In an interview on Fox News Sunday, GOP presidential hopeful Herman Cain predicted that President Obama would call for a tax hike on the wealthy to pay for his jobs bill. Cain also said that such a plan would only make the economy worse.
"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, adding that “This president and the administration have no clue.”
Cain defended his 9-9-9 economic plan, which calls for a flat nine-percent tax rate for corporate and individual income and a national sales tax. He said that “some of the best economists in the country” helped him devise the plan based on an analysis of how much revenue would be needed to balance the federal budget. Despite prodding from host Chris Wallace, however, Cain refused to name his economic team.
“I’m not at liberty to mention their names,” he said, adding that he doesn’t want to “compromise confidentiality.”
When Wallace pointed out that, under Cain’s plan, the wealthy would pay considerably less in taxes, while the approximately 45 percent of low-income Americans who currently don’t pay any income taxes would end up paying a good deal more, Cain was unsympathetic.
“A good economic growth plan should not be designed to help more people not pay taxes, Chris,” he said.
(Photo: Steve Pope/Getty Images)
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