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Warren Buffett Would Most Likely Pay No Income Tax Under Herman Cain's '999' Tax Plan: Analysis
Warren Buffett Would Most Likely Pay No Income Tax Under Herman Cain's '999' Tax Plan: Analysis
Yep, Herman Cain is your man if you make a lot of money. If you are poor or a middle income earner, plan on paying more taxes while the super wealthy pay next to nothing under Cain's plan. Seriously, would Cain win any electoral votes if he were the nominee? His 9-9-9 plan sounds wonderful until you actually look at it. What astounds me is that many here have looked at it and think it's a great idea. It's laughable.
Warren Buffett might want to pay more taxes, but if Republican presidential candidate Herman Cain gets elected, Buffett might not pay any taxes at all.
If implemented, Cain's "999" tax plan would eliminate taxes on capital gains, significantly reducing Buffett's tax rate because his ordinary income, outside of capital gains, comes to about $4.9 million. Cain's plan would cap corporate, income and sales tax at 9 percent. According to an analysis prepared for Yahoo's Lookout by the American Institute of Certified Public accountants, the 999 plan would leave Buffett paying around $440,000 in income tax, or 1.1 percent of his approximate $40 million in currently taxable income.
Warren Buffett Would Most Likely Pay No Income Tax Under Herman Cain's '999' Tax Plan: Analysis
Yep, Herman Cain is your man if you make a lot of money. If you are poor or a middle income earner, plan on paying more taxes while the super wealthy pay next to nothing under Cain's plan. Seriously, would Cain win any electoral votes if he were the nominee? His 9-9-9 plan sounds wonderful until you actually look at it. What astounds me is that many here have looked at it and think it's a great idea. It's laughable.