Thursday, October 20, 2011

9-9-9? Nein! Nein! Nein!

Paul Krugman posted a chart the other day from the Tax Policy Center summarizing the effect of Herman Cain's 9-9-9 tax proposal on  Americans based on their income:

The column to focus on is the last column, which reflects the percentage change in after-tax income for each quintile (20 percent) of the population based on income. The poorest 20 percent of Americans would see their after-tax income reduced by more than 18 percent; the next 20 percent, by more than 15 percent. And by contrast the highest 20 percent income Americans would get an increase of 7.1 percent in their after-tax income.

But Herman Cain says that his plan would not raise taxes on lower- and middle-income Americans. He is either clueless or lying.

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