There’s been a lot of talk lately about Herman Cain’s 9-9-9 plan (or 9-0-9 for po’ foke.) It’s not only a regressive tax that disproportionately impacts poor people, it’s also a MASSIVE give-away to the very, very rich.
That weird looking thing to the right of this text is a graph of whose taxes go up and whose taxes go down under Cain’s plan. Those red lines on the right are how much the taxes of the über-wealthy will drop if his ridiculous 9-9-9 plan is adopted. I have had to shrink a ton in order for it not to consume this page. Click on it to show it in its full glory.
The top 20% of taxpayers will see their taxes drop by an average of $14,442 per year. Everyone else is a loser and will see their taxes increase under the 9-9-9 plan. But, dude, if you’re in the top 1%? SCORE! You’ll see your taxes drop by an average of $238,422 per year! Yee haw!
But wait! If you’re in the rarefied air of the top 0.1% of our country’s super-rich? That’s when the gold mine really starts to pay off. As soon as President Cain passes this boondoggle, you, my friend, are in Fat(ter) City. Oh, yeah, baby. Can you say “An extra $1,356,078 in my pocket, suckah!”? ‘Cause that’s what his plan will do for you.
Kind makes Bush’s tax cuts look paltry by comparison, doesn’t it?
So, anyways, here’s a picture of my cat to fill up all the extra space. That graph messes everything up. And I mean that on a number of levels.
May, I have your attention, please?