|
Political Factoid
The 9-9-9 tax plan*
of 2012 Republican Presidential Candidate Herman Cain
- the man for the wealthy in America
- Total elimination of progressive taxes
a.k.a. 9% flat personal income tax
- MAJOR HIT ON THE LOWEST CLASS
Nine percent increase for minimum wage workers
Elimination of child care, school tuition,
health savings accounts and interest on home
mortgages
- MAJOR BENEFIT FOR THE WEALTHY
Largest tax cut yet for wealthy Americans
- 9% tax on corporate income
- MAJOR BENEFIT FOR THE WEALTHY
Down from an average 19%
- Many (but certainly not all) corporate
exemptions et al may go away.
- 9% national sales tax
a.k.a. "consumption" tax
- MAJOR HIT ON THE LOWER CLASSES
Massive regressive tax on all basic expenses
- Including tax on food, clothing, and medicine
- In addition to state sales taxes
- Requires Amendment to U.S. Constitution
- ZERO tax on capital gains
- MAJOR, MAJOR BENEFIT FOR THE WEALTHY
Down from 15%
- Zero Payroll Taxes
a.k.a. elimination of Social Security and Medicare taxes
- Down from 15% (employee + employer)
- SURFACE BENEFIT FOR EMPLOYERS
- MAJOR LOSS OF BENEFITS FOR LOWER CLASSES
- Zero taxes on corporate dividends
- MAJOR BENEFIT FOR THE WEALTHY
- Zero taxes on wealthy family inheritances
- MAJOR BENEFIT FOR THE WEALTHY
- New business tax for labor costs
- REPLACES PAYROLL TAX
(But only in years when company is profitable)
- More incentive to eliminate American jobs.
- Only Puffed Promises of jobs.
i.e., no guarantees
| * |
From overly complex to overly simplistic,
and even more disastrous.
|
cf.
3350
|
|
-30-
|
