TV News LIES

Saturday, Aug 01st

Last update06:10:38 AM GMT

You are here News Politics Cain's 9-9-9 plan: Good for the rich, bad for the poor

Cain's 9-9-9 plan: Good for the rich, bad for the poor

E-mail Print PDF

Herman CainRepublican presidential candidate Herman Cain's proposed 9-9-9 tax plan would shift the tax burden in the United States, raising taxes on the poor while cutting taxes for the wealthy.

Cain proposes to scrap the current tax code and replace it with a flat 9 percent tax on personal income, a second 9 percent tax on corporate income, and a third 9 percent tax on sales. It also would eliminate the payroll tax paid for Medicare and Social Security, the estate tax, and capital gains taxes.

While the Cain campaign has not produced enough details for thorough independent analysis, a flat 9 percent income tax and a 9 percent national sales tax would almost certainly mean higher taxes for at least the 30 million U.S. households that now pay no federal taxes.

And it almost certainly would mean big tax cuts for the wealthy, who now pay a 35 percent marginal rate on their income above $379,150.

The catchy 9-9-9 tax plan has helped the former Godfathers pizza CEO surge into the top tier contending for the 2012 Republican presidential nomination. With his rising support, Cain's plan is drawing more scrutiny, with the potential shift of the tax burden just one of the profound effects the dramatic change in tax policy could have — if Cain were elected and managed somehow to get it past an army of lobbyists and through Congress to enactment.

More...


Most Recent Related Stories...


Hillary Clinton calls for end to Cuba embargo in attack on 'outdated' policy

Hillary ClintonHillary Clinton on Friday called out her Republican rivals for approaching foreign policy “through an outdated...

A Dream Undone: Inside the 50-year campaign to roll back the Voting Rights Act

a Dream UndoneIn the morning of his wedding, in 1956, Henry Frye realized that he had a few...

What Scott Walker doesn't want you to know about Harleys

WalkerFor Wisconsin Governor Scott Walker, there's something awkward about the Harley-Davidson motorcycles that he has been...

Petition to pardon Edward Snowden rejected by Obama administration

SnowdenThe White House has rejected a petition to pardon NSA whistleblower Edward Snowden, dubbing the former...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!