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.

2012 Presidential Election and Presidential Experience

Some of the criticism a levied against Herman Cain is that he has not political experience and that his lack of such experience would make him a bad president and that we should elect a former Governor such as Mitt, Romney.

A false comparison is made with Barack Obama blaming his poor performance on the economy and other issues as being a result of his lack of executive experience. First of all Obama poor performance is more his ideology that pushed for job killing acts like Obama care and repeated stimulus while threatening job producers with increased taxes and regulations.

Furthermore Herman Cain has plenty of executive experience in the real world of business where he brought Godfather’s Pizza back from the brink of bankruptcy. His lack of political experience could be a benefit since he will go to the White House not knowing what can’t be done and it’s amazing what on can accomplish when one doesn’t know what one can’t do.