Skip to comments.Raisin' [a Few Issues for the Purpose of Honestly Vetting Herman] Cain!
Posted on 10/16/2011 2:32:45 AM PDT by Cincinatus' Wife
"I'm the only problem-solver in the group," Republican presidential candidate Herman Cain told Mike Huckabee in an August Fox News appearance. Well, many candidates bill themselves as problem-solvers. In fact, if we asked any candidate running for any office in the entire country, practically every one would likely define him- or herself as able to solve problems. Yet we know that politicians, as a rule, create and worsen problems rather than fix them.
.....Overconfidence turns the hopeful campaign pronouncements of otherwise successful people into dismal policy. In the end, Americans usually end up with more laws, less freedom, and no money.
The question is what type of problem-solver Cain will be as president......
Examining Herman Cain's record leaves serious questions about which type of problem-solver he is. In a column published October 20, 2008, Cain blamed conservatives' "economic illiteracy" for their opposition to the freshly passed Trouble Assets Relief Program.
"Wake up people!" admonished Cain with typical candor. "Owning a part of the major banks in America is not a bad thing. We could make a profit while solving a problem." Cain goes on to defend Treasury's decision to post-legislatively change TARP to buy preferred stock in banks rather than toxic mortgages. "You got a problem with that?" asks Cain. Apparently he didn't.
Cain reassures "free market purists" that the Treasury's stock purchase is "not nationalization because that would require government to own at least 51% of the entity for an indefinite period of time." (This is a relief, because some of us thought that government would use this foot in the door to force mergers, control salaries, and set lending rules. Oh, wait...)...
(Excerpt) Read more at americanthinker.com ...
Interesting post & thread. Thanks to all posters.
Cain would not try it without GOP majorities in both houses of Congress, to avoid perverting the plan. The 9% is “on top of” a much smaller income tax. The old, large income tax appears right now in the prices of goods and services.
“Damn straight. That’s the reason the rate can be lower. Everyone pays it. Not just the “top 53%” “
But SS and savings were already taxed once, 999 will tax it again. That wont sell.
Oh, the plan is garage sales?
NUTS Herman Cain!
How does this stimulate the economy are we to make due with 1950’s cars like Cuba?
Yeah buddy this guy is an economic genius.
Sure makes more sense that getting Gov out of the way of energy costs and regulation
The difference between the candidates can be boiled down simply. Perry supports the current 35-35-0 system in which politicians get to dole out tax breaks to ease the corporate rate (highest in the world). Perry wants to create jobs Texas-style in energy especially, dialing back EPA regulations. Cain is fundamentally different with his flat taxes. His way of creating jobs is to not confiscate income from job-creators or corporate profits. But some people have a legitimate beef with sales taxes by the Feds, it opens up a door they don’t want opened.
Hows that 401K working for ya?
Dont forget, you get to pay taxes on that and then Hermans gonna tax it again!
Thank you very much. You’ve put that more succinctly than all the articles I’ve read so far.
The Fed sales tax is troubling, but we’re definitely at a crossroads where we have to take some risks—leaving things as they are is a risk, too.
Lets call on the “Super Committee” for a decision.
I vote for a reasonable flat tax with very few deductions.
NO national sales tax!
It looks to me like he 9-9-9 is never going to happen without a Republican majority in both Houses, so that is a big if, and what if We get a Dem majority in 10 years?
We would need a Constitutional Amendment to keep the tax plan at 9-9-9. It will never happen because we can't even get a balanced budget amendment passed.
So Cain's tax plan is nothing at all, never will pass and can only be torn down for it's faults. So we go on to his border plan, 2000 miles of electrified fencing with enough voltage to kill anyone who touches it. How far is that gonna go in a general election?
Sounds like equality of opportunity. Anybody should have the opportunity to get wealthy and not have that wealth taken from them Obama style. The 9-9-9 plan simply does that, it does not take 35% of high earner's income and it does not take 35% of corporate profits. Those two money sources are the source of most new (lasting) jobs.
Again, this is only if you are dead set on going Galt. The average Joe — in retirement or not — will see retail goods get cheaper by 9% or more, because overhead for the businesses that manufacture and vend them just went down by 15-22%.
Maybe there could be a transition plan for funds saved pre-999 (non IRA/401(k)), but this is benign even as is.
Cain will add a federal sales tax and although I am not particularly happy with that, the economy will undoubtedly boom as we shift from consumption to production.
If we require class warfare to win elections (or pandering to class warfare) then we have lost. Taxes on the rich are nothing but a ball and chain on the economy, our entrepreneurial class is strong enough to overcome them for now, but that won't last forever.
Where does it say in his plan theat presciption drug’s and food will be taxed? Most states have those as tax exempt.
I’d like to see a flat rate, paid by everyone... with not exemptions.
That, and the corporate income tax rate ended, with the legal ‘person’ that a corporation ‘is’ paying the standard flat-rate personal income tax rate.
I figure it ought to be around 16-18%.
Where is Perry’s plan? I would like a link to what Perry thinks about our nominal corporate tax rate, the highest in the developed world. About all it does is allow politicians to dole out breaks to make it more competitive with the rest of the word (although still very high). Taxes on corporate profits take away from R&D and expansion (except where the benevolent Congress doles out breaks for those items).
Who is going to consume with an additional %9 tax?
The economy is stagnant now.
If you are a business producing a retailed product and your income tax went down from 35% to 9%, and you got competition, you saying that prices won’t dive?
I understand it, I understand the allure of it and I also understand the reality of how Washington gets a hold of these things.
