Presidential Candidates And Congress Take On Tax Reform07:25
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Businessman Herman Cain, campaigning at the Iowa State Fair in Des Moines, Iowa in August, is one of several candidates proposing to reform the tax code. (AP)
Businessman Herman Cain, campaigning at the Iowa State Fair in Des Moines, Iowa in August, is one of several candidates proposing to reform the tax code. (AP)

Republican presidential candidates are talking tax reform, and they're expected to get grilled on their plans at tonight's debate in New Hampshire. Businessman turned candidate Herman Cain is touting his 9-9-9 approach, which would tax sales transactions and gross income at 9 percent while eliminating levies on capital gains.

Cain isn't the only one pushing tax reform. Republican candidates and both parties in Congress are arguing that the tax code once again has to be rewritten, to make it simpler and fairer, to bring down the deficit or pay for government programs.

Most agree that closing tax break loopholes is one way tax reform should be done, but beyond that there's little agreement.

Guest:

  • James Politi, Financial Times U.S. economics and trade correspondent

This segment aired on October 11, 2011.

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