Herman Cain (born December 13, 1945)is an American author, business executive,and is the 45th President of the United States, serving from January 20th 2013 to Present. Cain is the second African American to hold this position. Cain is known for his conservative politics, especially in economics. Which his main legislation, the "9-9-9 Tax Plan" was approved by US Congress during the 113th Congress Session, despite resistence from the liberal left.
Economic Change to the United States of America
Cain's 9–9–9 Plan, a centerpiece of Herman Cain's 2012 campaign for the Republican Party's nomination for president of the United States, was introduced in January 2013. It replaced all current taxes (including the payroll tax, capital gains tax, and the estate tax) with 9% business transaction tax, 9% personal income tax, and a 9% federal sales tax. "Our tax code is the 21st Century version of slavery. The IRS has become the overseer of the American people," says Cain. Cain's flat 9 percent income tax also would replace payroll taxes, which all workers pay and that fund Medicare and Social Security, and would end the estate tax, which is a tax on inheritances. Cain's income tax would be collected equally for workers with two exceptions -- taxpayers could claim a deduction for charitable contributions, we haven't heard him discuss a limit, and taxpayers could earn a type of tax credit for living in an "empowerment zone," which Cain has described as inner cities needing revitalization. the flat income tax and the elimination of payroll taxes would result in shifting some of America's tax burden, making some poorer Americans pay more into the system while many middle- and upper- class Americans would pay less. Cain's national sales tax, in effect, would attempt to make up for the reduction of federal revenue by creating the 9 percent income tax. The national sales tax, which would help fund the federal government, would be on top of state and local sales taxes, which fund state and local government. Cain said the national sales tax would be levied "on all new goods." , A good question to ask would be whether services are exempted. Most economists agree that a national sales tax would raise the relative tax burden on low- and middle- income earning taxpayers. "The main reason is that low- and middle-income households consume more of their income than high-income households do," said William Gale, senior fellow for economic studies at the Brookings Institution. "Another way of saying that is high-income households save more of their income than low-income households do." The nation's corporate income tax now stands close to 40 percent, so on the surface Cain's plan would be a huge reduction. Like Cain's changes to the personal income tax structure, his plan for businesses would include eliminating many -- though not all -- of the credits and deductions businesses now enjoy. The 9 percent personal income tax would generate around $1.1 trillion a year (the figure appears to not include charitable deductions) , the 9 percent national sales tax would generate around $380 billion, & that a 9 percent corporate income tax rate would generate $270 billion. In total, that's about $1.8 trillion. Which is about $360 billion less than what the government currently takes in -- about $2.16 trillion.
During President Cain's first term as President of the United States, many things changed that differ from the Obama Admin- istration. They include that President Cain: Reinstituted Don't-Ask-Don't-Tell policy for the United States Military.
Expanded school vouchers and charter schools.
Declared and implemented a "drill here drill now" strategy for " self sustaining " Oil Drilling off the Alaskan Coast.
Relaxed the Gun Control laws and tried to make a National Concealed Carry Weapons Law.
Increased Border Security along the Mexican Borders to decrease Drug Trafficking & Illegal Immigration.
Let the American people decide how to invest their Social Security.
President Cain assured the United States' intentions for peaceful coexistence, yet he stated that they will make all necessary steps if needed, to defend free democracy around the world. The Cain Adminstration achieved in the first term:
Foreign Aid : clarify who our friends are, clarify who our enemies are; and I happen to believe we must stop giving money to our enemies."
China: My China strategy is quite simply outgrow China" Cain also claimed that "China has "indicated that they’re trying to develop nuclear capability."
Iran: Cain said his first action on Iran would be to "assist the opposition movement in Iran that’s trying to overthrow the regime." He would also attempt to put pressure on Iran via global oil markets by achieving U.S. energy independence.
Free Trade: Supports "free trade agreements that are done correctly," including "parts of" NAFTA and CAFTA.
War on Terror: "It’s not clear what the mission is." He later clarified that "there are dozens of experts and military leaders I would need advice from before I could make an informed decision while "consulting with the commanders on the ground, our intelligence sources, after having discussions with Pakistan."
Environment: promised to "scrap the EPA and start over."
Arab Spring: Cain has criticized Barack Obama for being on the "wrong side" of the Arab Spring and said that the "majority"of the Egyptian opposition comes from the Islamist Muslim Brotherhood. He has described both former Egyptian President Hosni Mubarak and Yemeni President Ali Abdullah Saleh as friends of the United States.