Letter to the Editor
Republican candidate Herman Cain has released a new tax plan that he calls the 9-9-9 plan. ( percent federal income tax, 9 percent corporate tax, and a 9 percent national sales tax. But his plan is really a 9-9-9-0 plan because under his plan the capital gains tax drops to 0. Capital gains is how the top 1% – the super rich – make their money.
His plan is a huge tax cut for the rich and a huge tax increase for the rest of us. The 9% sales tax is a tax increase over the current sales tax. So here in California the sales tax would be 18%, not 9%. The 9% income tax is a flat tax with no deductions which is a huge increase for the lower middle class. And corporations which now control government and the super rich get a tax rate cut from 36% to 9%. And – the plan won’t being in as much revenue as the current tax system so the deficit will skyrocket. Cains 9-9-9 plan is just an election gimmick to try to trick people into voting for a system that will only empower the rich to take more from the rest of us.