12 Awesome Things You Never Knew About Herman Cain

Business Insider ^ | 10/15/2011 | Grace Wyler

[SeekAndFind]

After months of languishing on the sidelines of the GOP presidential race, Herman Cain has skyrocketed to the top of the national polls and now looks like he might actually be a real contender for the Republican nomination in 2012.

Until Cain and his "9-9-9" tax plan dominated Tuesday's presidential debate and vaulted into the national spotlight, few outside of the Tea Party know much about Cain, other than that he is black and likes pizza. That is largely because, until this week, Cain's presidential campaign was virtually non-existent.

Eschewing the fundraisers and early voting state visits typical of most campaigns, Cain and his staff have spent the last few weeks promoting his book, This Is Herman Cain! My Journey to the White House.

Released last week, the book is now No. 4 of the New York Times bestsellers list. But assuming you haven't picked it up yet, we read it so you don't have to.

The book offers some interesting insight into the candidate's background and what he plans to do if he gets elected to the Oval Office.

[Impy]

I didn’t know he was rocket scientist, that’s pretty cool.

[Munz]

I think in the end your actually paying less if your paying a federal tax on wages.

Not to mention all the other taxes that would be gone if this was implemented.

Face it, something has to be done. One way or another, the current system is broken beyond repair. At least Cain has run a business knows what it is to work and what it is to shell out taxes.

Not to mention that this is not the only thing the guy has going for him.

At this point, though I do like others as well. I think Cain is the only viable candidate. We aren’t going to get someone that we agree with 100%, but he is darn close IMO.

[Sherman Logan]

For one thing, in the U.S. the corporate tax rate is a whopping 35%, the 2nd highest in the industrialized world

True. However, the effective tax rate is much lower due to numerous deductions, exemptions and loopholes. The biggest problem with the corporate tax rate is that the economy is distorted as businesses take advantage of them, just as the economy was severely distorted by the high personal income tax rates before Reagan.

As you say, corporations pay no taxes, they just collect them. Corporate tax rate should be zero.

[expat_panama]

"...something has to be done..."

--but in trying to do 'something', let's not do just do 'anything' because we must first do no harm.

The problem isn't taxes it's spending, and 2/3's of federal spending is 'human resources' AKA welfare, arts, NPR, etc.  We can start with spending cuts followed by tax cuts.  Cain's 9-9-9 would start with adding a 9% sales tax on top of an already record high tax burden.

There are a lot of good things about Cain but 9-9-9 isn't one of them.

[PGalt]

Thanks for the post/ping; thread. Very interesting.

[stephenjohnbanker]

” Why should I (or anyone) vote for La Raza Rick?”

I will vote for LaRaza Rick...................when HELL FREZZES OVER !

[SoJoCo]

Next step, repeal Obamacare and replace it with "Caincare."

So what is Caincare?

[SoJoCo]

Under 9-9-9, what does a retiree pay on a cash withdrawal from his 401k or 403b?

He pays 9% income tax and 9% on whatever he buys with it.

[fightinJAG]

YES.

So we finally have a serious discussion going about major tax reform! I honestly never thought I’d see this in my lifetime!

Obviously, we need to do what we’re doing now — hash out issues and potential problems, knock some ideas down and elevate others. But it seems to me the starting premise has to be that we MUST change the system, even if we can’t get all the change that is needed in one fell swoop.

[SoJoCo]

I do know that Social Security income WILL NOT be taxed.

How can you make that claim? Cain's website doesn't say that. A clear reading of that would say that Social Security would be treated as any other income.

[econjack]

You're preaching to the choir with me. Also, for the 49% of us who actually pay taxes, we will see a huge increase in our take-home pay, which can be used to offset the sales tax. For those who don't pay any federal income taxes, you do pay social security and other payroll taxes. Throwing those out the window means higher take-home pay even for those who don't pay income taxes. Further, there would no longer be any need to withhold anything from your paycheck, so your salary IS your take-home pay.

[Free Vulcan]

He hasn’t paid taxes on his 401K contributions because those are tax deferred. You’re mixing apples and oranges.

[deport]

He hasn’t paid taxes on his 401K contributions because those are tax deferred. You’re mixing apples and oranges.

