Herman Cain Talks Economics
Republican presidential candidate Herman Cain discussed the president's jobs and debt plans, as well as his own plan to jumpstart the economy, on "Fox News Sunday."
President Obama will reportedly propose a higher tax rate on millionaires, something businessman Herman Cain says will hurt the economy.
"If you were to tax the millionaires more using that bad idea, it still doesn't solve the problem of how to reduce the spending. So, that's just class warfare flowering in my opinion and it's not going to help," Cain said.
Cain said he thinks the president will suggest more taxes to pay for the jobs plan he proposed last week too.
"This president and the administration have no clue," Cain said, adding, "the business sector is the engine that drives economic growth."
Cain has his own proposal for reviving the economy, which he calls his "9-9-9 plan."
Under this plan, a 9% flat tax rate would be imposed on corporate income and individual income and a national sales tax of 9% would be implemented.
The rest of the tax code would be tossed.
Cain says his plan will provide the economy a boost and "inspire the business community."
Asked about how his plan would impact those who do not currently pay any federal income taxes, Cain said, "A good economic growth plan should not be designed to help more people not pay taxes."
He added that those taxpayers "are going to end up paying some taxes, but not necessarily more."