Topic: Art Laffer: Cain's 9-9-9 Plan a "vast improvement" over current tax code

[IronDioPriest]

Godfather of Supply-Side Economics Supports Cain's '9-9-9' Plan

As businessman Herman Cain surges atop state and national polls and becomes a top-tier presidential contender, his signature "9-9-9" plan, which calls for a nine percent tax on income, a nine percent national sales tax, and a nine percent corporate income tax, has come under scrutiny from the right and the left.

Famed supply-side economist Art Laffer? told HUMAN EVENTS that Cain's "9-9-9" plan was a pro-growth plan that would create the proper conditions for America's economy to grow and thrive again.

"Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy," Laffer told HUMAN EVENTS in a statement. "The goal of supply-side tax reform is always a broadening of the tax base and lowering of marginal tax rates."

Added Laffer: "Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9."

Laffer also said that "such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment."

[Libertas]

Well, isn't that interesting?!  As far as respectable economists go this is about as high as high praise can go!

 

 

 

[IronDioPriest]

It really is a helluvan endorsement. When the other candidates or pundits say it can't work, he can basically whip out the Laffer card and trump their naysaying. Any conservative who wants to argue against Art Laffer is probably barking up the wrong tree.

[Libertas]

Yup!

[Janny]

I am not terribly impressed. Next question? Where is Laffer on the "fair tax?"

I suppose it doesn't matter, though, because I doubt either "plan" would ever get through congress.

[charlesoakwood]

Whether it can make it through congress is another question.
Art Laffer endorsing Cain's plan is a biggie.
He was the boygenius at Reagan's table.

[Libertas]

Everybody knows the Laffer Curve...right?

 

[charlesoakwood]

Well sure, but what about his fast ball?

[Libertas]

Chin music to Neo-Keynesians!

 

[Pandora]

I am not terribly impressed. Next question? Where is Laffer on the "fair tax?"

I suppose it doesn't matter, though, because I doubt either "plan" would ever get through congress.

You're not happy.  Are you leaning toward someone else or just    at the lack of a good choice?

[charlesoakwood]

Chin music to Neo-Keynesians!

 

Italian salutation?

[Libertas]

Chin music to Neo-Keynesians!

 

Italian salutation?

vafangol

 

[IronDioPriest]

Art Laffer: Herman Cain's "9-9-9 Is A Wonderful Plan"

[Delnorin]

I don't want to be insensitive but I'm curious.. is he blind? I saw the Fox News interview and now I see the video here on this thread...
Just didn't know if he had eyes or not.

[Janny]

I am not terribly impressed. Next question? Where is Laffer on the "fair tax?"

I suppose it doesn't matter, though, because I doubt either "plan" would ever get through congress.

You're not happy.  Are you leaning toward someone else or just    at the lack of a good choice?

The latter. Unfortunately.

[Sectionhand]

I'm concerned about the 9% sales tax . Added to the existing state and local sales taxes in my area , I'd wind up paying 16.5% . Laffer also admits that there's no guarantee that a future congress won't turn  " 9-9-9 " into " 20-20-20 " eventually . It's obvious ( as I have said before ) that the current code could and should be scrapped . It could be replaced by a simple code no more than 1 1/2 pages typed , doubled-spaced . But even the lowest income levels should have some skin in the game and be paying at least 1% .

[Libertas]

I hear ya SH, but one thing that sales tax would do is get everyone to think ahead on their purchases...get what they need, not what they want or are told they must have.  Seeing your tax bill up front instead of masqueraded by manipulative statists is still a move in the right direction.  State could also look to modifying their tax methods as well to get a balance that may better reflect their constituents.