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Herman Cain’s 999 Tax Plan

Businessman Herman Cain has risen to “front-runner” status of the Republican field of candidates in the race for President of the United States on the wings his “9-9-9 tax plan”.  Americans like its simplicity, promise of a complete overhaul of the current tax laws and the fact that a candidate is saying something substantial at all.

Cain says that according to former Reagan Treasury official Gary Robbins, of Fiscal Associates, the 9-9-9 Plan will expand GDP by $2 trillion, create 6 million new jobs, increase business investment by one third, and increase wages by 10%.

Last week Cain came under scrutiny from experts stating that it, in fact, is a regressive tax and would penalize the poor and middle class.  The Tax Policy Center concluded that the “9-9-9 plan” would result in a tax increase for 84 percent of U.S. households, including more than 90 percent of people making less than $37,000.

Cain countered by releasing an updated plan would provide an exemption, of sorts, for those in poverty.  The plan will now be 9-0-9 for the poorest Americans, the candidate said last week in remarks that appeared designed to calm these recent criticisms that he would raise taxes on the poor and middle class.

Cain said in a policy speech in Detroit. “Say amen, y’all. If you are at or below the poverty line … then you don’t pay that middle nine,” he said, stating that this would be a flat tax.

The new plan creates what the Cain campaign called opportunity zones for less affluent areas — Cain’s version of a subsidy for the poor.  Under Cain’s plan, the federal government would designate for exemption from the 9-9-9 plan special areas with high unemployment and poverty. To be considered an opportunity zone, local leaders would need to adopt specific provisions to qualify, including eliminating minimum wage laws, issuing school vouchers and becoming a right-to-work area.  In these areas, businesses could deduct their entire payroll from their income that would normally be subject to the business tax. People who live or work in these zones would also get tax benefits, although Cain did not detail them.

During the recent presidential debate in Las Vegas Cain took the first question of the debate.  He was quickly attacked by nearly all of the candidates stating that it would increase taxes, not reduce them.  Cain’s argument was to appeal to Americans to review his plan, look into the details and make your own decision.

The details of the Cain plan that he asks America to review are as follows:

9% Business Flat Tax

  • Gross income less all purchases from other U.S. located businesses, all capital investment, and net exports.
  • Empowerment Zones will offer deductions for the payroll of those employed in the zone

9% Individual Flat Tax.

  • Gross income less charitable deductions.
  • Empowerment Zones will offer additional deductions for those living and/or working in the zone.

9% National Sales Tax.

  • Unlike a state sales tax, which is an add-on tax that increases the price of goods and services, this is a replacement tax. It replaces taxes that are already embedded in selling prices. By replacing higher marginal rates in the production process with lower marginal rates, marginal production costs actually decline, which will lead to prices being the same or lower, not higher.

9-9-9 Plan: Summary

•Removes all payroll taxes and unites all tax payers

•Provides the least incentive to evade taxes and the fewest opportunities to do so

•Lifts a $430 billion dead-weight burden on the economy due to compliance, enforcement, collection, etc…

•Is fair, simple, efficient, neutral, and transparent

•Ends nearly all deductions and special interest favors

•Features zero tax on capital gains and repatriated profits

•Exports leave our shores without the Business Tax or the Sales Tax embedded in their cost, making them world class competitive. Imports are subject to the same taxation as domestically produced goods, leveling the playing field.

•Lowest marginal rates on production

•Kills the Death Tax

•Allows immediate expensing of business investments

•Eliminates double taxation of dividends

•Increases capital formation which aids capital availability for small businesses

•Increased capital per worker drives productivity and wage growth

•Features a platform to launch properly structured Empowerment Zones to renew our inner cities

•The pro-growth, pro-job, pro-export economic policies of the 9-9-9 PLAN equals a strong dollar policy

 

Woman Says She Had 13 Year Affair with Herman Cain

“It was pretty simple,” Ginger White to an interviewer.  “It was not complicated and I was aware that he was married.

Cain, a Republican presidential candidate for President, as he said… that all thought he know Ms White he denies having an affair with her or anyone else.