Herman Cain is the new exciting Republican candidate in the 2012 presidential race. He has won several straw polls and the first debate among 2012 Republican candidates.

Cain, 65 years old, came from a successful business career, during which he returned restaurant chain Godfather’s Pizza to profitability and made the Philadelphia area’s Burger King branches the most profitable in the company.

Now, he thinks he can turn around the US economy and create jobs with his 5-step plan (listed below).

1) Lower the corporate tax rate to 25 percent from 35 percent. Cain said the US is the only country to not have lowered the corporate tax rate in the last 15 years.

2) Take the capital gains tax rate to zero. Cain said it would encourage investments in US businesses and create jobs.

3) Take the tax rate on the repatriation of foreign profits for US companies to zero. Cain said this money, currently around $1 trillion for US companies, isn’t coming back anyway because of existing taxes on repatriating them. Taking away that tax would encourage investments in US businesses and create jobs.

4) Cut the entire 6.2 percent payrolls tax for workers and employers for 1 year. Cain said it would give American workers a 6.2 percent pay raise and “guarantee” that the US economy grows faster. Cain believes smart tax cuts like these are self-financing, meaning they’ll pay for themselves by stimulating the economy and raising the tax revenues.

5) Make the tax rates permanent or indefinite. Cain said uncertainty on tax rates is “killing investments” in the US economy.

Below are more positions articulated by Cain.

- Repeal ‘Obamacare’ and replace it with a more patient-centered legislation.

- Cut government spending across the board, then drill down and eliminate wasteful programs and agencies.

- Change Social Security to something similar to the Chilean model of personal retirement account option.

Cain said the American people need to take back the American dream, which has been stifled by “too much legislation, too much regulation, and too much taxation.”

He said he will help Americans take it back by creating jobs through what he calls the “direct stimulus” of tax cuts rather than the “indirect stimulus” of government spending.

READ: Herman Cain’s proposals would boost economy and create jobs: economist

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