Join Team Cain - Become An ACTIVE Supporter-- FRMail Me
Posted on 09/13/2011 7:04:15 AM PDT by justsaynomore
Link to video - http://www.youtube.com/watch?v=-IuiEmXoBhI&feature=youtu.be
Herman Cain talks about his 9-9-9 Economic Growth Plan in detail. To read the plan, go to http://www.hermancain.com/images/economicgrowth.pdf
THE PLAN
Vision for Economic Growth
• The natural state of our economy is prosperity.
Freedom ensures that.
• We must get the government off our backs, out of our pockets and out of our way in order to return to prosperity
• Policy uncertainty is killing the economy
Economic Guiding Principles
1. Production drives the economy, not spending
• We can not spend our way to prosperity
• Government spending IS taxation
• Government spending is like taking a bucket of water from the deep end of the pool, pouring it in the shallow end. Then they HOPE that the water level will CHANGE.
2. Risk taking drives growth
• Business formation and job creation are dependent on entrepreneurs taking risks
• Investors who fund those entrepreneurs likewise take risks
3. Measurements must be dependable
• A dollar must always be a dollar just as an hour is always 60 minutes
• Sound money is crucial for prosperity
We Must Unite Not Divide
• When one party seeks to spend so that the other party must focus on cutting, we must unite around economic growth
• Unite all tax payers, don’t divide them into “income” tax payers vs. “payroll” tax payers
• Unite those wanting to eliminate deductions with those seeking lower rates
• As a first step, unite the “Flat-Taxers” with the
“Fair-Taxers”
Economic Growth is the Key
• This is the worst recovery since the Depression
• If the President’s goal was to tie for last place with the previous worst recovery, he failed by 6 million jobs
• If we had a typical recovery, 13 million more Americans would be employed today
• That means more tax revenue, less government spending and 13 million less people opposed to reasonable spending cuts
• The Super Committee must deliver a robust growth solution
• America can’t wait for 2012, we need growth NOW.
Phase 1 - Immediate Boost
• As I have outlined, the following represent the minimum for feeding the economic engine and are the “low hanging fruit” offering the most “bang for the buck”
• Reduce individual and business income taxes to a maximum 25%
• Eliminate taxes on repatriated foreign profits and capital gains
• The capital gains tax is a wall separating those with ideas from those with money
• Why would we want to wall off those with ideas? That’s where we get business formation, job creation and innovation.
• When companies sell products overseas they face double taxation when those profits are brought home (repatriation) to invest in America and pay its workers
• Companies don’t ship jobs overseas, Liberals ship capital overseas and the jobs merely follow.
Phase 1 - Enhanced Plan
• 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!
• Ends the Death Tax
• 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.
Phase 2 – The Fair Tax
• Amidst a backdrop of the economic boom created by the Phase 1 Enhanced Plan, I will begin the process of educating the American people on the benefits of continuing the next step to the Fair Tax.
• The Fair Tax would ultimately replace individual and corporate income taxes
• It would make it possible to end the IRS as we know it.
• The Fair Tax makes our exported goods and services the most competitively internationally than any other tax system.
Phase 1 Enhanced Plan – Summary
• Unites all tax payers so we all pay income taxes and no one pays payroll taxes
• Provides the least incentive to evade taxes and the fewest opportunities to do so
• Lifts a $430 billion dead-weight burden on the economy due to compliance, enforcement, collection, etc.
• Is fair, neutral, transparent, and efficient
• Ends nearly all deductions and special interest favors
• Ends all payroll taxes
• Ends the Death Tax
• Features zero tax on capital gains and repatriated profits
• Lowest marginal rates on production
• Allows immediate expensing of business investments
• Dividend deductibility will help retirees, improve accounting, and moderate stock-option driven executive compensation
• Increases capital formation. Capital per worker drives productivity and wage growth
• Capital formation will aid capital availability for small businesses
• Features a platform to launch properly structured Empowerment Zones to revitalize our inner cities
• We all know the Fed has tripled the money supply since 2008. They have been printing money out of thin air to finance the Obama spending machine. While true Fed reform that restores sound money may have to wait for my election, the best thing we can do now is to pursue policies that increase the DEMAND for dollars to help mitigate the risks associated with the increase in the supply.
