Posted on 10/18/2011 3:59:44 PM PDT by mdittmar
The first detailed analysis of Republican presidential candidate Herman Cain's 9-9-9 tax plan found that it would cut taxes for Americans making $200,000 or more a year and raise taxes for those making less than $200,000 a year.
The analysis was released today by the independent Tax Policy Center, a joint venture by the Brookings Institution and the Urban Institute.
Cain's 9-9-9 plan, which would institute a flat 9 percent business, individual and national sales tax, has been credited for catapulting the former Godfather's Pizza CEO to the top of the Republican race.
The Tax Policy Center found that if the plan were instituted, those making more than $1 million would receive a $455,000 (15 percent) tax break, while those making $20,000 to $30,000 would see a $3,800 (15 percent) tax increase.
Derek Thompson of The Atlantic put together a graph with the information from the Tax Policy Center. It shows the percentage change on effective tax rate by annual income:
50% of America pays no taxes. Screw you NPR
Good. It’s about time the freeloaders had a stake in the expenses the rest of us have been for.
How ironic: National Public Radio - taxpayer supported media opining on taxes.
I just heard this reported on ABC news too.
Independent, Brookings Institution, and Urban Institute don’t go together.
Cain is joking about 999.
It is wrong to say that half pay no taxes at all. Saying that identifies you as someone who does not have a clue about taxation in this country.
BTW, the Federal Income Tax was sold to the public as something that would only be levied on the top 1 or 2%.
What is wrong today is that ONLY HALF the people escape the federal income tax when 98% should rightly escape it. Since they don't that proves it failed. That means it should be rescinded. Some other thing could be tried.
I don’t know that this 9-9-9 plan is the best way to go about it, but I applaud the goal of getting some contributions to Federal tax revenue from those who are currently paying none.
If Mr. Cain is a wise man, he will lay out what he wants the plan to achieve, and ask for suggestions from the best-intentioned of his critics.
Brookings is a Leftwingtard operation ~ not to be trusted.
Hatch Act ?
How is paying nothing a fair share? What if only those who pay taxes (fair share) should be allowed to vote!
George Bernard Shaw said: “A government who robs Peter to pay Paul can always depend on the support of Paul”.
The part I don't get is the national sales tax. What might I buy that would incur a national sales tax? It's all a state tax, and I heard Cain acknowledge that state tax wouldn't change and would be in addition to 999 taxes.
This regime has been a constant flouting of the Hatch Act in thought, word and deed. What’s one more instance?
It is much more important to cut federal expenditures. First, get rid of the ObamaKKKare threat. Second, get rid of the $78 billion per year wasted at Department of Education. Third, get rid of EPA (but also get rid of the laws they administer as well else we’ll just trade devils we know for devils we don’t know). Fourth, begin collecting tribute from these countries we defend ~ e.g. Canada, Norway, Ireland, Uganda...... and various others.
here’s their report card on the stimuloss...can anyone make heads or tails of this??
http://www.taxpolicycenter.org/UploadedPDF/411830_senate_stimulus_reportcard.pdf
Anyone who thinks that only the top 1-2% of Americans should pay taxes is a class warfare idiot that would fit in nicely with the Occupy Whatever crowd.
And you want to pay more?
I agree. Cut Federal expenditures, and eliminate all the laws and programs that are generating the expenditures.
those making $20,000 to $30,000 would see a $3,800 (15 percent) tax increase.
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