- Cut top corporate tax rates from 35% to 25%. We are the only nation on the planet who still has not lowered our top corporate tax rates and cut personal income top tax rates to 25%
- Cut Capital Gains tax to zero to generate cash and equity for small businesses
- Payroll tax holiday for all employees and employers for one year
- Suspend double taxation laws on overseas profits which would bring home One Trillion dollars into our economy without one cent of extra taxation
Once we see the great success of these 4 ideas, President Herman Cain would work with Congress to make these permanent.
Uncertainty is the reason we have businesses having to hold back on investing in our economy. High unemployment numbers are the result of this uncertainty and out of control government growth. Obama promised if we gave him a trillion dollars more of our money, he was going to bring down unemployment back to the 4.5-5% rates that we had averaged under President Bush even after 9/11 attacks. He told us unemployment would go over 8% if the liberal controlled democratic party did not get approval for the debt they were putting on our grandchildren. Not only have we gone well above 5% and even above 8% unemployment but we have also had the longest high unemployment numbers since the Great depression with hundreds of thousands of government jobs and millions of lost jobs from private business sector.
Phase two of the Herman Cain plan would be to implement the Fair Tax. As shown in research by Harvard economist, this would boost our GDP by 10.5% in the first year. AA Simple government would empower the people and deliver them from being afraid of their own government since the Fair Tax:
- Enables workers to keep their entire paychecks
- Enables retirees to keep their entire pensions
- Refunds in advance the tax on purchases of basic necessities
- Allows American products to compete fairly
- Brings transparency and accountability to tax policy
- Ensures Social Security and Medicare funding
- Closes all loopholes and brings fairness to taxation
- Abolish the IRS!
- and businesses would finally have a fighting chance against foreign corporations.
No wonder Herman Cain is now running very high in the polls in Iowa. For a deeper study on how The Fair Tax would increase your paycheck, read this research paper at http://www.fairtax.org/PDF/HowTheFairTaxAffectsWages.pdf