Tax Policy Center evaluates the effects of Herman Cain's 9-9-9 tax proposal:

[patrice]

Note the linked table, in particular, for the fields: "Share of Total Federal Tax Change" & "Average Federal Tax Change ($)"

http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3222&DocTypeID=2

What we see in the 9-9-9 proposal is that the top of the top 1%, i.e. the 0.1% of incomes averaging appx. $8. million per year, the ones who generated the most fiat currency and who benefit the most from bank bailouts will also benefit the most from the 9-9-9 proposal with an annual tax reduction of over $1. million each.

[Old and In the Way]

1. If I made $8MM/year, I'd be delighted to live on $4MM, knowing that

the other $4MM is making this country a worthwhile place to live in. Do they really want to spend it all on compounds/security personnel and armored cars?

[patrice]

3. All of those incomes are going to addicts who have to feed the other addicts in those brackets or

they will turn on and eat each other.

It's fiat currency, so the fight is for their own survival, the 0.1% NEED to average $8. million a year, not for their lifestyles, but to feed the zombie-digit-machines around them, OR ELSE. It's high priced extortion.

[kestrel91316]

2. K&R

[Angry Dragon]

4. From what I understand part of the plan is to also

stop deducting payroll taxes that pay for SS and Medicare
No one says what happens to these programs

Did I miss something??

[IndyPragmatist]

5. Here is a great analysis of the plan

http://www.economist.com/blogs/democracyinamerica/2011/10/herman-cain


Herman Cain
Dial 9-9-9 for nonsense
Oct 17th 2011, 20:52 by W.W. | IOWA CITY

HERMAN CAIN is riding high in the polls. Among other things, his ascent is based upon a charming sense of humour, rousing oratorical skills, a story of moderate achievement in business, zero experience in elected office, which has allowed him to mould a perfectly zeitgest-matching conservative platform untainted by a record of no-longer zeitgest-matching political decisions, and, finally, the bold, clear proposition of the 9-9-9 tax plan. Now that Mr Cain is having a moment in the sun, what had seemed a gimmicky ploy is undergoing serious scrutiny, and we can expect Mr Cain to get hammered on the details of the 9-9-9 plan in tomorrow night's Republican debate.

Mr Cain touts the simplicity of the 9-9-9 plan, but it is anything but simple. Even after reading about it on Mr Cain's campaign site, I'm still not sure I understand it. I thought I knew that the plan proposed 9% income, sales, and corporate tax rates. But the corporate tax is not a simple reduction in the corporate tax rate, as I had thought, but a value-added-tax on "Gross income less all purchases from other U.S. located businesses, all capital investment, and net exports." Anyway, the 9-9-9 plan is not what Mr Cain ultimately has in mind for American tax policy. It is but the first step of a two-step process to replace most federal taxes with a 30% national sales tax, a version of the so-called "Fair Tax". Why not go directly to the Fair Tax, then? Why the transitional step? Mr Cain's statement doesn't really say, though it does seem to imply that the Fair Tax is at present too unpopular to implement. "Amidst a backdrop of the economic renewal created by the 9-9-9 Plan," Mr Cain says "I will begin the process of educating the American people on the benefits of continuing the next step to the Fair Tax."

http://www.economist.com/blogs/democracyinamerica/2011/10/herman-cain