growth plan that would create the proper conditions for America's economy to grow and thrive again.
Posted on 10/12/2011 6:50:02 PM PDT by justsaynomore
As businessman Herman Cain surges atop state and national polls and becomes a top-tier presidential contender, his signature "9-9-9" plan, which calls for a nine percent tax on income, a nine percent national sales tax, and a nine percent corporate income tax, has come under scrutiny from the right and the left.
Famed supply-side economist Art Laffer told HUMAN EVENTS that Cain's "9-9-9" plan was a pro-growth plan that would create the proper conditions for America's economy to grow and thrive again.
"Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy," Laffer told HUMAN EVENTS in a statement. "The goal of supply-side tax reform is always a broadening of the tax base and lowering of marginal tax rates."
Added Laffer: "Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9."
Laffer also said that "such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment."
At the GOP presidential debate in New Hampshire on Tuesday, Cain's plan received criticism from many of the candidates on stage.
Former Utah Gov. Jon Huntsman said that Americans needed a plan that was "doable-doable-doable" when asked his opinion on Cain's "9-9-9" plan.
Rep. Michele Bachmann (R.-Minn.) said that the "9-9-9" plan was not "a jobs plan," but was rather "a tax plan." Bachmann also complained of Congress getting another revenue stream from the plan and said, "you turn the 9-9-9 plan upside down, and the devil's in the details."
Former Pennsylvania Sen. Rick Santorum said that the "9-9-9" plan was not a passable solution.
Further, Cain has been criticized from the left as well, as charges that his "9-9-9" plan is regressive have been made, charges that Cain has often refuted by citing that the payroll tax would be eliminated under his plan and used goods would not be levied sales taxes.
As Cain's profile increases and poll numbers rise, his opponents will attack him more fiercely over his "9-9-9" plan, but it looks like Cain has found an ally in Laffer, an economist who is more than respected by fiscal, pro-growth conservatives.
You advocate going back to the Reagan tax plan.
The economist that designed Reagan's tax plan, Art Laffer, just endorsed Cain's 9-9-9 plan, and you call it a gimmick?
"Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy," Laffer told HUMAN EVENTS in a statement. Added Laffer: "Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9."
Did you actually read the article you were commenting on? The guy that knows more about Reaganomics than anyone else just endorsed Cain's 9-9-9 plan.
What stops the Congress from raising income tax rates to 75% tomorrow? The same thing that would prevent screwing with the rates of 999?
Cain’s plan ELIMINATES the death and payroll and excise and capital gains and the double taxation on dividends in EXCHANGE for a sales tax.
You’re worried about those eliminated taxes being resurrected. Sure it could happen. Just like tomorrow the Congress could pass a homeowners excise tax and a renters tax and a carbon footprint tax and mileage tax and a new chinese goods tariff and a luxury tax and a square footage tax and anything else you can imagine.
They don’t because they’d be tossed out of office. And with 999, the fed tax base is greatly broadened. So raising any of the remaining three components will get severe blowback, instead of class warfare.
Maybe you prefer some idiot’s 59 point plan that is 5 times the size of the US constitution?
What’s to prevent 15/35 from going to 35/60?
That is for sure! He is WEAK...
That is for sure! He is WEAK...
That is for sure! He is WEAK...
Did you just miss or did you ignore my post at #49
Take a look, einstein.
“What could possibly prevent 9-9-9 from becoming 12-12-12, then 16-16-16 as congress gets to tool with it over the years?”
Already has the tool, sales taxs are an indirect tax unlike the income tax, which required an amendment to make it legal.
Self employed such as myself pay it all.. it is hurting us pretty bad.
Minor details like this don’t deter the Cain attackers. Cain is a threat to their ‘guy’.
Amen brother!
Humanity will always disappoint, doubly so with politicians.
Good, the housing market needs to return to equilibrium, rather than being falsely inflated by incentives.
“Cain’s plan ELIMINATES the death and payroll and excise and capital gains and the double taxation on dividends ...”
Again if he does not hold out for a constitutional amendment, he is eliminating NOTHING. He is lowering rates to zero. Those rates could tomorrow be raised to whatever. Thus the tax is not eliminated.
Again the key issue is do you want to follow the Obama/European model of government spending with the Cain/European model of taxation. Apparently you do. I don’t. I favor a national consumption tax of some kind only when the income tax amendment is repealed with an explicit constitutional ban on an income tax. Cain did to at one point, but apparently he gave that up?
Hugh Hewitt is an establishment Republican who pretends to be a conservative on the radio. Take what Hewitt and Michael Medved say with the knowledge that they are trying to herd you into supporting the candidates that the Party insiders want elected.
seriously you have problems.
If you think everyone losing their home is good, you are sick.
People bought homes and got mortgage based on a set of facts on what those costs would be and bought accordingly.
Not all prayers are answered in the manner hoped for either.
I would also say that, that cackle of hers is annoying.
Bachmann, is that you?
...but not a national sales tax which doesn't exist, and won't exist, unless Republicans are folish enough to support it.
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