Cain Expands Tax Plan

BY Andrea Salazar

With his much-discussed “9-9-9” tax reform plan under fire from Republican candidates and independent analysts alike, Herman Cain today announced modifications to the plan.

In a speech in front of an old unused train station in Detroit, the surprise contender revealed a series of adjustments to the plan, which involves replacing the current tax code with a simple nine percent business tax, a nine percent personal income tax and a nice percent national sales tax.

That last part has drawn widespread criticism by many who have called it a regressive tax on the poor and those in the middle class. Furthermore, observers have noted that it would not replace state sales taxes, but instead would be implemented on top of them.

On his official website, Cain argues that reducing business tax rates will lower the price of goods, thus negating any potential increase in costs to consumers created by a new national sales tax.

However, critics believe they have found a hole in Cain’s gameplan and are continuing to attack the plan.

That’s likely the reason that Cain today proposed instituting “opportunity zones,” or deductions, aimed at encouraging economic development in poor areas. Cain described them as “positive incentives that encourage people to work and take risks in this economy.”

“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,” he said.

Cain also proposed eliminating minimum wage laws as a way for businesses to hire more employees.

Geoff Holtzman contributed to this story.

Obama Ties Romney In The Buckeye State

According to a new poll, President Barack Obama ties with former Massachusetts Governor Mitt Romney in Ohio, a sign that the President’s support in the buckeye state has fallen.

In a Public Policy Polling survey, both Romney and Obama chart at 46 percent. Last month, the President led Romney with a 45-43 margin.

“If the election was today Barack Obama would lose to Mitt Romney in Ohio,” Dean Debnam, the President of Public Policy Polling said in a statement.

Herman Cain, the GOP’s other frontrunner, falls just behind the President at 48-45, a slimmer lead than the polling agency’s previous survey, which put the President ahead 47-39.

Although losing support to Cain and Romney, the President has strengthened his lead over both Texas Governor Rick Perry and Rep. Michele Bachmann (R-Minn) by 5 and 2 percent respectively.

Obama holds comfortable leads over Rep. Ron Paul (R-Texas), with a 48-40 percent margin and former Speaker Newt Gingrich with 51-40.

The poll was conducted between October 13^th and 16^th among 581 voters in Ohio. It was released Friday.

The full results can be seen here.

Obama’s Approval Drops To New Quarterly Low

President Barack Obama’s approval rating for his latest quarter in office has dropped to a new low, according to a new Gallup study.

The months long survey shows that the President’s approval rating between July 19th and October 19th now stands at 41 percent, a nearly 3 percent decrease from the previous quarter and almost 4 points less than his previous low during the 7^th quarter of his term.

For this period of time, Obama scores below every previous occupant of the White House since the Eisenhower administration, except for Jimmy Carter, who received a 31.4 percent approval rating.

Unsurprisingly, the dip is a bad omen for the White House.

“These lower levels of public support could put his re-election chances in peril unless things start to improve in the next few months,” a statement from Gallup reads. “A second Obama term likely hinges on whether there are signs of economic progress.”

The data was compiled via daily presidential tracking polls conducted among 45,898 adults between July 20^th and October 19^th. The results were released Friday.

The poll can be found here.

California Congressman Cardoza Not Seeking Re-Election

Rep. Dennis Cardoza (D-Calif.), a blue dog Democrat who kept his seat after seeing his coalition hit hard in the 2010 midterms, has announced that he will not be seeking re-election in 2012.

“I love the people of the Central Valley, and thank them for the confidence they have placed in me for over 20 years of elective office,” Cardoza said in a statement Thursday. “While I plan to retire from public service after this term in Congress, I will energetically continue my efforts to improve California as a private citizen.”

The California Congressman, who endorsed Obama in 2008, noted that he was disappointed with what he described as the White House’s lack of focus on the foreclosure crisis, which has hit his district particularly hard.

“Home foreclosures are destroying communities and crushing our economy, and the Administration’s inaction is infuriating,” Cardoza said.

Cardoza also emphasized that he was disappointed with the direction political rhetoric has taken in recent years.

“Voters need to reward statesmanship,” he said in a piece of parting advice. “For our country to change course, voters must aggressively punish extreme partisanship and rhetoric when they cast their ballots.”

A former Chief of Staff to scandal plagued Congressman Gary Condit, Cardoza joined the House in 2003, assuming the seat previously held by his boss.

Poll: Though Wary, Voters Prefer Obama Over Romney, Cain

Although a new national poll shows that Americans do not believe Obama deserves a second term by a 50-46 percent margin, the President still leads when pitted against the two GOP frontrunner, former Massachusetts Governor Mitt Romney and businessman Herman Cain.

According to a AP/GFK poll, voters would pick Obama over Romney 48 to 45 percent if the election were held today. If Cain gained the GOP’s nomination, Obama leads by a wider margin, 49 to 43 percent.

Cain had an impressive surge in popularity after winning the Florida Republican party’s straw poll, but has become the subject of greater scrutiny, particularly for his 999 plan, which would set income, sales and corporate taxes at 9 percent.

Texas Governor Rick Perry, who has had a sharp drop in support since botching several debate appearances, also lags behind the President, 51 to 42 percent.

The poll was conducted via a telephone survey among 1,000 adult between October 13^th and the 17^th . It was released late Wednesday.

The full results can be found here.