Cain couldn’t seem to answer any debate questions without at least mentioning his tax code overhaul plan, which would include a flat nine percent tax on businesses, a nine percent tax on individuals and a nine percent national sales tax.
Bloomberg’s Julianna Goldman, one of the debate’s co-moderators, said Bloomberg’s analysis found the plan would not be revenue neutral. Instead, the media company found that it would actually raise less money than the current tax code.
Cain responded with what is sure to become a useful catchphrase throughout the rest of the primary season. Cain said: “The problem with that analysis is that it is incorrect.”
“The reason that it is incorrect is that they start with assumptions that we don’t make,” he explained.
See his full explanation below.
By 10:25 PM ET, 10/11/2011