vs 
Posted on 10/25/2011 7:17:34 AM PDT by SeekAndFind
Texas Gov. Rick Perry tonight, in an op-ed for the Wall Street Journal, previewed his tax and spending plan, officially called the “cut, balance and grow” plan, which aims to revamp the tax code, balance the budget, reform entitlement programs and create jobs.
“The folks in Washington might not like to hear it, but the plain truth is the U.S. government spends too much. Taxes are too high, too complex, and too riddled with special interest loopholes. And our expensive entitlement system is unsustainable in the long run,” Perry wrote in the Wall Street Journal.
“Without significant change quickly, our nation will go the way of some in Europe: mired in debt and unable to pay our bills. President Obama and many in Washington seem unable or unwilling to tackle these issues, either out of fear of alienating the left or because they want Americans to be dependent on big government.”
The plan, which Perry will officially unveil Tuesday in Gray Court, S.C., proposes an optional 20 percent flat tax rate, allowing taxpayers to submit their taxes on a postcard.
“The plan starts with giving Americans a choice between a new, flat tax rate of 20 percent or their current income tax rate,” Perry writes. “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.”
The plan also drops the corporate tax rate to 20 percent and will temporarily lower the rate to 5.25 percent to promote companies working overseas to move to the U.S. along with implementing a “territorial tax system,” which will tax in-country income.
(Excerpt) Read more at abcnews.go.com ...
* Taxes on Social Security
* Death Tax
* Qualified Dividends
* Long Term Capital Gains
http://politicalticker.blogs.cnn.com/2011/10/25/perry-on-obama-its-fun-to-poke-at-him/
Where’s dunham’s grades?
Perry’s plan is not a flat tax.
vs RE: Perry’s plan is not a flat tax.
How so?
I like the optional concept. I like the emphasis on CUT and BALANCE. Not sure if Perry is gonna last, but this is a pretty good plan at a glance.
This thing is a joke.
Which is your whole problem. You glance at everything and never bother to actually LEARN anything.
What details do you mean, exactly?
Does this plan eleminate the SS & Medicare deductions (currently about 15.3% employee/employer)?
I was really hoping he was going to present a serious plan. The more talk about reforming the tax code the better. Instead we got a Perry campaign gimmick.
It includes both deductions and the option to not pay any taxes if you currently don’t pay taxes.
MNJ said “This is a “I don’t really mean it.”
That’s exactly right, unfortunately that’s the way he operates.
The first time I voted for Perry for gov, he campaigned on closing the borders, closing the borders. A week after elected he said tall fences make for bad neighbors and did nothing.
I didn’t vote him last time. I like a lot of what he says, i just can’t believe him.
"Following taxes will also be eliminated:
* Taxes on Social Security
* Death Tax
* Qualified Dividends
* Long Term Capital Gains"
Okay. You've got my attention.
I thought Perry's candidacy was over, but if he can pull this off, he's a phoenix.
It keeps in place the corrupt practice of playing favorites in the tax code by still granting special exemptions.
It maintains the current focus on taxing income instead of consumption thus punishing the producers at the expense of the users.
It leaves in place the current ability for trust funds and the massively wealthy to avoid paying any tax by structuring their payouts in forms other then income.
It does nothing to tap the underground off the books economy.
So while Perry's "sort of flat tax" is an improvement over the current system, it is merely tinkering with the existing tax code while leaving in place the same corrupt, flawed foundation.
Of the two, Cain’s 9-9-9 is the better plan.
Put you adoration of all things Perry on hold and actually dig into the details. Then actually dig into the details of 9-9-9 rather then just rejecting it becuase it is not from Perry as you have been doing.
How does the “elimination” work if the flat tax route is optional? You either pay under the existing system (or, rather, 47% don’t pay), or you switch to the flat tax to reduce your taxes.
The article is hyperbole, if the transition to a flat tax is optional.
It is “flatter”, but the exemptions and some other aspects keep it from being a “pure” flat tax. A “pure” flat tax, however, wouldn’t have a snowball’s chance politically.
Within the realm of what might be possible, Perry proposal is very, very good. I’d prefer an NSRT (after repeal of the 16th Amendment and taking all of the unconstitutional spending out of the budget), but that isn’t in the cards.
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