Cain's 9-9-9 tax plan is simple: Most will simply pay more
Oct-16-2011

When it comes to Republican presidential candidate Herman Cain's proposed 9-9-9 tax plan, there's one thing all sides agree on: it's very simple.
If you're a corporation, own a small business or count yourself among the richest Americans, you'll simply love it. If not, you'd simply pay a lot more in taxes.
Everyone hates the current tax code. A Congressional supercommittee is attacking the mess as part of a broad proposal to balance the federal budget. President Barack Obama wants to pay for his jobs stimulus package by raising taxes on the wealthiest households. Corporations are agitating for a "tax holiday" to bring home over a $1 trillion in profits stashed overseas to avoid the IRS back home.
Now Cain, who has recently surged to the front of the pack of GOP presidential contenders, is drawing attention to a radical idea. Rather than slog through the political morass of overhauling the existing system, just scrap it entirely. No more deductions, exemptions, incentives and tax loss carry forwards
In its place, Cain wants the government to pay its bills with three sources of revenues held to single-digit rates: a 9 percent tax on all consumer purchases, a 9 percent "business" tax and a 9 percent income tax.
Cain claims the plan is already generating popular support among voters, which will make it much easier to implement in the political quagmire that has numerous tax reform proposals.

Click the link below for the rest of the article!

Visit Website

Posted by Ken at 4:50 AM - Link to this entry  |  Share this entry  |  Print