Posted on 10/05/2011 12:02:36 PM PDT by SeekAndFind
Herman Cain has been rising up the polls in recent days, and he joined Glenn on radio this morning to talk about his candidacy for 2012. Mr. Cain was pretty impressive and his 9-9-9 tax policy even had Glenn breaking out the Barry White, a ritual usually reserved for the Chris Christie conservative porn.
You notice I dont give generic answers to some of these big things that we face. I talk about solutions. And this 9‑9‑9 economic growth and jobs plan has resonated with people. Im talking about people who are out working every day, they are here one time and they get it, Cain told Glenn.
Can I tell you something? I have to tell you, the first time I heard your 9‑9‑9 thing, Glenn said as Barry White started to play over the airwaves. I am absolutely in. It makes total sense.
It first throws out the entire tax code, Cain said. Throw out the tax code. Thats where we start. And then we pass the 9% business flat tax, 9% personal income flat tax, and a 9% national sales tax.
Heres the other thing, Glenn. There are no loopholes. See, if you look at Romneys plan, if you look at Newts, with all due respect, they pivot off the tax code. This has no loopholes, all businesses are treated the same. Small businesses, Subchapter S, sub corps, no loopholes, Cain added.
Glenn and Cain also talked about Cains time in the Federal Reserve. Cain agreed that the Fed was hurting America, and promised that Congressional legislation would help clip the wings of the organization.
Congress has the power to narrow back the mission of the Federal Reserve. Thats what we need to do, Cain emphasized.
And what does Cain think of the protests on Wall Street?
First of all, the Wall Street protestors are anti‑capitalism. The Wall Street protestors represent in my opinion ‑‑ I dont have factual information. It is an attempt to distract from the failed policies of the Obama administration and so they want to blame the fat cats, they want to blame Wall Street for the fact that $14 million people are still out of work. They want to blame the fat cats for the fact that this economy is not growing when it is all the responsibility because of failed policies of President Obama and his administration. Thats all this is.
Cain also addressed his stance on several foreign policy issues, including his stance on Israel and Libya.
Lets start with the fact that I have a philosophy of foreign policy, and Ill give you an example of how Im going to apply this. First, my philosophy of foreign policy is an extension of the Reagan policy which is peace through strength. My philosophy is peace through strength and clarity. We need to clarify who our friends are, clarify who our enemies are and stop giving money to our enemies, Cain said.
The other thing that we would do is go through this clarification of just who are our friends is we let the rest of the few go including our enemies that we are going to stand with our friends. This is my approach to foreign policy. This president has made it very ambiguous in terms of where the United States stands with Israel. I have made it very clear that United States will stand for Israel with my statement: If you mess with Israel, youre messing with the United States of America.
On Libya, Cain said, Libya is in transition. I would need to know from our people, our intelligence agencies what is the status and what is our best route right now. On the surface, Glenn, it looks like we ought to just get out of there but Im not sure of that because I dont have enough information right now to make that decision. What I do know is that the Muslim Brotherhood has positioned itself for a much bigger role in what ultimately the government turns out to be.
No loopholes? Did Cain come out with a new plan already?
The last time I looked at his 999 plan it had loopholes. What do you call his “empowerment zones” in inner cities if not loopholes?
From what I understand of his “empowerment zones” businesses there and the residents that live/work there will pay less taxes than those that don't live in the ghetto.
Do you have a link to support this?
Never heard about empowerment zones. Any Linkies?
Need more detail on this 999 thing and NO loopholes. I wonder what a loophole is? Like:
1. Are sales taxes paid on everything or just goods. Services sales tax could be a huge new expense for business.
2. Are corporate taxes collected on net income after expenses or gross income before cost of goods or on gross income?
3. Is depreciation or expensing still going to be allowed? This is a huge encouragement to renew plant and replace equipment.
4. Is anything or nothing deductable on personal income tax? I really don’t care but some might. 9% on gross income would be a windfall for many.
Here’s what Beagle8U is talking about...
From Cain’s website:
http://www.hermancain.com/999plan
Phase 1 - 9-9-9
* Current circumstances call for bolder action.
* The Phase 1 Enhanced Plan incorporates the features of Phase One and gets us a step closer to Phase two.
* I call on the Super Committee to pass the Phase 1 Enhanced Plan along with their spending cut package.
* The Phase 1 Enhanced Plan unites Flat Tax supporters with Fair tax supporters.
* Achieves the broadest possible tax base along with the lowest possible rate of 9%.
* It ends the Payroll Tax completely a permanent holiday!
* Zero capital gains tax
* Ends the Death Tax.
* Eliminates double taxation of dividends
* Business Flat Tax 9%
Gross income less all investments, all purchases from
other businesses and all dividends paid to shareholders.
Empowerment Zones will offer additional deductions for payroll employed in the zone.
Individual Flat Tax 9%.
