GOP candidate and former Godfather’s Pizza CEO Herman Cain has a unique plan for economic growth. Cain’s 999 tax plan calls for a 9 percent business flat tax, a 9 percent individual income flat tax and a 9 percent national sales tax. Cain discussed his 999 tax plan on Fox News Sunday with Chris Wallace.
Cain was confident that his 999 tax plan will encourage job growth. “Think about the fact that corporations now are looking at for the next year and few months a 35 percent top corporate tax rate. To wake up and say you mean the tax rate is going to be 9 percent? That is going to inspire the business community,” Cain said.
When Wallace questioned the origin of Cain’s 999 tax plan, the GOP candidate insisted some of the best economists in the nation helped him develop the plan. Cain said that he arrived at the 9 percent number, because of a “simple regression analysis.” When pressed to name the economists who developed the 999 tax plan, Cain said that he couldn’t name names.
Cain also slammed Obama’s deficit-reduction plan, including the President’s proposal that millionaires pay a new tax rate. “You tax something more, you get less of it. I couldn’t say it better than Representative Ryan. It’s a bad idea. Secondly, if you were to tax the millionaires more using that bad idea, it still doesn’t solve the problem of how to reduce the spending,” Cain said.
Cain also slammed Obama’s jobs plan, the American Jobs Act. “The speech that he gave was supposed to be a jobs plan was not a job’s plan. He put one little thing in there which was to take the pay roll down 50 percent for the employer and employee. That is just small potatoes compared to what the big problems,” Cain argued. Cain predicted that Obama will try to pay for the American Jobs Act with “sneaker taxes.”