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Rick Perry's Tax Plan Would Be a Disaster for America
Fox ^ | 102511 | Peter Morici

Posted on 10/26/2011 6:08:48 PM PDT by Fred

Seeking to jump start his flagging presidential campaign and establish his pro-growth and fiscal responsibility credentials, Governor Rick Perry is unveiling a tax plan that will not jump start the economy and is fiscally irresponsible.

In a nutshell, Mr. Perry would give taxpayers a choice between filing under the current income tax system—with all its flaws—and an alternative flat tax 20 percent system. Under the latter, families could maintain their mortgage deductions if they earn less than $500,000, which is about 99 percent of taxpayers, and could declare exemptions of $12,500 for each family member.

It seems appealing—a simplified tax system, fewer IRS agents, and so forth. But the plan falls short in two important respects—it won’t encourage many better investment decisions and foster growth, and it will spin the federal deficit permanently into the stratosphere.

The whole purpose of a flat tax is to encourage individuals and corporations to invest more in sound business opportunities, instead of prospecting for tax breaks by buying homes bigger than they need or spending on government hobby horse projects like solar panels. By giving tax payers the option of filing

(Excerpt) Read more at foxnews.com ...


TOPICS: Politics/Elections
KEYWORDS: 999plan; amnesty; cain; flattax; heartless; larazarick; maldef; openborders; perry; rino; romneyperry2012; teaparty; texican; toast

1 posted on 10/26/2011 6:08:50 PM PDT by Fred
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To: Fred

Anyone know if Peter Morici has offered an opinion of Cain’s 9-9-9 plan?


2 posted on 10/26/2011 6:14:03 PM PDT by upchuck (Rerun: Think you know hardship? Wait till the dollar is no longer the world's reserve currency.)
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To: Fred
Not sure what the point of this piece is. Even Warren Buffett, one of the top 400 folks in terms of earned income every year ends up paying about 9% in federal income tax. He would bump up to 20% under Perry's approach.

Does the writer imagine that Warren has secret income where he pays a higher rate and he's not telling us about it?

3 posted on 10/26/2011 6:15:52 PM PDT by muawiyah
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To: Fred

Shouldn’t we ban analyses by out of touch academics - who do not participate in the real world.


4 posted on 10/26/2011 6:18:48 PM PDT by C. Edmund Wright
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To: Fred

Look at that, Fox News giving time to someone taking down one of the non-Romney candidates.

Who’d have imagined it.


5 posted on 10/26/2011 6:20:27 PM PDT by risen_feenix
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To: Fred

Never heard of Peter Morici...but I have heard of abd respect Steve Forbes.


6 posted on 10/26/2011 6:23:17 PM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: Fred

I personally believe that any tax plan that costs an individual tax payer more money is a tax increase.

In other words, if I was paying a total of X, and after the new plan I am paying, X+1 penny or more, then I have just experienced a tax increase.

I don’t care if it’s flat, fat, mat, or cat, if it’s nine or nine or pine or whine... if it’s MORE money out of my pocket, then it’s a tax increase.

Wake up America.


7 posted on 10/26/2011 6:25:23 PM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their VICTORY!)
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To: Fred
... it will spin the federal deficit permanently into the stratosphere...

WRONG.

It is federal SPENDING that has (already) sent the deficit into the stratosphere. You could collect ALL the income from ALL present taxpayers and it wouldn't balance the budget.

8 posted on 10/26/2011 6:30:56 PM PDT by kidd
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To: muawiyah
He would bump up to 20% under Perry's approach.

Why would he choose to pay more when he can pay under the current system?

9 posted on 10/26/2011 6:37:10 PM PDT by Ingtar
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To: C. Edmund Wright; South40; onyx

I can see why all you La Raza supporters love the Texican’s tax plan. Perry’s favorite slave labor force, illegals, will still not be paying any taxes on their the earnings. That way their labor cost stay low and they never leave the rancho...


10 posted on 10/26/2011 6:40:07 PM PDT by Fred (no job no house no gas no food no problem Obama 2012)
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To: Fred

We need bold and “optional” is not bold. It is weaselly.


11 posted on 10/26/2011 6:45:18 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: Ingtar

Because the idiot asked for change ~ now he gets it ~ and a thorough beating if he doesn’t.


12 posted on 10/26/2011 6:46:52 PM PDT by muawiyah
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To: Fred

We need bold and “optional” is not bold. It is weaselly.


13 posted on 10/26/2011 6:47:01 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: kidd

A very astute observation.


14 posted on 10/26/2011 6:48:26 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: upchuck

http://www.kansascity.com/2011/10/19/3216341/its-time-for-americans-to-put.html


15 posted on 10/26/2011 6:52:18 PM PDT by World'sGoneInsane (Just because you say it doesn't make it true. By repeating it, just makes it propaganda.)
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To: upchuck

Peter Morici’s Opinion on Fox. See link, Peter Mroici, Romney lover.


16 posted on 10/26/2011 6:53:12 PM PDT by World'sGoneInsane (Just because you say it doesn't make it true. By repeating it, just makes it propaganda.)
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To: Fred

Protect the slave labor by any means Perry, Texas will fall without the cheap servant labor force.


