"Face the Nation" transcript: October 9, 2011

Schieffer: They're not?

Cain: Let's start with the payroll tax. It's 15.3%. Everybody pays that. So instead of paying 15.3% they're going to be paying 9%. That's a 6 percentage point difference. If you work that out for various income levels, they will have extra cash from that differential to pay the sales tax.

Schieffer: Aren't poor people also going to get to pay a tax on food and a tax on medicine?

Cain: We all will. We all will. You have to work....

Schieffer: Do you think that's fair?

Cain: Yes, because you give poor people more opportunity to stretch their dollar and leverage their income based upon their decisions whether to buy new or used goods.

Schieffer: All right. I have to end it right here. I could talk to the two of you all morning. You know, Rick Perry said he'd like a combination of the two of you. He thought that would make an interesting vice presidential mate on the ticket.

Gingrich: The way Perry described it, none of us wanted to comment on what Rick was saying.

Cain: Politically that could work but the way he described it wasn't exactly the metaphor.

Schieffer: All right. Thank you all. I hope you can both come back. Back in a minute with a little analysis.

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