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.
Courtesy ping, please.
Do you view it as a sacred number that shouldn't be joked about?
The joke didn’t bother me, what bothered me is she completely misrepresented the sales tax portion of his plan. She supported Fair Tax for crying out loud, which is all sales tax. I have always supported Bachmann and everyone here can testify to that, but I lost a TON of respect for her last night. It was a very low blow.
What prevents the current tax structure from skyrocketing rates?
Cain is a genius. His system is a setup for revealing that the income tax was never properly ratified, making phase 2 (the fair tax) unstoppable. He would be able to end the income tax and destroy all IRS income tax records with an Executive Order.
9-9-9 transforms into 0-27-0 and the US economy becomes the mightiest engine of prosperity ever seen.
Regarding the fed question.
The question was who would You pick FROM the last fed chairs in the last forty years.
I found out there was only three in the last thirty years.
Greenspan Volcker and bernake.
The question was loaded.
Also good or bad, I understand that Greenspan worked for Reagan bush one Clinton and bush two.
This period of time had an economic boom.
AND YES I THINK THE FED SHOULD BE AUDITED. (MY WORDS)
His system is a setup for revealing that the income tax was never properly ratified,
Uh, what?
ping for later
How did it advance the debate.
I am all for jokes but 666 . Not funny.
Had No Substance or Relevance whatsoever
Yikes! It’s just an idea and a more coherent one than anything from any of the other candidates. Even if Cain wins, this goes nowhere unless Congress creates the legislation and passes it. Odds of something as simple as 9-9-9 coming out of Congress is between slim and none.
How did it advance the debate.
I am all for jokes but 666 . Not funny.
Had No Substance or Relevance whatsoever
I support the 999 Plan fully. But I do hope Cain comes out with a book, or a carefully crafted video or some sort of thing that presents this plan with all the details, and answers all the critics.
Either that, or he’s just got to present it in a very vague way, indicating that he will do SOMETHING to reform the tax code.
Too many folks out there taking this plan and making wrong assumptions and spreading false claims which the liberals will run away with and the stupid gullible sheep will accept without question.
I looked up a Gallup poll from that time frame - Greenspan’s approval rating by Republicans was in the 80s
What is stopping Congress from raising taxes now? Public pressure. That’s how it would be with ANY tax code, including our current code. The threat of government raising taxes is by no means only part of 9-9-9.
They say endorsements don’t matter but this one carries weight with me.
In case you haven’t noticed, the housing market has already been destroyed. The home mortgage tax “incentive” has never been anything less than a government ploy to make “investors” feel better about paying exorbitant interest rates. It’s a negative return anyway you slice it.
It would be better to let the market establish its base. Government interference only makes matters worse. Removing another false government incentive will do nothing more than hasten the return of the housing market to its real value.
omg! What a slob...haha...I heard talkradio show Hewitt todat stating as a matter of fact that it will be either Romney or Perry as they are the ones with the money. O ye of little faith!
omg! What a slob...haha...I heard talkradio show Hewitt todat stating as a matter of fact that it will be either Romney or Perry as they are the ones with the money. O ye of little faith!
It would help her more if she offered a competing plan instead of numerology.
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