Godfather of Supply-Side Economics Supports Cain's '9-9-9' Plan

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Godfather of Supply-Side Economics Supports Cain's '9-9-9' Plan

The Godfather of supply-side economics, Arthur Laffer, has given Herman Cain​'s signature "9-9-9" economic plan a critical boost, even as it has come under heavy fire from his GOP presidential competitors.

The famed economist told HUMAN EVENTS that the proposal was pro-growth and would create the proper conditions for America's economy to expand and thrive again.

"Herman Cain’s 9-9-9 plan would be a vast improvement over the current tax system and a boon to the U.S. economy," Laffer told HUMAN EVENTS in a statement. "The goal of supply-side tax reform is always a broadening of the tax base and lowering of marginal tax rates."

Added Laffer: "Mr. Cain’s plan is simple, transparent, neutral with respect to capital and labor, and savings and consumption, and also greatly decreases the hidden costs of tax compliance. There is no doubt that economic growth would surge upon implementation of 9-9-9."

Laffer also said that "such a system provides the least avenues to avoid paying taxes, yet also maintains the strongest incentives for work effort, production, and investment."

At the GOP presidential debate in New Hampshire on Tuesday, Cain's plan received criticism from many of the candidates on stage.

Former Utah Gov. Jon Huntsman said that Americans needed a plan that was "doable-doable-doable" when asked his opinion on Cain's "9-9-9" plan.

Further, Cain has been criticized from the left as well, as charges that his "9-9-9" plan is regressive have been made, charges that Cain has often refuted by citing that the payroll tax would be eliminated under his plan and used goods would not be levied sales taxes. http://www.humanevents.com/article.php?id=46828