One of the key economists who helped Republican presidential candidate Herman Cain draft his 9-9-9 tax plan is backing away from its most controversial component. Economist Stephen Moore said the criticism Cain endured during the GOP presidential debate Tuesday night shows his proposed 9 percent national sales tax might have to go, reports
Fox News.
Cain weathered a storm of complaints over his tax plan at the debate in Las Vegas. Virtually every candidate took turns accusing him of pushing a scheme that would introduce new streams of revenue and hit the middle class hardest.
The plan calls for throwing out the old tax code and replacing it with an across-the-board 9 percent income tax, 9 percent corporate tax, and 9 percent national sales tax.
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Moore said the debate further confirms his belief that the candidate should strip the sales tax out of his plan and replace it with a 9 percent payroll tax.
"They wouldn't be able to attack it," Moore told FoxNews.com. "If he had done that a week ago, then they wouldn't be able to attack the plan last night."
Moore said he likes the sales tax idea and thinks it would be "rocket fuel for the economy," but explained that it's just too much of a punching bag. Ideally, he said, he would lift the cap on income subject to the Social Security component of it, so "LeBron James would pay 9 percent tax" on his full salary.
Moore first raised the idea of changing the Cain plan during an interview over the weekend on economist Larry Kudlow's radio show. He expressed surprise at how "hostile" people have been to the sales tax component.
"I've come to the conclusion that the American people and the voters do not want a national sales tax," he said.
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