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Herman Cain Unveils His “Even Bolder Plan” For The Economy On Your World

Reported by Guest Blogger - August 21, 2011 -

By Brian

On Your World Friday (8/191/11), guest and presidential candidate Herman Cain unveiled an "even bolder plan" for the economy. Cain said, "Originally, I talked about eliminating the capital gains tax rate, taking the top tax rates to 25% for corporations as well as individuals, as well as zero tax on repatriated profits and making them permanent. That's not enough... Now, I’m proposing… a business flat tax of 9%, a personal flat tax of 9%, and a national sales tax of 9%, 9-9-9. That would expand the tax base... as well as give us a platform for eventually establishing empowerment zones for a lot of the cities like Detroit."

Cain went on to propose "Phase 2, …totally replace the current tax code with a fair tax, which is a national sales tax. This plan will work. It's been well researched, well studied by some of the best-known economists and economic thinkers in this country, many of whom I'm not at liberty to mention their names.”

Why isn’t Cain at liberty to say who these economists are? Cavuto didn’t ask.

“This is solid and is revenue neutral," Cain continued. But he forgot to mention that it's also a regressive tax that taxes the poor much more than the rich. As BalancedPolitics writes it up, the cons of a flat tax outweigh the pros (hundreds of thousands of jobs lost, inflation, lower consumer spending, etc.).

Cavuto asked about Warren Buffett's recent editorial that "the rich cough up more."

Cain said that if Buffett feels that way he should "write a check, and send it to the government… Just taxing the rich and playing the class warfare card is not solving the problem." He said his business experience is "much broader and much more extensive" than Mitt Romney's. "I had to be assigned businesses that were failing… I have dealt directly with small businesses as well as mega corporations."

Cavuto said affectionately, "Plus, you turned around things that you could eat - pizza."

"I've actually made a pizza. I've actually made a whopper, so I know how to get closest to the problem," Cain said.

Cavuto added, "I actually like that food thing. All right. It's a 9-9-9, you're on to something, always good seeing you."

"Nine, nine, nine,” Cain said.

I can just see the Cain rallies with the 9-cards and chants.

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