Herman Cain's sudden surge powered by 9-9-9 plan
Wednesday, October 12, 2011
ATLANTA (AP) -- Herman Cain's 9-9-9 tax overhaul plan has helped fuel the Georgia businessman's sudden surge in the Republican race. But behind the catchy slogan is a reality: Experts say it will raise taxes on some Americans.
Cain says the tax overhaul is "simple, transparent, efficient, fair and neutral."
The plan would scrap the current tax code and replace it with a 9 percent tax on personal income and corporations as well as create a new 9 percent national sales tax.
Tax experts say it would hike taxes on the elderly and poorest Americans who currently pay no income or payroll taxes.