(Greenville, SC)- Republican presidential candidate Herman Cain shared his “Economic Vision: Jobs for America” plan today at NEXT Innovation Center in Greenville, South Carolina.
Cain’s plan details his three “Economic Guiding Principles”:
- Production drives the economy.
- Risk-taking drives growth.
- Measurements must be dependable.
Cain believes that the federal government should ease the burdens of excessive taxation and regulation to spur economic growth to increase production. This includes lowering the top corporate and personal income tax rate to a maximum rate of 25 percent, suspending taxes on repatriated profits and making the lowered tax rates permanent. He also proposes a regulatory reduction commission that would seek to review and potentially eliminate some current regulations whose compliance costs weaken job creators.
Risk-taking drives growth.
Cain believes there must be increased access to capital. To do so, he proposes eliminating taxes on capital gains and their dividends. This would also incentivize companies to invest in worker training programs, new equipment and emerging technologies. History shows that the largest beneficiaries of such a reduction on capital gains taxes are new technology investments.
“The capital gains tax represents a wall between people with money and people with ideas,” Cain said. “And people with ideas are the catalyst for new businesses and new job growth.”
Measurements must be dependable.
Cain’s plan would help stabilize the value of the dollar in order to provide monetary stability by dramatically reducing the national debt through meaningful spending cuts and restructuring government assistance programs. Stabilizing the value of the dollar would help to eliminate uncertainty that impedes business expansion and job creation.
Cain believes that implementing these initiatives would provide economic certainty to businesses for investment, innovation and hiring purposes. He estimates that these changes would cut the unemployment rate in half when fully implemented.