Discuss as:

That's rich: Only the wealthy would benefit from Cain's 9-9-9 plan

AP

Republican presidential hopeful Herman Cain

The Tax Policy Center has released its analysis of Herman Cain’s 9-9-9 plan, and it finds that the only people who would benefit from it are those making more than $200,000 a year.

Everyone else, especially the poor, would pay more. And the middle class would now have the highest effective federal tax rate.

Those making $1 million a year or more would get a gaudy nearly $500,000 tax cut, a 15% change in their favor.

The poorest, those making between less than $10,000 a year up to $30,000 a year would see a between 15% and 20% tax increase. That means they would pay between $1,100 and $3,800 a year more in taxes.

Those making between $30,000 and $100,000 a year, would pay more than $4,000 a year more in taxes.

Here’s how the numbers break down by income level:

Less than $10,000: $1,122 more (19.5% increase, 22.1% tax rate)
$10,000-$20,000: $2,705 more (17.8% increase, 19.7% tax rate)
$20,000-$30,000: $3,833 more (15.0% increase, 22.1% tax rate)
$30,000-$40,000: $4,196 more (11.7% increase, 23.2% tax rate)
$40,000-$50,000: $4,399 more (9.5% increase, 23.8% tax rate)
$50,000-$75,000: $4,326 more (6.9% increase, 23.8% tax rate)
$75,000-$100,000: $4,368 more (4.9% increase, 23.8% tax rate)
$100,000-$200,000: $2,105 more (1.5% increase, 23.1% tax rate)
$200,000-$500,000: $11,155 less (3.8% decrease, 20.6% tax rate)
$500,000-$1 million: $59,489 less (8.6% decrease, 18.1% tax rate)
$1 million or more: $455,247 less (15% decrease, 17.9% tax rate)