The beating that GOP presidential candidate Herman Cain took Tuesday in Las Vegas is about to have its effect. From the Associated Press:
Detroit — Republican presidential hopeful Herman Cain is redefining his tax plan to allow some deductions, abandoning the zero-exemption feature of his “9-9-9″ plan, which has helped win headlines but would have meant a tax increase for more than four-fifths of Americans.
After sharp criticism over his one-size-fits-all plan from Republicans and Democrats alike, Cain was set Friday to propose exemptions for businesses investing in “opportunity zones” as a way to give an economic jolt to rundown neighborhoods. He’s also proposing new tax brackets to reflect different income levels.
Up to now, Cain has touted a plan to scrap the current taxes on income, payroll, capital gains and corporate profits and replace them with a 9 percent tax on income, a 9 percent business tax and a 9 percent national sales tax. But the plan seems to be unraveling.
“We carved out a substantial amount from the aggregate 9-9-9 plan tax base — enough to exempt those in poverty — and we will work with Congress to best apply these in a way to break the poverty trap and replace it with positive incentives that encourage people to work and take risks in this economy,” Cain said in remarks prepared for delivery Friday outside the once grand — and now unused — Detroit train hub.
Cain’s shift on zero exemptions comes after an independent analysis showed his tax plan would raise taxes on 84 percent of U.S. households. The Tax Policy Center, a Washington think tank, said low- and middle-income families would be hit hardest, with households making between $10,000 and $20,000 seeing their taxes increase by nearly 950 percent.
Households with the highest incomes, however, would get big tax cuts. Those making more than $1 million a year would see their taxes cut almost in half, on average, according to the analysis.
The Huffington Post is among the news outlets that have gotten an early copy of Walter Isaacson’s new biography of the late Apple CEO Steve Jobs. In its assessment of a meeting the inventor had with President Barack Obama at the San Francisco airport, HP indicates that Jobs had begun to channel Coke CEO Muhtar Kent when it came to the economy:
[Jobs] seemed to have transformed from a liberal into a conservative.
“You’re headed for a one-term presidency,” he told Obama at the start of their meeting, insisting that the administration needed to be more business-friendly. As an example, Jobs described the ease with which companies can build factories in China compared to the United States, where “regulations and unnecessary costs” make it difficult for them.
Jobs also criticized America’s education system, saying it was “crippled by union work rules,” noted Isaacson. “Until the teachers’ unions were broken, there was almost no hope for education reform.” Jobs proposed allowing principals to hire and fire teachers based on merit, that schools stay open until 6 p.m. and that they be open 11 months a year.
Over at the Savannah Morning News, Larry Peterson notes that U.S. Rep. Jack Kingston, who hasn’t faced a serious challenge in two decades, is apparently hoarding more than $1 million in campaign funds – just in case:
[D]ue to run next year on new turf that includes more Democrats, the Savannah Republican doesn’t seem to be taking any chances.
He’s almost quit giving away campaign money to other GOP candidates, according to a report filed with the Federal Elections Commission.
41WMGT in Milledgeville has given us a first look at Republican Stephen Simpson, who plans on challenging U.S. Rep. Paul Broun, R-Athens, in the 10th District:
The AJC’s Politifact Georgia today takes a look at a statement by Phil Kent about the state’s new Immigration Enforcement Review Board, of which he is a member. The panel is tasked with fielding complaints over the use of illegal immigrant labor by local governments. Earlier this month, Kent said: “And yes we can actually prosecute, and get them into jail, if we bring in the attorney general. That’s what the open borders, anti-enforcement people don’t like.”
- By Jim Galloway, Political Insider