Herman Cain Tax Plan: Dubious Or Dream For Conservatives?
October 17, 2011 by Sam Rolley
One analysis of the Herman Cain tax proposal finds that implementation of the 2012 GOP presidential contender’s 9-9-9 plan may be difficult, but conservatives say it is a welcome idea in the tax discussion.
The Washington Post administered a fact check on claims Cain has made about his plan and found at least some aspects of it to be “highly dubious.”
The article says that while Cain’s claim that he will throw out the current tax plan may be true, his ability to replace it with 9-9-9 would take a long time, and the result would be only temporary. The research indicates such because 9-9-9 is the second of three parts involved in the Cain tax goal. The first step would cut individual and corporate tax rates to a top 25 percent rate, and the last step is actually the replacement of any current tax structure — even 9-9-9 — with a national sales tax or Fair Tax.
The article expresses doubt in the plan:
“As denizens of Washington, we find this three-step process to be highly dubious. It takes years, even decades, to fundamentally overhaul the tax code. Herman Cain is going to do this three times in his presidency?”
The Wall Street Journal says the Cain tax proposal “clearly has roots in the Reagan-era antitax movement.” The newspaper reports that Cain even met extensively with conservative economist Arthur Laffer in considering the basis of his proposal. Laffer has said that 9-9-9 will be a “vast improvement to the current tax system and a boon to the U.S. economy.”
Conservative supporters believe that even though Cain’s proposal may take a long time to implement completely, beginning the discussion is the first step.