Cain's 9-9-9 plan: Good for the rich, bad for the poor

By Steven Thomma | McClatchy Newspapers

WASHINGTON — Republican presidential candidate Herman Cain's proposed 9-9-9 tax plan would shift the tax burden in the United States, raising taxes on the poor while cutting taxes for the wealthy.

Cain proposes to scrap the current tax code and replace it with a flat 9 percent tax on personal income, a second 9 percent tax on corporate income, and a third 9 percent tax on sales. It also would eliminate the payroll tax paid for Medicare and Social Security, the estate tax, and capital gains taxes.