Herman Shares Five-Point Tax Plan

Posted: April 21, 2011 by thesundowner in Uncategorized

This week, Herman Cain rolled out his five-point tax plan at events around the country. In a time when President Obama is calling for tax hikes on hardworking Americans and small businesses, Herman believes it’s time to lower taxes to supercharge our economy. Here’s what he thinks we should do:

  1. Eliminate the taxes on repatriated profits, which are earnings of American-based multinational companies that sit in bank accounts overseas to avoid double taxation for bringing their profits back to the U.S.
  2. Make the current tax rates permanent. Families and businesses do not plan for two years at a time!
  3. Reduce the corporate income tax from 35 to 25 percent, with the potential for additional incremental decreases over time.
  4. Eliminate the tax on capital gains and their dividends.
  5. Suspend payroll taxes for both employees and employers for one year.

Editor’s Note: Basically, I agree with all 5 points, but would go further on number 5: eliminate payroll taxes. Why? Because there IS NO LAW that requires you to pay income tax on your payroll. Show me the law and I’ll abide by it. Until then, there IS NO SUCH LAW.

From the Herman Cain web site.

  1. On point # 3.: Reduce corporate income tax from 35% to 15%, instead of 25%.

    By reducing it to 15% we will be competitive with the rest of the world by having the lowest corporate income tax rates, will exponentially increase our business revenues, and thereby increasing our contributions to the Federal Treasury’s coffers.

    The same with point # 5.: Eliminate the payroll tax permanentaly since there is no law requring it anyway.

    Oh? You didn’t know that? Yeah, you dumbass! If you pay income tax, it’s only because of two reasons:

    1.) You are totally ignorant of the law
    2.) Or, you do it voluntarily.

    Either way, if you’re paying income taxes, it’s because you’re ignorant.

  2. turtlemom3 says:

    I’ll go even farther than you! Totally eliminate income tax and implement the Fair Tax. If you look at it carefully, it will
    1) remove your income tax
    2) implement a 23% consumption tax on all new items (no tax on used items at places like Goodwill)
    3) no business taxes – they pay the consumption tax on all their business items (like pens, pencils, paper, furniture, etc) but not on the items and supplies for manufacture of goods to be taxed at the consumer level
    4) monthly “Prebate” to cover taxes paid for essentials (food, drugs, etc) @ a rate of about $450/month per person

    Interested? Check out the website: http://www.fairtax.org/
    Read through each page on the site and watch the video.
    Get the books (available at Amazon) and READ them:
    1) The FairTax Book, Neal Boortz, John Linder
    2) FairTax: The Truth: Answering the Critics, Neal Boortz, John Linder

    Discontinue all subsidies to everyone. (I know farming is hard, but if you are going to make it, then do it on your own back – or sell stock in your farm and pay dividends to your investors like any corporation.)

    Dismantle the Department of Education.

    Combine the FAA and the Transportation Department, cutting the support staffing by at least 1/2.

    I have lots of other ideas, but these are jut a few. Wish Herman would consider them!

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