Study: Cain Tax Plan Raises Taxes on 84 Percent

Tuesday, 18 Oct 2011 05:47 PM

 

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WASHINGTON (AP) — A new study says the 9-9-9 tax plan promoted by Republican presidential candidate Herman Cain would raise taxes on 84 percent of U.S. households, contradicting claims by the candidate that most would see a tax cut.

The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.

Those making more than $1 million a year would see their taxes cut nearly in half, on average.

Cain's plan would scrap current taxes on income, payroll, capital gains and corporate profits. He would replace them with a 9 percent tax on income, a 9 percent business tax and a 9 percent national sales tax.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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