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October 19, 2011

Herman Cain's 9-9-9 plan under fire

This chart from the Tax Policy Center shows that Herman Cain's much publicized 9-9-9 plan will raise taxes on those earning less than $200,000 per year while lowering taxes for those above, with a huge windfall for the millionaire class. Matt Yglesias puts the numbers into a chart that show how incredibly regressive it is.

cain-plan.jpg
Cain's plan got him attention because of its catchy title. But because it is his only concrete proposal, it is going to hurt badly as the reality of its impact sinks in. He can stave off the inevitable for a while by claiming that all his critics are wrong or have misunderstood it or by weirdly repeating the phrase 'apples and oranges', but when even rabid anti-tax nutcases like Rick Santorum says that this plan will raise taxes on 84% of the people, he is in trouble. There is no way that this turkey is going to fly.

I was amused by Cain in yesterday's debate urging people to ignore all the analysts and do the math themselves. He must be depending on the poor math skills of the general public to save his plan.

Update: jpmeyer in the comments gives an even better graph by Jared Bernstein of the impact of Herman Cain's plan.

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Comments

Jared Bernstein had the best graph BY FAR of the 9-9-9 plan: http://jaredbernsteinblog.com/9-9-9-in-one-really-long-graph/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+JaredBernstein+%28Jared+Bernstein%29

Posted by jpmeyer on October 19, 2011 02:47 PM