TV News LIES

Tuesday, Sep 27th

Last update05:20:13 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...


Bridgegate testimony: Christie 'knew about traffic jam as it was happening'

David WildesteinGovernor Chris Christie was told about the epic 2013 traffic jam at the George Washington bridge...

Green Party candidate Jill Stein removed from N.Y. debate site by police

Jill SteinGreen Party presidential nominee Dr. Jill Stein was escorted off the college campus hosting Monday night’s...

Clinton set the trap and Trump walked in

Clinton-Trump debateThe first 20 minutes of the long-awaited showdown between Donald Trump and Hillary Clinton appeared to...

Whatever happened to the Trump Tower Tampa site and other big projects?

what happened to Trump Tampa A 35-story apartment tower in downtown St. Petersburg. Two huge new communities with sunset views of...
 
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!