My Tax and Spending Reform Plan (Rick Perry)

Wall Street Journal ^ | 10-25-2011 | Rick Perry

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My Tax and Spending Reform Plan

Rick Perry

October 25, 2011

...snip...

....On Tuesday I will announce my "Cut, Balance and Grow" plan to scrap the current tax code, lower and simplify tax rates, cut spending and balance the federal budget, reform entitlements, and grow jobs and economic opportunity.

The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate. The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents.

This simple 20% flat tax will allow Americans to file their taxes on a postcard, saving up to $483 billion in compliance costs. By eliminating the dozens of carve-outs that make the current code so incomprehensible, we will renew incentives for entrepreneurial risk-taking and investment that creates jobs, inspires Americans to work hard and forms the foundation of a strong economy. My plan also abolishes the death tax once and for all, providing needed certainty to American family farms and small businesses.

.....

....To help older Americans, we will eliminate the tax on Social Security benefits, boosting the incomes of 17 million current beneficiaries who see their benefits taxed if they continue to work and earn income in addition to Social Security earnings....

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[Oceander]

Nice graphic!

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[bullypulpit]

I like the corporate flat tax at 20%. It makes us competitive again with the rest of the world, and removes the loopholes that GE gets while at the same time repatriating those $trillions that are stashed overseas. That money should be invested at home by those American corporations! Go Perry!

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This is truly an amazing plan. I’ve read this Wall Street article and it blows you away it is so good!!!

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I love this graphic!!!

[Utmost Certainty]

What a weak plan.

Making it optional between 20% Flat Tax vs. Current IRS Code, will only exacerbate inequities in tax collection.

Those with the ability to lobby political influence and pay armies of tax attorneys to understand the byzantine complexities of the tax code, will continue to flood the code with even more arcane exemptions and deductions for themselves, with the excuse of, “well if you don’t like it, pay the 20% flat rate, LOL!”

Then on the flip-side, Democrats can come along later and jack up the 20% flat rate and say, “well, if you don’t like it, pay under the regular tax code, LOL!”

Nice illusion of “choice.”

[CynicalBear]

Oh goody! A new tax plan while keeping the old one. Yippeee! NOT.

[casinva]

Cut, Balance and Grow also phases out corporate loopholes and special-interest tax breaks

Perfect. Love this part!

I haven't finished reading the article yet, but I got so excited about this I just had to take a moment and jump for joy. Going back to reading now. :)

Did you see what time Perry is presenting this tomorrow?

I think I saw 11:00 AM EST but now I can't find where I saw that. I'm still checking to see.

[smoothsailing]

I got it from you! It’s a great graphic! :)

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Family of 4 = $50,000.00 deduction!!! $12,500 per person. Fantastic...

[Reagan Man]

"Cut, Balance and Grow"

Now that I see Gov Perry explain his plan in more detail, I like it!

Cut taxes, cut spending, cut government...

... balance the budget, scrap the tax code, reform entitlements and create jobs jobs jobs.

[Lazlo in PA]

On Tuesday I will announce my "Cut, Balance and Grow" plan to scrap the current tax code,

The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate.

These two sentences in the same editorial are diametrically opposed. If we are scrapping the current tax code, why is he allowing some not opting for the new system to continue with the old code? This isn't scrapping as much as monkeying around with it.

[edpc]

When he rolled this clunker out, did they at least use a laugh track?

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It is an incredible plan!!! Isn’t it nice it isn’t just a gimmick plan?

[edpc]

It's Taxisil. You can innoculate yourself from the old tax code, or opt out and continue paying the same rate and take your chances.

Can't wait to see how he handles national security affairs. Hey, we can fight this war, but those of you in the armed forces that just want to sit it out....no problem. Just hang out at the base until we're done.

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Here ya go! :)

http://thepage.time.com/2011/10/24/perry-tuesday/

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11 am ET economic speech in Gray Court, SC and 3 pm ET press conference at the statehouse in Coumbia, SC.

MEDIA ADVISORY
Tuesday, Oct. 25

On Tuesday morning, Gov. Perry will unveil the next pillar of his jobs/economic plan at ISO Poly Films and later in the afternoon he will hold a press conference at the South Carolina State House.

Read more: http://thepage.time.com/2011/10/24/perry-tuesday/#ixzz1blNXCxr9

[af_vet_rr]

I thought the supposed Perry plan about a flat tax being voluntary/optional was something made up to discredit Perry. He seriously wants to add to the complexity and bureaucracy of the IRS and force people to do their taxes twice to figure out which is better? He's been running since August and this is his plan?

And here I thought he brought in Joe Allbaugh to fix his campaign mistakes. Looks like Allbaugh should have come in sooner.