I read in the Washington Post on line that there has been a bit of back tracking on the 9% income tax on poverty level citizens. I want another source but my gut told me that was coming anyway. The next perversion of it will be exemption on those over 65. We already have an exemption for economic empowerment zones which sounds like liberal speak for bad neighborhoods.
Pretty soon you wont even recognize it because it's a political loser.
What on earth do you mean by, “My Taxes are already paid free and clear, That is the way I like things.”
Are you referring to IRS withholding from your paycheck? Are you arguing for the status quo? How are your taxes “already paid free and clear”??
They will consume goods that have become cheaper.
>> They do not realize that due to elimination of hidden taxes, prices would ease under the Cain plan
The plan is revenue neutral; net taxes will NOT be decreasing. They’ll merely be shifted around (adding in another huge entirely new revenue stream for Congress to play with).
Across the board price decreases are fantasy math, similar to the Congressional fantasy of promising spending cuts later if you give in to tax increases now.
Consumption has made our economy stagnant. We have been borrowing to consume and now that has come to an end. The solution is to save and produce more.
The only way to justify that statement is to ignore the free market which inevitably lowers prices through competition.
Where does it say they wouldn't be taxed? If they weren’t to be taxed he would have put that in his ‘well thought out plan’. He took the time to put in the ghetto tax breaks because that was important to him.
Do you really think tax a federal sales tax plan would tax different states on some things but not others?
Some states tax used items too.
Thanks for the link, I am watching it now, but would still like a writeup.
I am speaking of savings. Monies that you have already been taxed on, and now this butthead wants
to tax me again at %9 and tell me its a great new beginning?
The Laffer curve will come into play. 35% is probably well to the right of the Laffer peak. This 27% will open up doors for economic development.
No its a consumption tax, dont spend anything and you dont pay it. What part of lower overall tax dont you understand
If retailers’ tax overheads go down, competition will force prices down. Result in purchasing power is better than the status quo.
And even then, I'm leery of authorizing the federal government to enact a sales tax. For that is a new tax... and who knows what the next party in power will do to it.
It's best not to give the authority to the government at all.
“No its a consumption tax, dont spend anything and you dont pay it.”
Great! No food, elec, heat, Rx, etc etc. Sign me up./sarc.
That’s the idea. The bill that establishes the new tax, will also repeal the old.
You’re paying more than 9% in hidden taxes for these things now.
Sections: [ Policy Recommendations with each section]
Energizing American Jobs and Security
Our Conservative Philosophy
The Failed Current Approach
BARACK OBAMAS INCOHERENT ENERGY POLICY
AN ALL-AMERICAN ENERGY POLICY
American Energy, American Jobs
DEVELOPING AMERICAS DOMESTIC RESOURCES IN THE GULF
American Energy, American Jobs
PENNSYLVANIAS MARCELLUS SHALE
Maintaining Reliable and Affordable Energy
POWERING AMERICAS ENGINES OF COMMERCE
THE VIRGINIA CASE STUDY
Maintaining Reliable and Affordable Energy
Energizing America: Jobs and Security
A NEW PRESIDENT, A RENEWED AMERICA
FRiend, it’s fairly apparent that you aren’t vetting candidates at all but rather ranting and spreading misconceptions.
Have you really been up all night bashing Cain? Are you on the Perry payroll or just disturbed?
A more polite and reasoned approach might help you make a point. Calling a good man a “butthead” just makes you sound like a jerk.
Perry: “I will [eventually] tackle tax reform” HIs first 100 day plan seems to be all about energy. That’s great and necessary, but not sufficient. Again, is there a writeup? I am still listening, but there is lots of rhetoric about energy, but not much more than that.
I agree. I would think a new President would cut taxes.
“...sales tax (is a tax on) money already taxed...”
As it is now in the states with a state income tax and a state sales tax.
The 9 9 9 concept spreads the tax base to capture a larger pool of taxpayers in a more even and more fair manner.
Everyone then has a stake in the country; w/ no free-riders.
That’s a pretty piss-poor attitude. An ‘oh, this sap’s an idiot with money, so let’s tax him more’ mindset is, well, revolting.
How about we tax people that believe that cr@p at 150%, leaving you in the hole every year?
Is that the right thing to do? All that does is flip your attitude, leaving the concept turned on it’s head. But leaving the basic concept.
>> Why can we not vet this guy?
Because he’s not Rick Perry! Didn’t you read the memo?
Like Palin, Cain is soooo obviously Genuine Conservative(tm) that he **requires no vetting**.
If you believe in wasting time vetting Cain why don’t you go over to DU where you belong?
But I would still like to know what he is going to do for the rest of the economy. Is there a plan to lower corporate taxes? Ours are the highest in the world by nominal rate. The only reason they are not the very highest is that the politicians get to dole out breaks (e.g for R&D) in exchange for campaign contributions. We need to get rid of that problem.
The part about if I use the money I already paid tax on I get Taxed again at a %9 rate.
The plan I present this morning, Energizing American Jobs and Security, will kick-start economic growth and create 1.2 million jobs.
It can be implemented quicker and free of Washington gridlock because it doesnt require congressional action. Through a series of executive orders, and other executive actions, we will begin the process of creating jobs soon after the inauguration of a new president.
There is, of course, an important role for Congress to play. And in a matter of days I will offer to the American people a broader package of economic reforms that I will take to Congress when I am elected President. My complete economic growth package will tackle tax reform, entitlement reform and real spending reductions in order to address our growing debt crisis.
But today I offer a plan that will create more than a million good, American jobs across every sector of the economy and enhance our national security, and the best news is it can be set in motion in my first 100 days.
My plan is based on this simple premise: Make what Americans buy, buy what Americans make, and sell it to the world."....Speech