The 9-9-9 Plan: Is The Herman Cain Tax Plan A Good Idea?
As he continues to heavily tout his “9-9-9 plan”, Herman Cain has seen his popularity soar. But is the Herman Cain tax plan a good idea for America? Without a doubt, the “9-9-9 plan” is simple and it is easy to remember. To most Americans, it sounds like a low tax plan. But is that the truth? As you will see below, Herman Cain’s 9-9-9 plan will actually raise federal taxes on some middle income Americans to as high as 37 percent. If the other Republican candidates understood this, they would be jumping all over Cain. But instead the best that most of them seem to be able to do is to make jokes about it. For example, Jon Huntsman said that he thought that the 9-9-9 plan “was the price of a pizza when I first heard about it.” That is a funny line, but the reality is that the future of our tax system is very serious business. Our economy is dying and our nation is drowning in debt. We need some very real solutions to our very real problems. So let’s take a closer look at the 9-9-9 plan that Herman Cain is proposing….
The one great thing about the 9-9-9 plan is that it would completely eliminate the current tax code. That should be the starting point for any proposal for reforming our current system of taxation.
Under Herman Cain’s plan, all current federal taxes would be eliminated. Social Security taxes would be eliminated, estate taxes would be eliminated and capital gains taxes would be eliminated.
All current tax deductions and loopholes would be eliminated as well.
So far so good.