Friday, October 14, 2011

9 9 9 is a "wonderful plan" so says Art Laffer

Reagan economist and creator of the "Laffer Curve" says that Herman Cain's 9 9 9 tax plan is a "wonderful plan" He says it will "lower the tax rate and broaden the tax base” while provide people with the least incentive to cheat on their taxes"

"Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9.”
Laffer also said that “such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment.”

In addition Congressman Paul Ryan likes it too:
“We need more bold ideas like this because it is specific and credible,”

The budget chairman went on to say that ideas like Cain’s plan could help shape the debate over tax reform moving into 2013.
“It’s great to see such bold ideas,”

I admit that I was skeptical of 9 9 9 but I am becoming less so if Laffer and Ryan like it. Go Herman !