The Associated Press (AP) is reporting according to an independent analysis, Republican Tea Party (GOTP) current presidential flavor of the week Herman Cain’s 9-9-9 tax plan would actually raise taxes on 84 percent of U.S. households’ clearly contradicting claims by the Pizza Man that most Americans would see a tax cut.
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.
Wow, the lower 84% of Americans would be hit the hardest, go figure; it’s not hard to understand why his plan would hurt the mower and middle classes while actually helping the wealthiest; after all, Cain is the puppet to the Koch Brothers.
“You’re talking a $2,700 tax increase for people with incomes between $10,000 and $20,000”, said Roberton Williams, a senior fellow at the Tax Policy Center. “That’s huge.”
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
According to Williams, among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.
“It’s very, very regressive compared to the current system, and that’s largely because we’re exempting capital gains, and we’re taxing your spending with the sales tax,” he said. “People at the top end don’t spend all their money and they get a lot of capital gains, so they are doing pretty well here.”
The facts don’t exactly mesh with Cain’s views of his plan.
“Some people will pay more, but most people would pay less is my argument,” Cain said Sunday on NBC’s “Meet the Press.” “Who will pay more? The people who spend more money on new goods. The sales tax only applies to people who buy new goods, not used goods. That’s a big difference that doesn’t come out.”
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.
So, we’d scrap our current tax plan; give a huge tax break to the wealthy and effectively screw everyone else. Great plan Herman; but what would anyone expect from someone who’s in the Koch Brother’s hip pocket. Cain is a flim flam man, and between this revelation and his electrified fence his star is about to plummet.
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