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Herman Cain on Corporations

Republican Businessman & Talk-Show Host


Put some fuel in the engine that drives economic growth

Q: What will you do to make sure problems do not take down the US financial system?

CAIN: Let's start with two things. First, we must grow this economy. We have the biggest economy in the world. And as long as we are stagnant in terms of growth in GDP, we impact the rest of the world. We must do that. But we're not going to be able to do that until we put some fuel in the engine that drives economic growth, which is the business sector. This administration has done nothing but put stuff in the caboose, and it's not moving this economy. #2, we must assure that our currency is sound. Just like a dollar must be dollar when we wake up in the morning, just like 60 minutes is in an hour, a dollar must be a dollar.

Q: So focus on the domestic economy, allow Italy to fail?

CAIN: Focus on the domestic economy or we will fail. There's not a lot that the US can directly do for Italy right now, because they're really way beyond the point of return that we as the US can save them.

Source: 2011 CNBC GOP Primary debate in Rochester MI , Nov 9, 2011

CEOs must get involved or free market system will collapse

GINGRICH: I want to ask Cain what happened at Godfather's regarding the encroaching of government when CEOs are faced with the out of control bureaucracy.

CAIN: My advice to them is something I realized when I first became CEO in 1986. If I did not get involved in these issues then the entire free market system would be collapsed. Don't stand back and play it safe. Get involved with the solution. I want to congratulate the Tea Party for putting these talks together and educating people Better informed people will change this country. You are all becoming better involved. The Tea Party movement is real and growing. The Left is calling people racists to scare them away. My advice to CEOs and business people is to get involved and not sit on the sidelines. You can't stop it with expensive lobbyists down the road.

Source: Head-to-head debate between Herman Cain & Newt Gingrich , Nov 5, 2011

Take the capital gains tax rate & repatriation tax to zero

Q: What one specific thing would President Cain do first to restart the economic engine?

A: Make the tax rates permanent. The business sector is the economic engine. You have the group that's talking about spending. You have the group that's talking about cutting. I represent growth. And it starts with the business sector putting fuel in the engine. In addition to that one thing that you asked me to identify, we must have a maximum tax rate for corporations and individuals of 25%, take the capital gains tax rate to zero, take the tax on repatriated profits to zero, make them permanent, and--and then certainty back into this economy. And I believe we can turn it around.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa , Aug 11, 2011

Suspend taxes on repatriated profits, permanently

Q: You say that we can boost job creation by eliminating the tax on companies that bring back overseas profits to the US. But when we tried a tax break like this in 2004, companies didn't create jobs. They just paid bigger dividends to their shareholders

CAIN: You're only looking at a small piece of it. It is a combination of things that I indicated. If you just pick out one thing and try just to do that, no, that is not comprehensive. I talked about lowering the top corporate and personal tax rays to 25%, also taking capital gains rates to zero as well as suspending taxes on the repatriated profits. And here's the big one, make them permanent. Uncertainty is what is killing this company. Now if a company were to decide that they want to take some of that money and pay a bigger dividend, so what, it is their money. So I'm not concerned about what they will do with that money if it is allowed to come back. I'm more concerned, bring it back so they will have an incentive to make some growth decisions.

Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa , Aug 11, 2011

Excessive regulation drives up prices; market self-regulates

The federal government has amassed incredible amounts of control through its ability to regulate everything from emissions to food to businesses. Certainly, some regulation is necessary to protect American consumers and taxpayers, but excessive regulation has driven up the price of the goods and services.

Alleviating the burdens of cumbersome regulation would be an immediate boost for our weakened economy. It would signal to businesses and investors that the government intends to maintain conditions that allow for them to thrive, not to bog them down with additional costs they must inevitably pass on to their consumers. No one is arguing for lead-based paint in toys for kids or unsafe food. We just want reasonable regulations that cut down on bureaucracy and help businesses succeed. And ultimately, the free market, aided in part by the watchful eyes of investors and consumers, will regulate itself.

Source: Campaign website, www.hermancain.com/ "Issues" , May 21, 2011

When was the last time a poor person gave you a job?

Cain said that the president has no leadership ability, but beyond that, there's a political mess and lack of solutions throughout Washington, D.C. "America is on the wrong track, but we can get it back," he said. "We have become a nation of crises"--moral, economic, entitlement spending, energy and immigration.

The federal stimulus funds did nothing to stimulate the economy, Cain said. As president, he would reduce the corporate tax rates from 35 to 25 percent, take the capital gains tax to zero and suspend taxes on repatriated foreign profits.

"Lower taxes do stimulate the economy," said Cain. "It's not rewarding the rich. When was the last time a poor person gave you a job?" He also would replace as a second phase the tax code with a national sales tax, describing it "as simple and fair."

Source: Rob Novit in Aiken Standard , May 19, 2011

Lower corporate tax rate to 25%; and capital gains to 0%

    He thinks he can turn around the US economy and create jobs with his 5-step plan:
  1. Lower the corporate tax rate to 25% from 35%. Cain said the US is the only country to not have lowered the corporate tax rate in the last 15 years
  2. Take the capital gains tax rate to zero. Cain said it would encourage investments in US businesses and create jobs
  3. Take the tax rate on the repatriation of foreign profits for US companies to zero. Taking away that tax would encourage investments in US businesses and create jobs
  4. Cut the entire 6.2% payroll tax for workers and employers for 1 year. Cain said it would give American workers a 6.2% pay raise and "guarantee" that the US economy grows faster. Cain believes smart tax cuts like these are self-financing, meaning they'll pay for themselves by stimulating the economy and raising the tax revenues
  5. Make the tax rates permanent or indefinite. Cain said uncertainty on tax rates is "killing investments" in the US economy.
Source: International Business Times, "5-Step Plan" , May 10, 2010

Other candidates on Corporations: Herman Cain on other issues:
Incumbents:
Pres.Barack Obama
V.P.Joe Biden
GOP Candidates:
Rep.Michele Bachmann(MN)
Herman Cain(GA)
Rep.Newt Gingrich(GA)
Gov.Jon Huntsman(UT)
Gov.Gary Johnson(NM)
Rep.Thaddeus McCotter(MI)
Rep.Ron Paul(TX)
Gov.Rick Perry(TX)
Gov.Buddy Roemer(LA)
Gov.Mitt Romney(MA)
Sen.Rick Santorum(PA)
GOP Withdrawals:
Gov.Haley Barbour(MS)
Gov.Chris Cristie(NJ)
Mayor Rudy Giuliani(NYC)
Gov.Mike Huckabee(AR)
Gov.Bobby Jindal(LA)
Gov.Sarah Palin(AK)
Gov.Tim Pawlenty(MN)
Donald Trump(NY)
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Page last updated: Feb 23, 2012