Cain’s 9-9-9 plan also proposes a flat 9-percent income tax. This will be a huge tax break for the wealthy and a tax increase on the poor and many elderly. Using an analysis performed by the Tax Policy Center, a recent report on PBS found that:
… the Cain plan would give the very richest taxpayers an average tax cut of almost $1.7 million. [but] A typical middle class taxpayer would pay about $3,000 more. Low-income Americans would be hit hard. Instead of getting tax rebates, they would face a tax increase of almost $1,700.
When the non-partisan Politifact looked at the Tax Policy Center’s analysis, they found that:
83.8 percent of tax filers would get a tax increase under Cain’s plan.On the other hand, most of the tax filers who make more than $1 million would get a tax cut under the Cain plan … And the average tax cut for millionaires would be $487,300.
As Robertson Williams, a Senior Fellow at The Tax Policy Center put it: “the rich would make out like bandits”
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MORE READING
- Related posts: Investing in our communities
- Flat Taxes and Angry Voters - NYTimes.com (10/30/2011)
- By wide margins, Americans are now telling pollsters they want a tax system that raises more money and is more fair by asking the rich to pay more. They are connecting the dots between the lavish high-end tax cuts of the past decade and today’s serious problems — including widening inequality and mounting deficits — and demanding change.
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