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The Ugly Herman Cain Tax Truth

October 18
23:04 2011
Stephen Ohlemacher writes:

Herman Cain’s 9-9-9 tax plan would raise taxes on 84 percent of U.S. households, according to an independent analysis released Tuesday, contradicting claims by the Republican presidential candidate that most Americans would see a tax cut.
The Tax Policy Center, a Washington think tank, says low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
“You’re talking a $2,700 tax increase for people with incomes between $10,000 and $20,000,” said Roberton Williams, a senior fellow at the Tax Policy Center. “That’s huge.”
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut nearly in half, on average, according to the analysis.
Among those in the middle, households making between $40,000 and $50,000 would see their taxes increase by an average of $4,400, the report said. Those making between $50,000 and $75,000 would see their annual tax bill go up by an average of $4,326.

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