Herman Cain stands to benefit big time from his proposed 9-9-9 plan (9% income tax, 9% corporate tax, 9% national sales tax). Under that plan, which does not tax capital gains (made made from the sale of stocks, etc.), a family of 4 with an annual income of $50,000 would pay roughly $5,000 more in taxes than under the current tax code. Cain's taxes, along with those of the wealthiest Americans, would plummet under this proposal. Cain is worth somewhere between $1.85 million and $4 million, according to the financial report he filed with the Federal Election Commission in August.
Being the raging liberal that I am, I'm of course against this proposal. While I agree that the tax code needs a massive overhaul, this is not it. The 9-9-9 plan places the biggest burden on those who can least afford it, while the wealthiest Americans get wealthier. It's also worth noting, as a friend pointed out to me recently, Herman Cain more or less took this idea from the computer game SimCity 4. In that computer game, the person playing the game has the power to levy taxes over their city. The default tax rates are 9% income tax, 9% commercial taxes, and 9% taxes on industry. And this man could be president. Scary thoughts.
Source: http://www.msnbc.msn.com/id/44916676/ns/politics-decision_2012/#.TptF9XK3Mjk
If what you said about this making a family of 4 with an annual income of $50,000 paying roughly $5000 more in taxes under this code is true then I am strongly against his 9-9-9 plan. That's simply absurd to me. If what you said about SimCity4 is also true, not only is that funny but wow that is simply shocking.
ReplyDeletedude we had similar current events
ReplyDeleteGreat minds think alike, Tommy
ReplyDelete