• Pro-growth economic policies equal a strong dollar policy
This is Herman Cain:
• Chief Executive Officer and President of THE New Voice, Inc., a business consulting company, and Head Coach of HITM (Hermanator’s Intelligent Thinkers Movement)
• Former Chairman of Godfather’s Pizza, Inc. after serving as CEO and President for ten years, 1986 - 1996. In 1988 he bought the company from The Pillsbury Company
• Former President of the Tax Leadership Council, the public educational component of Americans for Fair Taxation
• Past Chairman of the Board of the National Restaurant Association (1994-1995), and former full time CEO and President of the Association (1996-1999)
• Member of The National Commission on Economic Growth and Tax Reform (1995), chaired by former Republican Vice-Presidential candidate, Jack Kemp
• Former Member, Strategic Air Command (STRATCOM) Citizens Advisory Board, Omaha, Nebraska
• Radio Talk Show Host, “The Herman Cain Show”,
News Talk 750 WSB – Atlanta, Monday - Friday, 7pm-10pm EST
• FOX News Business Commentator and Columnist with NorthStarNational.com, World Net Daily and DailyCaller.com
• At a nationally televised Presidential Town Hall Meeting on Health Care Reform (1994), challenged President Bill Clinton’s health care proposal when he said, “Mr. President, with all due respect, your calculations are incorrect…”
• Served on the Boards of Directors of AGCO, Inc., Georgia Chamber of Commerce, Hallmark Cards Inc., Whirlpool, Inc.,and Morehouse College, Atlanta, Georgia
• Graduated from Morehouse College with a B.S. in Mathematics in 1967. Earned his Master’s Degree in Computer Science from Purdue University in 1971. Recipient of eight Honorary Doctorate Degrees from Morehouse College, New York City Technical College; Suffolk University, Johnson & Wales University, Creighton University, Purdue University, Tougaloo College and the University of Nebraska
• Author of four books, Leadership Is Common Sense (1997), Speak As A Leader (1999), CEO of SELF (October, 2001), and They Think You’re Stupid (May, 2005)
• for over 40 years with two adult children and three grandchildren
His ideas may be sound, but calling it the 999 plan really does make it sound like a lunch time carry out pizza special.
Yep. I like it, short, to the point and catchy. Nice break from 1500 page bills dumped on us by DC.
“Cain – Herman Cain received the largest applause during initial introductions tonight. Herman Cain gave the strongest answer on Social Security, pointing out that retirement programs in the private sector allow individuals grow their money while government Social Security does not; suggesting we give young people a choice. Cain nailed the question from CNN.com that asked if candidates could be pro-business and pro-worker at the same time. Cain responded by saying yes, because not only did he come from a working family, but he worked his way from the bottom to the top of the corporate ladder and ultimately became a CEO. With all the tension unions have created between taxpayers and government these days, his answer marrying workers with business was perfect. Cain also laid out a plan to reform the tax code and hit the point home that government regulation is killing jobs and stifling economic growth.” —Katie Pavlich
http://townhall.com/tipsheet/katiepavlich/2011/09/12/cnntea_party_express_debate_winners_and_losers
National Tea Party organizer Dana Loesch told CNN after tonight’s debate that Herman Cain had the best responses on jobs and the economy.
Texas Governor Rick Perry acknowledged that Herman “hit the spot” during last night’s debate.
Tim Scott’s Town Hall features Herman Cain
September 17th, 12:00pm
Daniel Island School, Charleston, SC http://timstownhalls.com/
Join Team Cain - Become An ACTIVE Supporter-- FRMail Me
America needs Herman.
But does Herm believe in homicide?
I don’t know, but he is seeking the biggest prize in sport.
True dat.
Those guys are still performing.
I like Cain, but having an income tax AND a national sales tax isn’t a good idea.
It might start at 9-9-9, but give it some time and it will become 35-(0-5-9-15-22-29-39-49)-22.
Thank You for explaining the plan to us.
The bill will be written with the appropriate self-limitation so that there is no more danger of it being abused than any other law that is written. Also, before 9-9-9 is implemented the 16th amendment is repealed so that cuts out the government bureacracy. Everyone will have skin in the game so the pressure to keep these numbers low will be HUGE. With a taste of Fair Tax, the transition to Fair Tax will be easier.
Plus, remember, this is a temporary measure, a bridge to the Fair Tax. It is a way for people to dip their toes in before taking the plunge. I think that people are afraid to go full in for the Fair Tax, and this gives people a taste. I believe people will insist on the FT, after seeing how the 9-9-9 works.
They look familiar but I can’t place them...
You can’t build in a self limitation into a law that binds future Congresses. What makes you think any Congress has the power to do that?
You also need thr 16th Amendment intact in order to implement one of the “9s” - the income tax “9.” You can’t repeal it and then pass a law that includes a Federal Income Tax. Without A16, you can only have 2 “9s.”
My understanding is this plan is for a year, two at the most - within on Congress term - the Fair Tax is implemented in a very short time.
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