Herman Cain’s 5-point plan.

The official entry of Gary Johnson into the contest makes him my sentimental favorite. He is the guy I would back, as he is pretty close to my idea of a great libertarian Republican. If he can gain traction, which will require him to have the press get over their fascination with the issue of legalizing marijuana to sufficient degree to allow other policies to be highlighted, he would be my clear favorite.

I am not particularly enamored with any of the people who stood last time, at least those who seem to be in the race. Cain and Trump are complete outsiders and are both successful businessmen, which should be a pretty great qualification in the race. Trump gained some traction with an aggressive campaign, challenging Obama on a number of fronts.

Trump however has turned out to be a piece of crap who supports eminent domain, thinks the Kelo decision was great, and has used ED to enhance his business. This puts him and the government in each other’s pockets; in short he is a crony capitalist who believes that government decisions that he can gain from are OK. The last thing the US needs in the White House right now is another authoritarian.

This leaves Herman Cain. The following is from his newsletter with the odd comment from me:

This week, Herman Cain rolled out his five-point tax plan at events around the country. In a time when President Obama is calling for tax hikes on hardworking Americans and small businesses, Herman believes it's time to lower taxes to supercharge our economy. Here's what he thinks we should do:

Eliminate the taxes on repatriated profits, which are earnings of American-based multinational companies that sit in bank accounts overseas to avoid double taxation for bringing their profits back to the U.S.

With this money already taxed in the country of origin, it is entirely unreasonable to tax it as American earnings. Cain has mentioned elsewhere figures of around a trillion dollars, which if repatriated would create huge employment generating investment in the USA. Removing obstacles to its potential benefits to the economy needs doing.

Make the current tax rates permanent. Families and businesses do not plan for two years at a time!

Reduce the corporate income tax from 35 to 25 percent, with the potential for additional incremental decreases over time.

Lower rates give the incentive to invest locally rather to look overseas for countries which offer a better climate for investment. This would boost local investment.

Eliminate the tax on capital gains and their dividends.

Suspend payroll taxes for both employees and employers for one year.

There is probably no worse tax, especially during a time of high unemployment than a tax on payrolls. It is just the most incredibly irresponsible and stupid idea ever mooted for revenue raising.

Cain is currently doing a tour of all states and making a big impression wherever he goes. He is an impressive person and could be a great nominee. My feel is that he has the presence, gravitas, and knowledge to smash Obama in 2012.