Cain Economic Advisor: 9-9-9 Plan to Add $2 Trillion to GDP

CNBC ^ | 10.13.11 | Michelle Fox

[casablanca]

Republican presidential hopeful Herman Cain’s 9-9-9 plan will add $2 trillion to U.S. GDP, as well as create 6 million jobs, his economic advisor Rich Lowrie told Larry Kudlow Thursday.

Lowrie also said under the plan, business investments will increase by one-third and wages will go up by 10 percent.

“And if you fold all that growth together,” he said, “federal revenues go up by 15 percent.”

Cain’s 9-9-9 plan would scrap the current tax code and replace it with a 9 percent tax on personal income and corporations, as well as a new 9 percent sales tax.

[diogenes ghost]

"I'm the guy arguing against concurrent national sales and income tax."

Agreed...up to a point.

Cain has stated often that is transitional, in that it is simple and easily understood, and that is a step toward his goal...Fair Tax.

Fair Tax sounds scary at first, but understanding it makes it the solution for myriad problems associated with federalism.

But it requires a constitutional amendment to repeal the 16th, which takes time. 9-9-9 would only be in place until Fair Tax started.

Yup...it takes a leap of faith, a big one.

But one must assume that if Cain is elected, he will have the house AND senate in R control, along with considerable public sentiment with which to bludgeon the Maine sisters and their ilk.

[Nervous Tick]

>> Cain’s endorsement of RINO Romney was [no more a lapse in judgment than] Perrys’ endorsement of Rudy

I’m afraid I’ll have to disagree. Romney is worse than Giuliani by an order of magnitude.

Jim/John R. insert the following video at the beginning of many FR threads — for a reason. Have you ever watched it?

http://www.youtube.com/watch?feature=player_embedded&v=7OQoBxZZPqU

And *this* is the guy Cain unabashedly and wholeheartedly threw (throws?) his support behind.

MAJOR bad judgment.

[Grunthor]

Rudy Guliani basically swore out a hit on his hypothetical grandchild when asked if he’d pay for his daughters’ abortion.

[JSteff]

Fear of losing SCOTUS gave us eight years of RINO GWB which has doomed us for possibly a century.

No it didn't. The actual fact it that children who voted FOR OBAMA gave us sodamayor and keggal. Those who did NOT vote for a conservative, did not vote in protest, or did not for for the best conservative at the time gave us OBAMA.

So every thing after the first lines of your response was wasted.

[JSteff]

I NEVER said Parkinson's. Why don't you just go sign up for Obama now, and stop playing around.

Give the dark side get full control of you.

[who_would_fardels_bear]

"So every thing after the first lines of your response was wasted."

It seems that any argument or information is wasted on you.

[The Theophilus]

I like the idea of a national sales tax w no income taxes at all.

So do H1-B visa holders. This is a perfect tax system. Foreigners come to America, work American jobs, pay no taxes then return home and pay no taxes with wealth earned in the US.

Meanwhile, those who have already paid taxes on a life's worth of work will be taxed again to pay for all of the free services that everyone else will enjoy.

We have your way, you will see capital flight like there never has been happen as surrounding nations receive the windfall of wealthy ex-pat Americans propping up their consumer economies - meanwhile the US becomes a slave state - work only but too expensive to actually enjoy it here.

Every tax scheme seems brilliant if you don't put a moment's thought into it.