In an interview on Fox News Sunday, GOP presidential hopeful Herman Cain predicted that President Obama would call for a tax hike on the wealthy to pay for his jobs bill. Cain also said that such a plan would only make the economy worse.
"If you were to tax the millionaires more using that bad idea, it still doesn't solve the problem of how to reduce the spending. So, that's just class warfare flowering in my opinion and it's not going to help,” Cain said, adding that “This president and the administration have no clue.”
Cain defended his 9-9-9 economic plan, which calls for a flat nine-percent tax rate for corporate and individual income and a national sales tax. He said that “some of the best economists in the country” helped him devise the plan based on an analysis of how much revenue would be needed to balance the federal budget. Despite prodding from host Chris Wallace, however, Cain refused to name his economic team.
I find this to be quite silly considering that even if we were to reduce spending we couldn't even afford to pay for national security and defense agencies on a 9% tax rate. We would need a 16% flat tax rate to pay for essential government programs. 54% of the US budget goes toward our military. Most likely this economic team doesn't exist because that is just impossible unless Herman Cain also plans on cutting spending on defense, which means he doesn't plan on protecting or serving our nation. President Obama's American Jobs Act legislation has a 3% payroll tax rate for non public sector companies during the tax holiday. In order to pay for American Jobs Act of 2011 the plan is to cut spending and have the top income earners pay the same tax rate as the average middle class American about 36% It is likely Herman Cain didn't read the legislation before making accusations against the President. I have read it, considering he is running for President of my country I think he should read documents before making stuff up.
Just a thought, but 9-9-9 could it be 6-6-6 upside down (ha ha ha JK I just couldn't resist typing that).
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