.5%. Superficially that sounds like a savings. And actually this guy would split the black vote so he would have a shot against hussain. Not thrilled but lets see
What Herman Cain proposes is what I will refer to as Steak Knife Capitalism. By this theory, you cut off your fingers in the market place.
This is opposed to the Bone Marrow Sucking form of capitalism that we have today. It just sucks the bone marrow out of you to pay your taxes. Of course, bone marrow is replenished.
I say vote no to Cain.
Whatever happened to the idea of a straight 10% tax on every taxpayer? Maybe it’s a bit simplistic, but is it not workable and fair?
This guy is a joke. And did you watch the debate, when he BLAMED the unemployed, and people cheered?!
Well there you have it. The new face of conservativism in this country:
Cheering when people are unemployed.
Cheering at the thought of letting an uninsured, 30 yr old coma patient, die.
Cheering at the thought of removing ALL aid to Israel.
Cheering at the thought of enforcing MORE x-tian religion into our politics.
Great.
Everybody happy now??
I strongly support Cain’s plan, which will ensure that every voter who has a job will pay at least something in taxes. That is only fair.
Under the current system, only 53% of voters pay taxes. If that drops to 49%, then the majority of voters might as well pass a law saying “If you had to pay taxes last year, you will now be taxed at 90-99.9%; if you didn’t have to pay taxes last year, you will continue to owe nothing.”
1. No household lives on 10-20K/yr. Anyone reporting that income is either a kid living with his parents, or someone who owns a cash business and doesn’t declare most of his income, or a household getting lots of government aid to supplement their 10-20K/yr income. So the “tax increase” on that income bracket will basically hit people who actually can afford to pay it.
2. Taxes pay for government services. Someone making less uses the same gov’t services as someone making more. Now, I guess one could justify having rich people paying somewhat more for the same services as poor people, but only to a point.
3. Poster 19 has overstated his case. First of all, no one spends 100% of his income on purchases, so the VAT wouldn’t be on 100% of income. 9% of income would be tax, let’s say 33% goes to housing for which there is no VAT, a lot is yeshiva tuition for which there will also be no VAT, etc. Second of all, most corporations (despite what’s been sensationalized in the media) pay taxes, so a 9% corporate tax rate would not trickle down to a higher cost for consumers.