|
|
"A comprehensive, collaborative elections resource."
|
Cain’s 9-9-9 Plan Would Cut Taxes for the Rich, Raise Taxes for Almost Everyone Else
|
|---|
| Parent(s) |
Candidate
|
| Contributor | RP |
| Last Edited | RP Oct 19, 2011 11:50am |
| Logged |
0
|
| Category | Analysis |
| Author | Howard Gleckman |
| News Date | Tuesday, October 18, 2011 09:45:00 PM UTC0:0 |
| Description | Herman Cain’s 9-9-9 tax plan would result in a massive tax cut for nearly all of the highest earning Americans and a steep average tax hike for everyone else, according to a new Tax Policy Center analysis.
A middle income household making between about $64,000 and $110,000 would get hit with an average tax increase of about $4,300, lowering its after-tax income by more than 6 percent and increasing its average federal tax rate (including income, payroll, estate and its share of the corporate income tax) from 18.8 percent to 23.7 percent. By contrast, a taxpayer in the top 0.1% (who makes more than $2.7 million) would enjoy an average tax cut of nearly$1.4 million, increasing his after-tax income by nearly 27 percent. His average effective tax rate would be cut almost in half to 17.9 percent. In Cain’s world, a typical household making more than $2.7 million would pay a smaller share of its income in federal taxes than one making less than $18,000. This would give Warren Buffet severe heartburn. |
| Share |
|
|
2¢
|
|
| Article | Read Full Article |
|
| Date |
Category |
Headline |
Article |
Contributor |
|
|
