Cain's 999 plan is a big Zero for Virginia
October 7, 2011
Tomorrow, GOP Presidential Candidate and pizza mogul Herman Cain travels to Lynchburg and Richmond. In advance of that visit, we're previewing Cain's 9-9-9 tax plan and why its bad news for Virginia.
Cain's 9-9-9 plan: Cain's economic plan would scrap the current tax code and replace it with a 9% flat tax on personal income, a 9% flat tax on corporate income, and a 9% sales tax. Economists agree the plan is a regressive tax model that would increase taxes on poor Americans while also significantly decreasing federal tax revenue, resulting in either an exploding deficit or massive cuts to federal safety net programs.
The Progressive Point: Herman Cain's tax plan would devastate Virginia's middle-class families, raising taxes on most citizens while exploding our deficit. Cain's plan pulls the rug out from under working Americans, forcing them to pay more for fewer vital government services. At a time when most Americans are clamoring for millionaires to pay their fair share, Cain's tax plan would let the wealthiest off the hook while increasing taxes on those who can least afford it.
Tweet it : Herman Cain's 999 plan to raise taxes and cut services is a big zero for Virginians. http://ow.ly/6QDL5 via @ProgressVA