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It is simpler, it doesn’t require a new national tax and the “opportunity” zones that will require a new bureaucracy and another smack at federalism.
The flat tax makes infinitely more sense than that “9-9-9” BS that would add yet another tax and yet another federal bureaucracy to collect it!
Or that “fair” tax scheme that is so bad its supporters have to lie about the actual tax rate - or maybe they just flunked fifth-grade math...
I like the Perry plan too.
"Overall, the Perry flat tax plan would be a boon to long-term economic growth and increasing the competitiveness of the U.S. in the global economy. While it could be criticized for not immediately replacing the current system with a simpler tax code, it does offer taxpayers the opportunity for "self-help tax reform." In this way, it allows taxpayers the choice between the current complicated tax code and a simpler, single-rate tax code.
From a political perspective, the optional nature of the plan frees politicians from taking on the special interests directly. These special interest provisions will decrease in importance as people gravitate to the new simplified tax system.
The plan will undoubtedly be criticized for not being revenue neutral in the short run. But it is clear that the authors put economic growth and competitiveness ahead of revenue neutrality. Considering the state of the economy today, that is probably a good decision."
Interesting poll numbers, smoothsailing.
So I guess we have these three choices:
1. Herman Cain - Fair Tax
2. Rick Perry - Flat Tax
3. Barack Obama - Fat Tax
From the looks of things... I think we can be confident we will win the election in 2012!
999 is awful. No, no and more no to consumption taxes. Perry’s flat tax is vastly better. Now, lets see if Perry can stay away from birther conspiracies and actually defend and advance his plan. If he does, he just might get back in the game (assuming he doesn’t flub the next debate).
I can vote for either Cain or Perry. I will have trouble voting Romney, though. In my state it’s all about principles, because there’s no way for republicans to win California. I prefer a flat tax to 999. I think it’s an easier sell.
Frankly, I don’t know if I like EITHER of the tax plans fully. I’m just glad someone is seriously considering reductions in federal taxes. Now it’s time to take on the SPENDING side of the equation!
Well, in truth, it is a flat tax with deductions, so it still isn’t “flat.” It favors some industries, eg, the residential real estate industry.
A truly flat tax would have no favorites. It would have no deductions for kids, educational expenses, mortgages or medical expenses. You’d just take a percentage of what you received in income in the last calendar year, then see that amount is remitted to the US Treasury and get on with your life.
Perry’s plan has some good aspects, but the things like deductions for home mortgage interest will still leave the plan open to lobbying by special interests. If there’s a deduction that favors even ONE industry, then the rest of them will want in - under the pretext that giving out a deduction for their industry will “increase economic growth and jobs...”
Which, BTW, is always the excuse why the home mortgage interest deduction is retained.
There are issues with both the Fair Tax and the Flat Tax. However, either is superior to the current system, but the Fair Tax eliminates more federal bureacracy than the Flat Tax.
Perry’s plan pushes more of the economy into the underground, thereby requiring greater enforcement -— a stronger IRS.
Perry’s plan cannot be done on a postcard. You still have to supply supporting documentation for your income, like your W-2.
Perry’s plan retains deductions.....so the clock is set back a few years. Once liberals are back in charge, expect the code to get muddied up again with loopholes, etc.
Perry’s plan is not revenue neutral. As a conservative, it is good to starve the beast. However, he will get slaughtered in the arena of public debate for this.