While presidential candidate Herman Cain has drawn much attention with his 9-9-9 tax overhaul plan, many taxpayers would like to know exactly how his proposal would affect them.
The 999 Plan would impose a nine percent corporate tax rate, a nine percent income tax rate and a national sales tax of nine percent.
Experts have criticized the plan, saying that it would increase taxes for the poor and middle class, and provide cuts for the rich.
theGrio & NBC.com report:
The plan would represent a “major tax cut” for the rich and raise taxes “substantially” on the poor and middle class, Williams said. “Given that a big chunk doesn’t pay any income tax, this would be a big tax increase on people at bottom end. At the top end, the opposite happens.”
The top end would go from about a 35% income tax rate to 9%. “That’s a big, big drop,” Williams said, adding that the capital-gains tax would be another added benefit for the wealthiest. “People at the top would see far and away the largest share of the gains. Those people are going to see a huge tax cut.”
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