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>Posted on 10/24/2011 1:45:55 PM PDT by smoothsailing
Carl Cameron
October 24, 2011
Texas Governor Rick Perry is formally unveiling his flat tax proposal Tuesday in South Carolina. His campaign hopes the plan will gain traction with people who are fed up with the current tax system.
Sources tell Fox News it will be an optional 20% flat income tax with a $12,500.00 deduction per individual, per household. Taxpayers may otherwise choose to keep paying under existing IRS code.
(Excerpt) Read more at politics.blogs.foxnews.com ...
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hmmm......20% or 9%....20 or 9......it’s a difficult choice but one that according to the polls, people have been making for over a month now.
If true, and he’s hoping to one-up Cain with this… uh, lol.
20%, no taxation of savings, and big exemptions vs 18%, taxation of savings, and 0% income tax for “low income” people.
Cain’s proposal is better than what we have, and I would gladly support it, but technically and politically Perry’s is better.
I really don't like the idea of having both a federal income tax and a federal sales tax. A future congress could up the rates on both. There is no super-majority necessary to raise tax rates.
How much of your income would you spend on taxable items?
Even without the sales tax, a family of four making $90k or less would pay less under the 20% flat tax.
How many 9's are we talking about? 2 or 3?
20% flat income tax with a $12,500.00 deduction per individual, per household
What is the individual deduction under the 9% plan?
I’m for a national sales tax on new goods valued under $15,000. 10% should do it.
This means everyone pays and because it is a sales tax everyone can SEE the tax which means that they will WATCH it too.
Repeal the income tax. No more IRS and no more personal or corporate income tax.
This will also make the so-called non-profits that do not reed, house or clothe humans pay something. It is outrageous that the 503 type laws are being abused the way they have been over the last decade....
The debate begins! :)
That’s a silly argument, considering that are already dozens of embedded taxes that Congress jacks the rates up on all the time under your nose.
I’d rather have the NST (national sales tax) because it’s much more salient.
Phase #2 of 999 gets rid of the income tax and IRS. :)
So, is it 20% for corporate tax rate too?
20+20=40 or 9+9+9=27.
If it is optional I’m going to have to figure out my taxes both ways so I can decide which one is cheaper.
I could just file the EZ form if I wanted to do them quick.
If we leave the current system in place all the evil rich corporations will still have all those loopholes they purchased with lobbying/campaign dollars. It doesn’t get rid of the system to introduce more loopholes/deductions.
One of the most attractive portions of 999 is removing the power of congress to social engineer our country through the tax code. Perry’s plan doesn’t do that.
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>Hmmm, let’s see 18% under Cain’s plan, minus 7.65% payroll tax vs. 20%.
“Cain’s proposal is better than what we have, and I would gladly support it, but technically and politically Perry’s is better.”
By far...absofinglutely.
$0.
Here we go again. Discussion is changed from repealing Obamacare and reducing Federal Government spending to how do we change the Federal Tax Code to raise the trillions of dollars the Federal Government wants to spend.
I’ll go with the lowest number.
Don't hold your breath waiting for a repeal of the 16th amendment.
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