Oct 14, 2011

Yes Uncle Herman has become the darling of the Republican Party and it's all because of his 9-9-9 tax plan.  But what exactly is in this plan, you ask.  Well, the good folks at MSNBC has decided to answer that question for you. 
Here is a little of what they reported:
So what is it, and what does it do? It would completely change the tax structure in the country and replace it with a:

- 9% income tax,
- 9% national sales tax, and
- 9% corporate income tax

Deductions, including the popular mortgage deduction, would be eliminated. There would be an exception, however, for charities.

It eliminates the capital-gains tax, which benefits those who make money in the stock market. And it eliminates the payroll tax, which funds Social Security.

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."

Currently, there is no federal sales tax. There are state sales taxes, however, and Cain's plan would add 9% to those. So, in Iowa, for example, where there is a 6% sales tax, that would mean a 15% sales tax.


You can also go to Cain's website and read the plan for yourself.  You know I'm all about reading and understanding for one's self.


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