Monday, October 17, 2011

Herman Cain's 999 Plan is Unfair to Poor and Seniors

I came across an interesting calculator on the internet, the Herman Cain 999 calculator, and I figured out what my taxes would be if this plan were implemented.  Last year Bob and I paid $335 in taxes.  Under Cain's 999 plan, we would pay about $8,500.   I was so upset I wrote an article "Herman Cain's 999 Plan Threatens Seniors".  The bottom line is that Cain's plan favors the wealthy and penalizes anyone who has to spend a large percent of their money on goods, since practically all new goods are taxed at the 9% rate.  The effective tax will be highest on those who don't make much money but have to pay most of their money out for goods.  Seniors are at an added disadvantage since Cain is taking away the payroll tax.  Those working would effectively get 6.2 percent more than those retired.  How is this fair?

If you want to check out Cain's plan to see how it will effect you, go to the Herman Cain 9-9-9 calculator.  I think that there will be many of you that will find out your taxes will be higher under this plan, not lower.

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