Presidential Hopeful Tax Plans: Herman Cain

Presidential Hopeful Herman Cain has now laid out his tax plan. I glean this information from his campaign website which can be found here.

Phase 1:

• Reduce individual and business income taxes to a maximum of 25%
• Eliminate taxes on repatriated foreign profits
• Eliminate taxes on capital gains

Phase 1 Enhanced: so called "999 Plan":

• Flat Business Tax of 9% (tax on corporate profits)
  • Gross income less all investments, all purchases from other business and all dividends paid to shareholders.
• Individual Flat Tax of 9%
  • Gross income less charitable deductions.
• National Sales Tax of 9%
• End payroll tax completely!
• End the Death Tax
• NB: This "999 Plan" presupposes "throwing out" the current tax code.

Phase 2

Implement the "Fair Tax"