Free Site Registration


Cain Says to Throw out the Tax Code

Print
Email
Reprints
New York (September 26, 2011)

By Michael Cohn

Republican presidential candidate Herman Cain pulled off an upset victory in the Florida straw poll over the weekend, campaigning on his 9-9-9 plan to cut taxes.

Herman Cain

The former Godfather’s Pizza CEO won the poll by 22 points over Texas Governor Rick Perry, with 37 percent for Cain versus 15 percent for Perry and 14 percent for former Massachusetts Governor Mitt Romney. Cain said on NBC’s “Today Show” on Monday that the Tax Code should be thrown out.

Asked by co-anchor Ann Curry about how he would get corporations to start investing the $2 trillion in cash that they are sitting on to get the economy moving again, Cain drew a distinction against his rival candidates.

“Unlike all of my competitors in this race, they are trying to tinker around the edges to recommend a fix based upon the Tax Code,” said Cain. “My plan starts with throw out the Tax Code. It’s bold because this economy is on life support. And then pass my 9-9-9 plan: a 9 percent business flat tax, a 9 percent personal tax and a 9 percent national sales tax. It will replace the payroll tax, corporate and personal income taxes, the capital gains tax, and it will also replace the death tax.”

Cain added that the plan provides more certainty for businesses and they won’t be penalized for repatriating trillions of dollars in profits. “Certainty is what the American business community is looking for,” he said.

Cain was also asked about a Saturday Night Live spoof of the Republican presidential candidate debates over the weekend, which poked fun at his background in the pizza business. He said he loved the spoof so much he might even start using a slogan from the skit: “Vote for me and I will deliver.”

“I will take that and run with it,” said Cain. “I couldn’t have come up with a better one myself.”

4 Comments

I totally agree with imacpa123. No need to say more.

Posted by: Tedego | September 28, 2011 1:12 PM

Report this Comment


The problem that all flat-tax proponents forget is you still have to define income. It would be fine for wage earners, but what is income for businesses? I certainly hope it would not be defined as gross receipts. As soon as you start to define income you have a tax code.

Posted by: imacpa123 | September 27, 2011 11:15 AM

Report this Comment


He appeals to the ignorant; and there are plenty around.

Posted by: Unknown | September 27, 2011 11:14 AM

Report this Comment


I wish Mr. Herman Cain was the "Chosen One" rather than Oprah's own "Chosen One". The country would have been better of.

Posted by: Lino | September 27, 2011 10:43 AM

Report this Comment

Add Your Comments...

Already Registered?

If you have already registered to Accounting Today, please use the form below to login. When completed you will immeditely be directed to post a comment.

 

Follow Accounting Today
Advertisement
Advertisement

Jason Marx on the Challenges and Opportunities Facing Accountants

June 17, 2013

CCH Small Firm Services president Jason Marx talks about the challenges confronting small accounting firms, including regulatory and tax compliance, technology adoption, and do-it-yourself software.

Jennifer Warawa on the 'On-Demand' Accountant

June 14, 2013

Jennifer Warawa, VP of partner programs and channel sales at Sage, discusses how accountants need to communicate more frequently with clients so they become more of an "on-demand" resource.

George Farrah on the Challenges and Opportunities Facing Accountants

June 14, 2013

Bloomberg BNA executive editor of tax and accounting George Farrah discusses how accountants today are dealing with the economy, technology, globalization and practice management.

Amit Jain on Three Key Trends in Accounting

June 13, 2013

Amit Jain of ADP Small Business Services discusses how the accounting firm of tomorrow will be different from accounting firms today.

Advertisement

SLIDE SHOW

20 Trends to Watch

June 16, 2013

New areas of change that accountants should be on the lookout for.

Protecting Clients from Tax-Related Identity Theft

May 31, 2013

Tax-related identity theft is a continuing problem, and a trustworthy tax preparer is an important part of the solution.

10 Simple Revenue Boosters to Start Now

May 28, 2013

Are your prospects choosing another accounting firm just because of price? There are ways to boost your image to earn a premium fee and leave low-price competitors behind.

Tax Season by the Numbers

May 22, 2013

The IRS recently released statistics covering the year to May 10, 2013.

Top 10 Tech Initiatives -- 2013

May 5, 2013

The AICPA's annual list of IT priorities for accounting firms.

Advertisement
Advertisement
Advertisement