Posted on 10/14/2011 11:03:38 AM PDT by casablanca
Herman Cain’s catchy 9-9-9 tax overhaul system is gathering major supporters as the former pizza magnate consolidates his position at the top of the Republican field in the race for the White House.
House budget committee chairman Rep. Paul Ryan and Ronald Reagan’s economic guru Art Laffer both expressed their support for the plan which would replace the current tax code.
The anti-tax Club for Growth also came out in favor of Cain’s plan which would cut income and corporate taxes to 9 percent and institute a new national sales tax at the same level. Payroll, capital gains and estate taxes would all be eliminated under Cain’s proposals.
(Excerpt) Read more at newsmax.com ...
“He’s really talking to a huge swath of the Republican primary base and Independent voters as well to say the politicians have handled this for years and years and years and that’s why we are where we are.”
Why is there an apostrophe in gains? Is this the newsmax title?
You cannot say this plan is inferior to our current tax code!
You are right! 9-9-9 is 1000 times better than what we have now. :)
The Club for Growth has been consistently rejected and attacked by many on FR for years. And Rep. Paul Ryan said he thought 999 was a good starting point for further discussion. Nothing more.
I congratulate Herman Cain and his goal to get more attention for his cash strapped campaign. Otherwise, 999 will never see the light of day. Cain's 999 plan is a gimmick to hoodwink and attract voters to a fly by the seat of your pants campaign effort.
Conservatives don't want an expansion of the federal tax code to include a national sales that could set the stage for a future VAT, value added tax. And liberals will never approve of abolishing the FICA tax for SocSec. Won't happen.
One very important aspect that seems to be lost among 9-9-9’s detractors is the fact the corporate tax rate will drop markedly. Couple that with a handful of regulatory rollbacks and the economy will produce jobs left and right, broadening the tax base.
Art Laffer is still a stellar economist. His recent books are absolute must reads:
The End of Prosperity: How Higher Taxes Will Doom the Economy—If We Let It Happen
and
Return to Prosperity: How America Can Regain Its Economic Superpower Status
And the notion that 999 is an expansion of the tax code when it adds one tax but eliminates 5 others is a bit silly.
Cain needs to explain his empowerment (entitlement) zones in his plan.
Putting in an apostrrophe is one of the maddening traits of the semi-educated products of Public Education. These poor illiterate schlubs think that to make a word PLURAL you must put in an apostrophe before the s. When they do that, they DO NOT make it PLURAL......they make it SINGULAR POSESSIVE!
I like Cain, but how does 9-9-9 stop the government from spending more than it takes in? That’s the plan I’m looking for. It’s like taking a second job to balance your budget, but having no idea what you make or spend. You can make all the money you want and still never balance your budget. It’s a solution to a problem, but not the problem that matters.
That’s one drawback of 999. It has overshadowed some other policy discussion. Cain, Bachmann and Paul have all vowed to balance the budget their very first year.
There is another Reaganite economist who worked for Jack Kemp on creating the Kemp-Roth tax reform plan which led to President Reagan's Economic Recovery Tax Act of 1981. Read Bruce Bartlett's analysis of Cain's 999 tax plan: Inside the Cain Tax Plan. Its a different take on the subject.
Sorry, 999 is never going to become law. Period. If you want to debate it in the hypothetical, take away the 9 for the new sales tax, then we'd be on more common ground. Otherwise, as a political ploy, 999 is a marvel.
Bartlett? You mean this retarded stooge?
Bartlett Loses His BDS Pills, Endorses Hillary!
http://archive.redstate.com/blogs/cni_redrum/2007/may/01/bartlett_loses_his_bds_pills_endorses_hillary
Don’t forget the phrase: “eliminate the death tax”.
My understanding is that Laffer did not specifically approve Cain’s 9-9-9 Plan. He only confirmed that an income tax rate reduction will result in more government revenue (i.e. taxable income elasticity) as illustrated in the famous Laffer Curve.
Per wiki:
“Laffer presented the curve as a pedagogical device to show that, in some circumstances, a reduction in tax rates will actually increase government revenue and not need to be offset by decreased government spending or increased borrowing. For a reduction in tax rates to increase revenue, the current tax rate would need to be higher than the revenue maximizing rate. In 2007, Laffer said that the curve should not be the sole basis for raising or lowering taxes.”
http://en.wikipedia.org/wiki/Laffer_curve
So if and when Cain’s candidacy fails, who are you rooting for as the nominee?
Methinks you have a dog in this fight, beyond just trying to eat the toppings off the 999 Pizza.
Nope. He approves.
Reagan Economist Art Laffer: Cain‘s ’999‘ is a ’Wonderful Plan’
http://www.theblaze.com/stories/reagan-economist-art-laffer-cains-999-is-a-wonderful-plan/
Judging by his posts yesterday, he sounds like a fan of the Texas Two-Stepper
Shouldn’t your screen name be “Perry Man” instead of “Reagan Man”?
Even allowing for the poorly thought through promises routinely made on the campaign trail, Mr. Cain’s tax plan stands out as exceptionally ill conceived.
And here’s the kicker in the Cain plan. Phase 2 is merely a transition to yet another fundamental tax reform. In Phase 3, the United States would adopt so-called Fair Tax, which would replace all federal taxes with a 30 percent sales tax on all goods and services.In a previous post, I explained why the Fair Tax is a bad idea. I went into more detail in testimony before the House Ways and Means Committee on July 26.
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