Editor’s Note: The definition of news is often vague, but a breaking story to some news sites is presidential candidate Herman Cain’s admission that some will pay more taxes under his plan than they are now. Currently, roughly half of the population is not being taxed directly (although they are certainly paying indirectly through the products and services they buy from companies that do pay taxes). Under Cain’s plan, people who believe they are currently not paying taxes will face a rude awakening. Here is the Daily Caller’s perspective on this:
Republican presidential candidate Herman Cain admitted Sunday that “some people” would pay more in taxes every year under his “9-9-9” tax reform plan.
“That’s right. Some people will pay more,” Cain told David Gregory of NBC’s Meet the Press. “But most people will pay less, that’s my argument.”
Cain’s plan throws out the current tax system by establishing a 9 percent corporate tax, a 9 percent income tax and a new 9 percent national sales tax. During a lengthy discussion with Gregory, Cain defended his plan from critics who say the plan will make lower income earners pay more.
Asked by Gregory who will pay more, Cain said, “The people who spend more money on new goods. The sales tax only applies to people who buy new goods, not used goods. That’s a big difference… (read more)
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