Presidential Candidate Herman Cain’s 999 Economic Plan

The essence of the 999 plan is to scrap the current tax code and replace it with a simpler system that removes most of the excess expenses of complying with the current code. It replaces all current taxes with simpler flat tax system of a 9% Business income tax, individual income tax and sales tax.

The 9% Business tax deducts purchases capital investments and exports. The 9% individual income tax has a deduction for charitable donations. Further more both of these have additional deductions for opportunity zones, which also has the effect of reducing individual income tax for those in poverty to zero.

This would relieve most of the burden of complying with the current tax code and as such it would be a huge boost to the economy. The resulting increase in economic activity would create millions of jobs and actually increase Federal revenue over the current system. It is a bold plan that would reveres the economic downturn of the last three years. The result would that the economy would bounce back like never before with more people working and keeping more of what they earn the economy would take off and thrive once again.