Herman Cain, businessman and former CEO of Godfather’s Pizza, has risen to the top of the GOP presidential race.
He used to be the also-ran, with numbers like 3 percent, but now he is at the head of the pack with 27 percent. Mitt Romney has 23 percent, according to a WSJ and NBC poll, and Rick Perry has a distant third with 16 percent. About 6 weeks earlier, another WSJ/NBC poll was conducted, and Rick Perry had been the front runner – Herman Cain had 5%.
The one major reason that Cain has risen so much in the polls is the 9-9-9 plan. It will include a 9% Business Flat Tax, a 9% Individual Flat Tax, and a 9% National Sales Tax.
9-9-9 Plan: Summary
- Removes all payroll taxes and unites all tax payers
- 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, simple, efficient, neutral, and transparent
- Ends nearly all deductions and special interest favors
- Features zero tax on capital gains and repatriated profits
- Exports leave our shores without the Business Tax or the Sales Tax embedded in their cost, making them world class competitive. Imports are subject to the same taxation as domestically produced goods, leveling the playing field.
- Lowest marginal rates on production
- Kills the Death Tax
- Allows immediate expensing of business investments
- Eliminates double taxation of dividends
- Increases capital formation which aids capital availability for small businesses
- Increased capital per worker drives productivity and wage growth
- Features a platform to launch properly structured Empowerment Zones to renew our inner cities
- The pro-growth, pro-job, pro-export economic policies of the 9-9-9 PLAN equals a strong dollar policy
Herman Cain has come up with a very bold plan that could or could not work. But there is one flaw: what about state taxes? This was one topic that he got hammered by Mitt Romney on in the debate last night. Cain said that is was “like mixing apples and oranges.” Romney then responded that he would get a bushel basket that has apples and oranges in it, because he would have to pay both taxes.