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Title: Herman Cain unveils economic plan (less taxes and regulations)
Source:
The Daily Caller
URL Source: http://dailycaller.com/2011/06/29/herman-cain-unveils-economic-plan/
Published: Jun 29, 2011
Author: Alex Pappas
Post Date: 2011-06-29 21:43:20 by Hondo68
Keywords: eliminating capital gains taxe, eliminate government regulatio, cut unemployment rate in half
Views: 12611
Comments: 55
Herman Cain announced an economic plan Wednesday that includes eliminating taxes on capital gains. The former CEO of Godfather’s Pizza turned presidential candidate, known for usually speaking in generalities when it comes to policy, came out with the plan while stumping in South Carolina. “The capital gains tax represents a wall between people with money and people with ideas," Cain said. "And people with ideas are the catalyst for new businesses and new job growth." Cain said this would also encourage companies to “invest in worker training programs, new equipment and emerging technologies.” Cain's "Economic Vision: Jobs for America" plan also includes lowering the top corporate and personal income tax rates to a maximum of 25 percent. He also proposes forming a commission to review and possibly eliminate government regulations. Cain claims his plan would cut the unemployment rate in half. (Romney leads Bachmann, rising in NH) “We will continue to roll out parts of his plan over time across the country, with each city having significance pertinent to a particular industry or portion of his economic plan,” said Ellen Carmichael, a spokeswoman for Cain. “We chose Greenville to draw attention to the friendly business climate of South Carolina and how federal interference, most recently with the NLRB, impedes job creation.” Cain’s business experience also includes serving on the board of directors for seven corporations and leading the National Restaurant Industry, his campaign said.
Poster Comment: Will Cain and Paul start hammering the neocons on economic policy, in the debates?
Republican presidential candidate Herman Cain laughs with Earle Gregory while touring the Next Innovation Center in Greenville, S.C., Wednesday, June 29, 2011. (AP Photo/The Greenville News, Bart Boatwright)
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#3. To: hondo68 (#0)
FWIW, Bush cut capital gains taxes from 20% to 15% (long term) and the result was anemic job growth compared to Clinton. But Republican economic policy is based on orthodoxy, not facts.
In 1993, Clinton raised taxes on upper-income Americans, boosting the top rate to nearly 40 percent. But the higher tax rates didn't boost government revenues as Democrats and the administration hoped, despite the economy coming out of a short and shallow recession. "The tax increases added very little to Treasury receipts despite their magnitude. Reports from the Congressional Budget Office and the Office of Management and Budget, and the Internal Revenue Service all agree," high-tech analyst Jerry Shenk writes on the American Thinker website. Clinton boasts about his budget surpluses, but they did not occur until after the Republican-run Congress sent him a deficit-reducing bill in 1997 that he signed reluctantly. Among its tax cut provisions, it cut the capital gains rate from 28 percent to 20 percent. "The 1997 rate reduction on capital gains unleashed the economy, causing capital investment to more than triple by 1998 and double again in 1999. Treasury receipts for this category of tax obligation increased dramatically," Shenk found. "Without tax relief and the internet/communications revolution, the second Clinton term would likely have seen tax revenues decline in a lagging economy," he said.
Correct...your moronic revisionism and sophistry aside, it boosted them even more than they had hoped. A capital gains tax cut did not boost revenues 10 foid to the cut. Nor has any evidence been offered that cutting capital gains taxes results in an increase in industrial or technological based capital investment, which has always had a generous depreciation/recapture schedule associated to it anyway. The tax has always had deferral capabilties and the biggest segment affected, the housing market, had an outright forgiveness on the sale of any first home.
"The tax increases added very little to Treasury receipts despite their magnitude. Reports from the Congressional Budget Office and the Office of Management and Budget, and the Internal Revenue Service all agree,"
#7. To: no gnu taxes (#6)
Wow..."I heard me say it it must be correct!!!" Post the reports, Paddy...
Top • Page Up • Full Thread • Page Down • Bottom/LatestHerman Cain announced an economic plan Wednesday that includes eliminating taxes on capital gains.
#4. To: go65 (#3)
#5. To: no gnu taxes (#4)
(Edited)
In 1993, Clinton raised taxes on upper-income Americans, boosting the top rate to nearly 40 percent. But the higher tax rates didn't boost government revenues as Democrats and the administration hoped, despite the economy coming out of a short and shallow recession.
#6. To: war (#5)
Replies to Comment # 6. Reports from the Congressional Budget Office and the Office of Management and Budget, and the Internal Revenue Service all agree
End Trace Mode for Comment # 6.
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