Well, just after I got through busting on Cain for having a plan that wasn’t well thought out he changes his plan. This new design incorporates what he calls ‘opportunity zones’ and it takes the burden away from poor families who currently wouldn’t be paying anything in taxes anyhow but who under his plan would be paying a lot more. Here is the story from USA Today:
GOP presidential hopeful Herman Cain tweaked his 9-9-9 tax plan, eliminating the tax burden on people living in poverty and creating “opportunity zones” to boost economically depressed areas .
Cain’s changes to the plan come amid growing criticism that the proposal — calling for a 9% income tax, 9% national sales tax and 9% corporate tax rate — would raise taxes on low- and middle-income people while helping the wealthy.
The former Godfather’s Pizza CEO proposed people living at or below the poverty line would pay no income taxes. He touted his plan for opportunity zones in front of a vacant train depot in Detroit.
“I believe in empowering cities to help themselves,” Cain says in the Detroit News about his proposed opportunity zones. “Empowering individuals to help themselves. This is not an entitlement program.”
Cain’s changes to the 9-9-9 plan include exemptions from zoning and building codes in areas that need economic boosts and new tax brackets for different income levels. He also says some minimum wage laws could be waived.
Independent analysts at the Tax Foundation and Urban Institute have said Cain’s original 9-9-9 plan is regressive and creates a larger tax burden for those at lower income levels.
Cain has surged to the top of national polls and is essentially tied with Mitt Romney for the GOP nomination. His GOP rivals assailed the plan earlier this week during the presidential debate in Las Vegas.
(Contributing: Associated Press)