New analysis shows that Herman Cain’s 9-9-9 tax plan would result in a significant TAX INCREASE for most Americans and would shift the burden of taxation from the rich to the poor.
The non-partisan Tax Policy Center just released an analysis of Herman Cain’s 9-9-9 tax plan. According to the Center, Cain’s plan would result in a TAX INCREASE FOR 77% OF AMERICANS. Over 90% of the lowest quintile of wage earns would see their taxes increase by 17% on average. In contrast, nearly 71% of the top quintile would see their taxes decline by an average of 8.6%. The top 0.1% would do even better. 97.8% of the very rich would see their tax rate decline by more than 21% for an average tax SAVINGS of over $1,750,000 per year. The super-rich would enjoy a 35.4% INCREASE in their after-tax income while the super-poor would see their after-tax income DECLINE by 17%. See the table below or click on the link for more details.
More details of the Tax Policy Center analysis are available here: http://taxpolicycenter.org/numbers/displayatab.cfm?Docid=3220&DocTypeID=