Bachmann, VP Biden think Cain’s ’9-9-9′ plan is bad
It’s a rarity to find agreement on both sides of the national political aisle these days, but it seems Atlanta businessman Herman Cain‘s ’9-9-9′ tax plan is a uniting force.
Michele Bachmann
The campaign for U.S. Rep. Michele Bachmann issued a press release late Tuesday that was titled: ’9-9-9′ would wreck the U.S. economy. Quoting FreedomWorks, the Wall Street Journal and several other media outlets, the Bachmann campaign argued that Cain’s signature plan “levies a brand new national sales tax and would further weaken the U.S. economy, leaving American taxpayers vulnerable to skyrocketing rates imposed by future Congresses.”
“„… Mr. Cain’s plan has a worthwhile intention, but 9-9-9 would cause more problems for the U.S. economy and job-creation than it would solve. Sensible tax reform will lower the burden on American business, simply the tax code for all taxpayers, and make the U.S. the most competitive engine of economic growth in the world.
“„As a former federal tax litigation attorney, Congresswoman Michele Bachmann has seen firsthand the how the current code devastates American job creators. As President, she will reform the tax code to produce real jobs, right now, without creating new taxes.
On Wednesday morning the plan also drew the scrutiny of Vice President Joe Biden, who said the plan would place an added burden on the middle class.
“That’s standing on its head what Teddy Roosevelt, a Republican, had in mind when he proposed a national income tax that’d be progressive,” Biden said during an appearance on ABC’s Good Morning America. “But it’s totally consistent with the Republican philosophy that what you continue to do is continue to cut taxes for the millionaires and billionaires and continue to add a burden on the middle class.”
Image has not been found. URL: http://media.iowaindependent.com/cain_125.jpgHerman Cain
Cain proposes replacing the current tax code with a 9 percent national sales tax, a 9 percent personal income tax rate and a 9 percent corporate income tax rate.
Bachmann, who may have offered the most damning critique of the plan, is far from the only member of the 2012 crowd that takes issue with it. The proposal received widespread criticism from the GOP field Tuesday night during an economic-focused debate in New Hampshire.
Former China ambassador and Utah Gov. Jon Huntsman noted the “catchy phrase” reminded him of the “price of a pizza” when he first heard it. When former U.S. Sen. Rick Santorum asked for a show of hands in support of the idea, and none appeared.
“There you go, Herman. That’s how many votes you’ll get in New Hampshire,” Santorum said.
Cain has defended his plan, saying that it will lead to lower taxes for all.
