It’s A Flat Tax!

If by flat you mean “zero,” then yes. At least for billionaires like Warren Buffet.

If the “9-9-9″ tax plan promoted by Herman Cain, a leading Republican presidential candidate, had been the law of the land last year, Warren Buffett would very likely have paid no income taxes, according to an analysis prepared for Yahoo News and The Lookout by the American Institute of Certified Public Accountants. At most, Buffett would have paid taxes on just 1 percent of his income.

As Pat Garofalo of ThinkProgress elaborates, only $4.9 million of Buffet’s $62 million in income would be taxable under Herman Cain’s 9-9-9 weekend pizza deal, and after special deductions, deductions that Cain’s plan would preserve, that amount would fall to zero.

Meanwhile, as Bob has relentlessly made a point of, Cain’s plan would raise taxes on the middle-class and the working-poor. A fact which is not entirely lost on anti-tax-man Grover Norquist, although it would seem that Norquist is still contemplating if raising taxes on the poor breaks his pledge or not.

Print Friendly
This entry was posted in Taxes and tagged , , , , . Bookmark the permalink.
  • http://www.facebook.com/people/Rick-Janes/607039439 Rick Janes

    Even that nitwit Michael Steele was on TV yesterday admitting that in his home state of Maryland, the 6% state tax, added to a 9% federal tax, would result in Marylanders paying a 15% tax on most everything they buy. In my own state, the sales tax is a little over 6%, with a 1% tax on food, medicine and medical equipment. That means we’d be paying 15% on most products and services, and 10% on essentials — a whopping increase to consumers. Meanwhile, the wealthy Herman Cain would get quite a tax cut, from 35% to 9%, as would the Godfather’s Pizza chain he formerly ran, from 35% to 9%. Herman and his top One Percent cronies would make out like bandits while the rest of us paid more. BTW, at least one writer claims Cain was a failure as CEO of Godfather’s Pizza:

    “If we look at sales figures which are in the public record, sales at Godfather’s Pizza, adjusted for inflation, dropped over 40% from the year before he took over to his final years. It is hard to imagine that profits went up at this time. Godfather’s Pizza fell from the 5th largest Pizza chain when Cain took over to the 11th largest Pizza chain by the time he left the company 15 years later.”
    — Jay Raskin, “Herman Cain’s Failure as CEO of Godfather’s Pizza,” Op-Ed News, June 11, 2011.
    http://www.opednews.com/Diary/Herman-Cain-s-Failure-as-C-by-Jay-Raskin-110611-401.html

  • http://drangedinaz.wordpress.com/ IrishGrrrl

    I heard on the radio this morning (not sure if it was NPR or ABC news) that he was offering a slight modification to his idiotic plan — to allow black Americans to pay less than everyone else. I thought my ears were playing tricks on me at first. First of all that would alienate the “white, I hate all brown people” base of the GOP. Second, it’s such an obvious frigging pander to the AA bloc its offensive. What, does he think AA’s are stupid?! Third, could it be a really cynical ploy to get Dems to divide along racial lines and further fracture our unity (which has never been great)?