Herman Cain's tough week is likely to get a little tougher Friday.
On Friday morning Cain will lay out more details of his 9-9-9 plan in Detroit and call for a sweeping overhaul of minimum wage laws, labor and education policies in areas of severe economic downturn.
The policy address, scheduled for Friday morning, will be Cain’s first major speech on his signature plan to toss out the tax code and replace it with a sales, individual and corporate tax rate at the same level.
The plan has drawn criticism from both the left and the right, and the non-partisan Tax Policy Center reported that the plan would mean a tax hike for 84 percent of households. Cain has pushed back, insisting that experts who have analyzed the plan simply didn’t have all the information and as result, arrived at the wrong conclusions.
Speaking Friday morning in a city with one of the nation’s high unemployment rates and a city devastated by the decades-long collapse of the manufacturing sector, Cain will finally reveal further details about his approach to economic growth during an “economic renewal rally” at Michigan Central Station.
In an internal campaign memo called “Opportunity Zones — Revitalizing America” that was released to Fox News Cain envisions a slew of blue ribbon commissions forming in zones around the country, made up of ”stakeholders” from the public and private sectors who will submit ideas on how to reduce regulations and barriers to economic growth.
Opportunity zones would be governed by a revamped set of regulations, which include eliminating the minimum wage, stamping out unions, and voucherizing the public school system, according to the plan.
“Opportunity Zones are fundamentally different from other attempts by some public policy makers in the 1990s as we are trying to energize local small business and indigenous start-ups to participate in these Opportunity Zones” Cain will say, according to statements released by the campaign. “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 has been hammered over his 9-9-9 plan, which economists say would shift a larger tax burden to the poor. The Opportunity Zone plan is an attempt to address those concerns and jumpstart the economy in areas that have been hardest hit by the the sustained economic downturn.
A campaign aide said that the approach was inspired by Jack Kemp’s notion of empowerment zones, which are areas that get federal grants to boost economic growth.
“Some of the most attractive features will be zero capital gains tax, immediate expensing of business equipment, and no payroll taxes — ’factory installed’ in the ‘999 Plan’ for the whole country to benefit,” Cain will say, according to remarks provided by his campaign.
“I will never support equality of results, but I will raise a little Cain and fight for equal opportunity, economic growth and jobs. And in doing so, we will empower the engine of American Exceptionalism.”
WHERE TO FIND THE CANDIDATES:
Romney speaks to the Oklahoma Republican party in Oklahoma City at 10 a.m.
Ron Paul will be in Iowa where he tours a wind energy plant at noon, hosts a townhall meeting at the Figge Art Museum in Davenport at 3 p.m. and at 5:30 p.m. in Burlington at the Pzazz Convention and Event Center. At 7, he will appear at the University of Iowa’s Memorial Union in Iowa City for a homecoming event.
At 6 p.m., Herman Cain will speak at the Columbia Club Annual Beefsteak Dinner in Indianapolis.
Rick Perrywill be in DC to meet with lobbyists and representatives of trade associations at the National Association of Wholesalers-Distributors offices.
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