Among other things, Cain said (as President), he would ask congress to send him legislation that they could pass in the first 90 days that would lower the top corporate and personal tax rates to a maximum of 25%. Secondly, he would sustain taxes on foreign repatriated profits – we have nearly $3 trillion dollars offshore. And the reason that money doesn’t come back home is real simple – companies are avoiding double taxation. He says companies are not talking about growth, they’re talking about survival. Thirdly, he wants to take the capital gains tax rate to zero.
Most important, he’d like to make these changes permanent.
After he passes the first phase of his agenda, he would like to totally replace the tax code with the FAIR Tax.
Cain also called for elimination of the Environmental Protection Agency which drew a great deal of applause from the audience.
I had to switch to my iphone for the second half of Mr. Cain’s speech because my camera ran out of batteries. He choked up several times as he told the heart-rending story of a 14 year old girl and her brother who ran away from an abusive household and had to live on the streets before being adopted by a tea party leader in Reno. Wait til you hear the girl’s reason for becoming a conservative.
He then spent some time talking about how to deal with the illegal immigration problem, which he would like to return to the states.
Herman Cain visited the bloggers lounge to take some questions after his speech. You don’t want to miss Adam Sharp’s rapid-fire barrage of impertinent questions starting at about 4:38:
See also: Sharp Elbows:Explosive – Hard Hitting Video From Smart Girl Summit 2011