Thursday, October 13, 2011

9, 9, & 9 is 24 kt. political gold for pizza 'Godfather'

Herman Cain, a former pizza chain operator and board member of the Federal Reserve Bank of Kansas City who grew up in Atlanta with “loving parents and little else,” has surged to the top of the GOP heap with a simple tax plan.

He leads former Massachusetts Governor Mitt Romney 27% to 23%, according to the latest Washington Post/ABC News poll. Texas Governor Rick Perry has slipped back to a 16% share in third place after enjoying a high of 38% topping Mr. Romney in polls two months ago.

Mr. Cain trails President Barack Obama 49% to 38%.

Why the sudden success? Experts point to the 9, 9, and 9 federal tax plan. Here's how that would work.

Nine percent corporate income tax, nine percent personal income tax and nine percent national sales tax would simplify a Byzantine federal tax code, but it would place a disproportionate tax burden on the poor and underemployed, according to experts.

Under the streamlined Cain tax plan, there would be no capital gains tax.

The poorest tax payers with the lowest income would get but one deduction for charitable contributions, and no more. On the other hand, the measure would bring the 30% of U.S. households that pay no federal income tax into the tax paying picture.

“The 9/9/9 plan that I have proposed is simple, transparent, efficient, fair, and neutral,” Mr. Cain says.

His closest opponent for the GOP Presidential nomination - the one the Godfather likes to keep closer than his friends - balked at the plan, as have other conservatives.

“I must admit that — that simple answers are — are always very helpful, but oftentimes inadequate,” Mr. Romney said. “And in my view, to get this economy going again, we’re going to have to deal with more than just tax policy and just energy policy, even though both of those are part of my plan.”

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