Herman Cain 999 Plan: Did It Come From SimCity?

http://abc­news.go.co­m/blogs/po­litics/201­1/10/9-9-9­-plan-woul­d-almost-d­ouble-taxe­s-on-middl­e-class/



"If you have a family of four with an income of just under $50,000, they could end up paying more under the Cain plan. Currently, they are taxed around $3,850 in income tax. Under Cain’s plan, they would be taxed at 9 percent or pay $4,500.



That’s $650 more.



Although the family would save almost $4,000 in Social Security taxes, it would have to give up the child tax credit worth the same amount. Furthermor­e, it would pay an additional national sales tax of 9 percent on everything purchased, including groceries and clothes, which totals about $2,000.



That means under the Cain plan that family could end up paying $2,725 more.



“It’s going to raise the price of just about everything by about 9 percent,” said former George W. Bush economic policy adviser Bruce Bartlett. “We know from experience and analysis that that tends to hurt people with low incomes.”



The Cain campaign says that his plan will not hurt people with lower incomes because under his plan employers would save $4,000 in social security taxes. That money could then be passed along to the employees creating a system in which everyone benefits."



Do you really think employers would pass the $4,000 savings in social security taxes to you?



Is that a tax plan you could believe in?
About Herman Cain
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