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Herman Cain on Tax Reform
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Federal government taxes too much and too often
The federal government should encourage economic growth by less legislation, less regulation, lower taxes and business-friendly policies. Currently, the federal government taxes too much and too often. Meaningful tax reform should be implemented
immediately to alleviate that suffocating tax burden placed on businesses and individuals. This means across-the-board tax cuts, including reducing the capital gains tax, suspending taxes on repatriated profits and permanently eliminating the death tax.
Source: Campaign website, www.hermancain.com/ "Issues"
May 21, 2011
Abolish the IRS; implement 23% national sales tax
Q: You say abolish the IRS and impose a FairTax, a national sales tax of 23%. But experts say the practical effect is a tax cut for the wealthy and a tax increase for the middle class.A: With all due respect, your experts are dead wrong.
I have studied the FairTax for a long time. First of all, it is 23%, but it replaces all federal income taxes; and it replaces the payroll tax.
Depending on how you define a windfall for the rich, it's also a bonanza for the not-so-rich, because of the prebate. Every family deserves to get a prebate to offset taxes that would be paid on essential goods and services.
That levels the playing field, in my opinion, and especially gives the not-so-rich an advantage that they don't have today under our current system. So yes, I strongly support totally replacing the current code with the FairTax.
Source: 2011 GOP primary debate in South Carolina
May 5, 2011
Attack of the "ations": regulation; legislation, taxation
The American Dream is under attack. But the good news is, we are fighting back. It is under attack by what I describe as "The Attack of the Ations": Too much legislation; too much regulation; & too much taxation. The attack of the "ations" is killing the
American Dream. - Too much regulation: The cost of regulatory compliance on a small business is $10,000 per employee. Imagine the number of small businesspeople who are reluctant to expand their businesses because of the uncertainty hanging over
this economy. Imagine what would happen if we are able to unleash the full economic potential of this country.
- Too much legislation: I didn't have to mention cap-and-trade-and-tax-and-kill. I didn't have to mention the Unfairness Doctrine. I didn't
have to mention any of the others they're trying to put in through the back door.
- Too much taxation: The only way to fix our messed up tax code is to throw it out and put in a whole new system called the FairTax. Throw it out and start over.
Source: Speech at 2011 Conservative Political Action Conference
Feb 11, 2011
All tax increases are bad; but 2011 increase is punitive
All tax increases are bad, but there are some that are just plain unfair and punitive for no logical reason. The marriage penalty, the small business penalty, the retirement penalty, and the death penalty are in that category. Most people are unaware tha
these automatic tax increases come about because of a sunset clause in the 2000 tax decrease legislation. - As of January 1, 2011 the standard deduction for married couples will no longer be double that for a single person.
- Small businesses wil
no longer be able to expense equipment purchases up to $250,000. The new limit will be $25,000 which is equivalent to a tax increase.
- Many retirees work and save all of their careers to be able to retire on dividends on their savings, stocks and bonds
These dividends will no longer be taxed at the long-term capital gains rate of 15%. They will now be taxed as ordinary income at a top bracket rate of 39.6%.
- The dreaded death tax will return to a 55% top rate on estates over $1 million.
Source: Political column, THE New Voice, "Tax increases of 2011"
Jul 11, 2010
FairTax stimulates economic growth and liberates the poor
This is what's wrong with the tax code along with its unfairness, its complexity and a long list of other anti-free-market and politics-of-envy provisions. The only solution is to replace it, and the Fair Tax is by far the best solution. The
Fair Tax--a national consumption tax replacing all existing federal taxes-- eliminates all inconsistencies, stimulates economic growth and liberates the poor and the needy. But the bureaucrats and career politicians want to keep the current system.
The tax code gives them a means by which to encourage certain behaviors, and a means by which they can award tax favors to one group over another. The current system hides a plethora of sneak-a-taxes that may never be exposed.
The insanity and
inconsistencies in the tax code are not new revelations, but some of us have got to continue to sound the alarm. That is, until we have leaders who will embrace the will of the people over the will of politics. That would be a break for all of us.
Source: Political column, THE New Voice, "Fair Tax Will Fix This"
Aug 20, 2007
Page last updated: Jun 14, 2011