Art Laffer, economic adviser to President Ronald Reagan, shared his thoughts Thursday on GOP presidential candidate Herman Cain’s “999” plan during an appearance on Fox News with Bret Baier.
The economist after whom the famous “Laffer Curve” was named, said of Cain’s 999,“I think it’s a wonderful plan.”
Laffer reportedly lauded the plan’s structure, saying it would “lower the tax rate and broaden the tax base” while provide people with the least incentive to cheat on their taxes. He also emphasized the importance of eliminating the corporate tax rate.
Baier then asked him about many critics’ belief that the nines in the plan could be raised limitlessly by politicians in the future: “Will we ever have a “20-20-20″ plan?”
Laffer said there will always be that problem with politicians and this is a plan the U.S. could benefit from now, as it is a huge improvement from the current tax codes.
“The current tax codes are filled with all sorts of awful ducks, chickens, pigs and turkeys,” Laffer said. “They’ve got to be cleaned out and we have to revamp the codes. I’d really like to see that done.”