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