Gross income less charitable deductions.
Empowerment Zones will offer additional deductions for those living and/or working in the zone.
National Sales Tax 9%.
This gets the Fair Tax off the sidelines and into the game.
Here is a link ( I’ll provide some more as I find them ):
EXCERPT
_______________________
Cain also believes the 9-9-9 plan can be used as the basis for an idea he hopes will spur urban renewal. (Seriously . . . a Republican talking about urban issues. Take a second to wait for the room to stop spinning.) In a few weeks, Cain plans to unveil a concept for urban empowerment zones in which the 9s would be replaced by lower numbers. He is not ready to commit to 8-8-8, 7-7-7 or anything else specific because hes still got his tax policy advisors running the numbers to see what would work. But he is convinced the idea can help bring about economic revival in the areas that most desperately need it.
The economy is on life support, and you have some cities and some communities where its not even on life support, Cain said. Theyve disconnected the tubing and theyre dying. How about Detroit? Because 9-9-9 is so simple, we can create empowerment zone incentives for whole cities in a way that you couldnt do with the existing tax code. Youd have to go through too much work to figure out how youd do it.
Because such an empowerment zone would cut taxes on business revenue, individual income and consumer spending, Cain is convinced it would provide a major economic boost to cities like Detroit.
MORE ON EMPOWERMENT ZONES HERE:
http://www.politifact.com/truth-o-meter/article/2011/sep/26/facts-about-herman-cains-9-9-9-tax-plan/
EXCERPT:
________________________________
The centerpiece of the 9-9-9 Plan is to eliminate the current, complicated income tax system — with its series of tax credits and deductions and its variety of tax rates based on income — and to replace it with a flat income tax. Cain’s flat 9 percent income tax also would replace payroll taxes, which all workers pay and that fund Medicare and Social Security, and would end the estate tax, which is a tax on inheritances. Currently, about 49.5 percent of all tax filers pay no income tax at all, according to the Joint Committee on Taxation, a respected bipartisan committee of Congress. Cain’s income tax would be collected equally for workers with two exceptions — taxpayers could claim a deduction for charitable contributions (we haven’t heard him discuss a limit) and taxpayers could earn a type of tax credit for living in an “empowerment zone,” which Cain has described as inner cities needing revitalization.
If he didn't have their votes already, he won over a lot of new Herman Cain supporters with that interview.
The man makes sense and is very easy to listen and to understand.
I believe the empowerment zone is going to be Hermans tool to combat anyone that says that the 9-9-9 plan is regressive.
Now, as for the specifics, Im unsure, but I do believe that he would have to account for factors such as the unemployed or individuals below the poverty level because a 9% hike in the national sales tax would be very detrimental to those already struggling to make it.
Again, Im speaking of my opinion and on my behalf.
But, to those paying income taxes, no matter the bracket, you will have more money in your pocket under the 9-9-9 plan, and that is where it is brilliant. Were not all going to spend every cent on taxable items, its just not possible. We have rent, bills, mortgages, etc. But, we have more flexibility in our spending because we have more liquid cash on hand. Thats going to help a lot of people that are struggling to make those payments (which got us in to this mess to begin with).
Also, if Corporate taxes are lowered (from the current 35% to 9%), that leaves a lot of companies with the flexibility of LOWERING the price of their goods and services as well. Sheer COMPETITION and PRICE WARS will make this happen.
Thank you for the link.
The sales tax is only for new goods, and there will be no more payroll tax.
Because of the reduction in corporate taxes, businesses will grow, and hire.
The current system sucks. 999 would change everything.
I like the “Empowerment Zone” concept only because if it revitalizes these dead areas we won’t have generation after generation on welfare.
I think Cain envisions a thriving urban society (I won’t limit this based on race because it’s not) contributing to the good of all the country.
It would open peoples’ eyes to the benefit of capitalism.
It is fresh, forward thinking and exciting. I really like this man and I look forward to his Inauguration. But let’s not forget we need to give him an overwhelmingly Conservative/Tea Party Congress to help him implement his vision.
“Need more detail on this 999 thing and NO loopholes. “
I look at this 9-9-9 plan with cautious optimism. I don’t trust Congress. Without repealing the 16th Amendment what’s to stop them from raising both the 9% personal income tax and even the 9% sales tax in some future administration? I may have missed it but I haven’t seen Cain address these specific concerns.
RE: Its like a slogan to sell pizza. You dont have to know whats in it.
Actually you will have plenty of time to know what’s in it. Here’s the first suggestion -— ASK.
Us. Politics. They could raise taxes anytime right now, but it is politically dangerous.
Cain ultimately wants to transition to the Fair Tax, thereby eliminating the income and payroll tax altogether.
“Actually you will have plenty of time to know whats in it. Heres the first suggestion - ASK.”
Don’t mean to put you on the spot. A link with this information would suffice.
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