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Herman Cain

Information about Herman Cain

Wiki source

In July 2011, an advisor suggested that his campaign's tax policy plan be called "the Optimal Tax", but Cain rejected the name, saying "we're just going to call it what it is: 9–9–9 Plan. "[68] The plan would have replaced the then current tax code with a 9-percent business transactions tax, a 9-percent personal income tax, and a 9-percent federal sales tax. During a debate on October 12, Cain said his plan "expands the base," arguing that "when you expand the base, we can arrive at the lowest possible rate, which is 9–9–9. "[69] An analysis released to Bloomberg News by the campaign claimed that the rate for each of the three taxes could in fact be as low as 7. 3%, but "poverty grants"—which Cain described as a lower rate in targeted "empowerment zones"[70]—necessitated a national rate of nine percent. [69]Paul Krugman criticized the plan, saying it shifts much of the current tax burden from the rich to the poor. [71]Arthur Laffer,[68]Lawrence Kudlow,[72] the Club for Growth,[73] and Congressman Paul Ryan[74] spoke favorably of the plan. On October 21, Cain told a crowd in Detroit that the plan would be 9–0–9 for the poor, saying that "if you are at or below the poverty level . . . then you don't pay that middle nine on your income. "[75] Cain's 9–9–9 plan attracted skepticism from his fellow candidates at numerous Republican debates. [76]