9-9-9; or Crazy-Crazy-Crazy
Ezra Klein points to an analysis of Herman Cain’s preposterous 9-9-9 tax plan by the Tax Policy Center. From his take on their take:
They found that the proposal would raise taxes on 84 percent of households — and, broadly speaking, those 84 percent of households would be the bottom 84 percent. A family in the bottom 20 percent of the income distribution can expect their tax bill to rise by more than $1,600. A family smack in the middle will be paying will be paying $3,238 more. It’s not until you get to households making more than $200,000 that you begin to see tax cuts. If you’re in the top one percent, your tax bill will drop by $307,000. The top 0.1 percent? A tax cut of almost $1.7 million.
Just remember, though: if you’re not in that $200,000+ tax bracket, it’s your own damn fault.
