Herman Cain’s catchy 9-9-9 tax overhaul system is gathering major supporters as the former pizza magnate consolidates his position at the top of the Republican field in the race for the White House.
House budget committee chairman Rep. Paul Ryan and Ronald Reagan’s economic guru Art Laffer both expressed their support for the plan which would replace the current tax code.
The anti-tax Club for Growth also came out in favor of Cain’s plan which would cut income and corporate taxes to 9 percent and institute a new national sales tax at the same level. Payroll, capital gains and estate taxes would all be eliminated under Cain’s proposals.
Eventually Cain’s plan calls for the complete elimination of income taxes – and the IRS – and the introduction of what he calls the Fair Tax, in which the all Federal revenue would come from a sales tax.
Read more on Newsmax.com: Ryan, Laffer Boost Cain’s 'Revolutionary' 9-9-9 Tax Plan
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Ryan and Laffer both know what they are talking about economically. I am still a little leery of a new national sales tax, who says the Dems won't push it to 15% when they get back power?
Thomas Sowell: There are no solutions, just trade-offs.
"It is foolish to project jobs creation projections, as Cain and Perry have announced with their plans, because even the president's direct stimulus program resulted in near zero short-term job gains. Cain really jumped the shark with 6 million new jobs."
