Herman Cain on The Economy
Summary
Herman Cain views the government as a burden on the economy and seeks to lower the tax burden and simplify the tax code as a means to stimulate the economy. His economic plan consists of lowering the existing tax rates for the corporate tax, capital gains tax, and others. He would then push to transition the tax system to a consumption tax instead of an income tax. Herman Cain believes that lowering the taxes and establishing them as permanent would stimulate the US economy.
As a general rule, Herman Cain opposes government intervention into the economy through stimulus plans and bailouts. He has stated that government spending is the equivalent to taking a bucket of water from the deep end of the pool and putting it into the shallow end. However, Herman Cain has stated that he would have voted for the bailout if in office. He stated that something needed to be done. Herman Cain opposed the Obama stimulus plan.
Herman Cain has proposed an economic plan in line with his principles which he calls the Vision for Economic Growth. This plan consists of two phases. In phase one, he would reduce individual and business income taxes to a maximum 25%, and eliminate taxes on repatriated foreign profits and capital gains. He has stated that companies do not move jobs overseas, but that liberal policies force money overseas and the jobs follow. In lowering the tax rates, Cain would combine the flat rate tax plan and the fair tax sales tax plan by making both the business and income taxes 9% and instituting a national sales tax at a rate of 9%. He calls this the 9-9-9 plan. Some deductions, such as charitable deductions would still be allowed. The second phase of the plan would be fully installing the "Fair Tax" sales tax system and eliminate the personal income and corporate income taxes.
Economic Pity Party
In February of 2008, Herman Cain wrote an article dismissing the economic downturn.
Bankrupt America
In March of 2008, Herman Cain wrote an article discussing the looming problems with entitlements and their effects on the economy.
New Hampshire Debate
In June of 2011, Herman Cain participated in the Republican Primary debate in New Hampshire. He notes his views that government should involved in the economy as little as possible.
Iowa Debate
In August of 2011, Herman Cain participated in the Presidential debate in Ames Iowa. He spoke about his overall economic policy and the need to cut taxes and keep them permanently low. In a later question, he was asked about repatriated profits and stated that the key to getting companies to invest in growth in the US was to make those types of tax incentives permanent.
Vision for Economic Growth
On August 17, 2011 Herman Cain held a fundraiser in South Carolina. He released a press statement in association with thoat event in which he denoted part of his economic plan. He released a 6 page pdf titled the Vision for Economic Growth.
Reagan Debate
In September of 2011 Herman Cain participated in the Republican debate at the Reagan library. He talks about his economic 9-9-9 plan.
TEA Party Debate
In September of 2011, Herman Cain participated in the TEA Party debate in Tampa Bay, Florida. He spoke about his 9-9-9 plan.
2012 Presidential Campaign Website Statements