CAIN’S 999 TAX CUT FOR THE RICHEST 1 PERCENT: $210,000 PER YEAR

Several analyseshave pointed out how Herman Cain’s much-ballyhooed 999 plan would raise taxes on low- and middle-income Americans while cutting taxes for those at the very top of the income scale. According to a new analysis by Citizens for Tax Justice, if 999 was in effect today, “the richest one percent of taxpayers would each pay $210,000 less in annual taxes on average, while the poorest 60 percent of taxpayers would each pay about $2,000 more in annual taxes on average, than they do now.”

UPDATE

The Tax Policy Center adds that “a taxpayer in the top 0.1% (who makes more than $2.7 million) would enjoy an average tax cut of nearly $1.4 million, increasing his after-tax income by nearly 27 percent” under Cain’s plan.