---

You are correct abut deferred but that wasn’t the question.

The question was about what he’d pay on withdrawals which can make or which are mandated at a point of age, 70 1/2 yrs I think.

[John D]

The only people whose taxes will be raised are the people who pay NO taxes now. Which is a large percentage of people.

[SeekAndFind]

RE: How can you make that claim? Cain’s website doesn’t say that.

__________________________

I happen to have attended the Florida CPAC and spoke to a few of his staff when I was there a few weeks ago. They told me that there is every intent to exempt SS.

USED goods are also planned to be exempt from the 9% sales tax.

You have to remember one thing — 9-9-9 is a GENERAL BLUEPRINT which is NEGOTIABLE with Congress. The details have to be ironed out.

Nobody but nobody among the 8 candidates running have all details ironed out, certainly not Herman Cain.

You might say to yourself — why then can’t it be placed their website? That is a good suggestion. Maybe it will be updated as the plan continues to be ironed out. Suffice it to say that NOT EVERY INTENDED DETAIL is going to be on the site.

But to say that Cain is some sort of cold blooded bastard who is going to let seniors solely dependent on SS income to hang out to dry is to misread the man’s intentions.

[SoJoCo]

I happen to have attended the Florida CPAC and spoke to a few of his staff when I was there a few weeks ago. They told me that there is every intent to exempt SS.

Then why doesn't his website say that?

USED goods are also planned to be exempt from the 9% sales tax.

Then why doesn't his website say that?

You have to remember one thing — 9-9-9 is a GENERAL BLUEPRINT which is NEGOTIABLE with Congress. The details have to be ironed out.

Then why doesn't his website say that? And what, exactly, is negotiable? What's deductible? The 9-9-9 rates? Without knowing exactly where Cain is drawing the line in the sand, and he seems to change it every time we turn around, then it's hard to know exactly what the impact to me will be.

Maybe it will be updated as the plan continues to be ironed out. Suffice it to say that NOT EVERY INTENDED DETAIL is going to be on the site.

Why not? Shouldn't there be one place where we go to know exactly what the plan is? His website hasn't changed in weeks, but his promises have. And if we need to keep track of every interview just to know what the details of his plan is on a daily basis then that makes it hard to support something that changes at a whim.

But to say that Cain is some sort of cold blooded bastard who is going to let seniors solely dependent on SS income to hang out to dry is to misread the man’s intentions.

I'm not saying 'hang them out to dry'. But if all of a sudden he's catering to one class of citizens and offering them tax breaks and special concessions that nobody else gets then that's troubling. Why should a couple earning $40,000 under Social Security pay nothing in taxes while a couple making $40,000 working like crazy pays $3600? Where is that fair? And what other segments is he going to buy off with special breaks?

[BereanBrain]

I think you will pay 9% sales tax.

[SeekAndFind]

RE: Then why doesn’t his website say that?

It does not have to say everything. As I said, the site was built when the general plan was drafted.

Look at Rick Perry’s site. He has drafted an energy plan for jobs. Where is it on his website?

Just because it isn’t there doesn’t mean that he does not have the plan.

Everything does not have to be on the website ( and you are assuming that it will not be updated later ).

All I can tell you is I have spoken to his staff, and I have HEARD Herman Cain mention in the debates that a 2/3 majority will be required to increase the 9%.

Those aren’t on his website either, doesn’t mean that there is NO INTENTION of implementing them.

The maximum social security benefit is $31,000. Any income beyond that is taxable.

[SeekAndFind]

RE: Then why doesn’t his website say that?

Watch what Herman Cain says regarding USED goods and Social Security and 9-9-9 effect on goods here:

http://www.therightscoop.com/herman-cain-cost-of-goods-will-go-down-under-999-plan/

[Oatka]

I also imagine that those over 65 would be exempt from paying the 9% sales tax.
If not, they should.

I'm over 65 and don't agree. If you allow that exemption, it opens the door to others.

I'm willing to pay a 9% sales tax if it gets rid of the whole unproductive infrastructure of paper-shufflers who maintain this current income tax system. It's also a small price to pay to rid us of the "contribute to my campaign and I'll cut you a tax break" business.