9-9-9 AnalysisSubmitted by bevans623 on Thu, 10/13/2011 - 18:33
Bloomberg received an email from Rich Lowrie breaking down how 9-9-9 would work. Here's the link: http://www.bloomberg.com/news/2011-10-12/cain-s-9-9-9-plan-r...
and here's an excerpt:
"The estimate projected a tax base of $9.5 trillion from businesses, $7.7 trillion from individuals and $8.3 trillion from sales. With the 9.1 percent rate he uses, that would generate $862.6 billion in tax revenue from businesses, $700.8 billion from individuals and $752.6 billion from sales."
Now, I may be wrong, but wikipedia's page on the federal budget says corporate tax revenue was only $191 billion in 2010.
So, aside from the extra sales tax we'll all pay, prices are bound to rise as businesses try to recoup some of the 400%+ tax increase they are going to see.