Politics

Herman Cain unveils economic plan

Herman Cain announced an economic plan Wednesday that includes eliminating taxes on capital gains.

The former CEO of Godfather’s Pizza turned presidential candidate, known for usually speaking in generalities when it comes to policy, came out with the plan while stumping in South Carolina.

“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.”

Cain said this would also encourage companies to “invest in worker training programs, new equipment and emerging technologies.”

Cain’s “Economic Vision: Jobs for America” plan also includes lowering the top corporate and personal income tax rates to a maximum of 25 percent.

He also proposes forming a commission to review and possibly eliminate government regulations. Cain claims his plan would cut the unemployment rate in half. (Romney leads Bachmann, rising in NH)

“We will continue to roll out parts of his plan over time across the country, with each city having significance pertinent to a particular industry or portion of his economic plan,” said Ellen Carmichael, a spokeswoman for Cain. “We chose Greenville to draw attention to the friendly business climate of South Carolina and how federal interference, most recently with the NLRB, impedes job creation.”

Cain’s business experience also includes serving on the board of directors for seven corporations and leading the National Restaurant Industry, his campaign said.