One of the most common questions I see in the Herman Cain Facebook page or in online forums is, “How do I calculate how 9-9-9 will impact me?”
Now, you can know for sure. Download the 9-9-9 Personal Tax Calculator that I built. Either open it in Microsoft Excel, or create a free account in Google Docs to upload the form and use it there (for those of you who don’t own the software and don’t want to buy it).
Here are the highlights of Cain’s 999 Plan:
- Eliminate personal and employer payroll taxes (FICA)
- Eliminate the capital gains tax
- Eliminate the death tax
- Eliminate double taxation on dividends
- Reduce the federal income on all Americans to only 9%
- Implement a 9% national sales tax
Many people make the false assumption that a 9% income tax and new 9% national sales tax will make their effective tax rate 18%. But, this is far from the truth when you dive into the numbers, remove the taxes that 999 will remove, and then simplify the tax code. This becomes clear when you test your own numbers in the calculator.