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:
- 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.
- Make the current tax rates permanent. Families and businesses do not plan for two years at a time!
- Reduce the corporate income tax from 35 to 25 percent, with the potential for additional incremental decreases over time.
- Eliminate the tax on capital gains and their dividends.
- 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.