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September 16th, 2011
Herman Cain's 9-9-9 Plan

As a longtime leader in the business community, I know firsthand that government does not create jobs. It can only create the conditions in which businesses operate. These conditions can spur growth, or they can suppress it. The conditions imposed by the current administration have suppressed growth.

Still, there is hope. That hope begins with economic certainty, a sort of assurance the president seems unwilling to provide. I, on the other hand, have proposed a plan that would stabilize and grow our economy:

"Cain’s Vision for Economic Growth, " also known as the 9-9-9 Plan, is founded upon three guiding economic principles:

Production drives the economy. Risk-taking creates growth. Units of measurement must be dependable.

The plan begins with restructuring the tax code to include the broadest possible base at the lowest possible rate. The elements are:

 A 9% corporate flat tax. Businesses would deduct purchases from other businesses and all capital investment. The resulting gross income is taxed at 9%.

A 9% personal flat tax. Individuals would deduct charitable contributions, then pay 9% on the rest of their income. Capital gains are excluded.

 A 9% national sales tax. This levy would be placed on the consumption of all new goods. Used goods purchased would be excluded.

 

My plan would also permanently eliminate taxes on repatriated profits, as well as payroll taxes and the estate tax.

All of these measures would free up capital, spur production, and incentivize risk-taking, thereby fueling the economy and creating jobs. The plan has been designed to be revenue neutral initially, and then revenues would grow in line with the economy.

(Source)


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