17 posted on 10/26/2011 6:53:34 PM PDT by Eye of Unk
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To: lonestar

There is absolutely no upside to leaving the Fedzilla tax code in place.

It would be one thing if this were a transition phase under the Perry plan, but it’s not.

The tax code stays in place indefinitely — and it is STILL subject to the usual political shenanagins and crony capitalism corruption. Only since the taxpayer base will be further balkanized, between nontaxpyers, flat tax payers and Fedzill taxpayers, there will be even fewer people to pay attention and try to cause a ruckus when Congress inevitably raises rates and builds in pet project incentives.

Then when Congress raises the flat tax rate — and there will be even less political power concentrated in taxpayers than there is under the Fedzilla system — they will simply say “if you don’t like it, pay the Fedzilla rate!”

And when Congress raises the Fedzilla rates, it will say, “if you don’t like it, pay the flat tax rate!”

In the meantime, the Perry plan does nothing to address the fact that we MUST make more Americans have a stake in the system by paying at least some taxes.

The Perry flat tax provisions are VERY generous — almost like Christmas as you read through them and think about the numbers! — but in the meantime the parasite class is growing and growing until, soon, it is over 50% and is able to demand and receive AS MUCH FREE STUFF as it wants! Forever! Because those who pay taxes will never have the votes to vote down the demands of the parasite majority.

At this point in time, tax reform is not just about reviving the economy. It’s about preserving our freedom.

People need to look at the big picture.


18 posted on 10/26/2011 6:55:33 PM PDT by fightinJAG (NO REPRESENTATION WITHOUT TAXATION! Everyone should pay taxes, everyone should pay the same rate.)
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To: Ingtar

Because Buffet’s on record as waiting to pay more. /s


19 posted on 10/26/2011 6:57:09 PM PDT by newzjunkey (Republicans will find a way to reelected Obama.)
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To: Fred

>> I can see why all you La Raza supporters love the Texican’s tax plan.>>

WTF? I thought we were talking about what an academic thought of a tax reform plan. I didn’t know we were debating the candidates’ other issues.


20 posted on 10/26/2011 7:20:15 PM PDT by C. Edmund Wright
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To: fightinJAG
In the meantime, the Perry plan does nothing to address the fact that we MUST make more Americans have a stake in the system by paying at least some taxes.

So are you for 9 9 9 or VAT?

What about the Empowerment Zones in 9 9 9 that possibly result in 0 0 0?

I don't like having food and medicines taxed--9 9 9. They wouldn't have to raise the 9%...all they have to do is cause higher inflation and the taxes go up!

I admit I know little about taxes except it's a mess!

21 posted on 10/26/2011 7:20:28 PM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: C. Edmund Wright

Look Perry is done for face it. Go suck up to Myth for a job before it is too late.

Perry needs to hire people that can at the very least understand his tax plan...

Because you do not know who Morici is meaningless.
Respond to his objections, prove him wrong.


22 posted on 10/26/2011 7:26:22 PM PDT by Fred (no job no house no gas no food no problem Obama 2012)
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To: Fred

Rick Perry would be a disaster for America. That is what the true title SHOULD say.


23 posted on 10/26/2011 7:26:28 PM PDT by napscoordinator
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To: Fred

>> Look Perry is done for face it. Go suck up to Myth for a job before it is too late. Perry needs to hire people that can at the very least understand his tax plan... Because you do not know who Morici is meaningless. Respond to his objections, prove him wrong.>>

You have a crazy imagination about what posters’ agendas are - all in your mind. Perry is not my first choice and certainly not “myth” - so you are oh for two in thinking you know what drives me.

What drives me are ideas, and both 999 and Perry’s flat tax are ideas that are FAR SUPERIOR to the tax plan we live under now, and as such, I think they are worth discussion. Discussion does not include out of touch academics who make faulty assumptions. Frankly, I don’t like the “optional” nature of Perry’s plan, but it would not be “a disaster” as the author says.

What we have now is a friggin disaster.


24 posted on 10/26/2011 7:32:49 PM PDT by C. Edmund Wright
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To: Fred
The Forbes, Judy, Perry tax plan, save social engineering , and grow the IRS and help K street with their tax kick back scams. Really a neat all in one deal., now who all in for some bridge stock??
25 posted on 10/26/2011 7:39:25 PM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow demorats.)
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To: Fred
The Rookie Hussein's Tax Plan Would Be a Disaster for America

Wouldn't mind seeing that headline once in awhile.

26 posted on 10/26/2011 7:53:38 PM PDT by Libloather (The epitome of civility.)
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To: lonestar

Given the useless American electorate, Perry’s plan is about the best we can do. Cain’s plan will either be jettisoned or he will sink his campaign (which would be a shame).

An NRST with NO prebate would be the cleanest solution, but that isn’t in the cards.


27 posted on 10/26/2011 8:04:36 PM PDT by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: Fred

Perry’s plan boils down to this. “If you like the current tax system, you can keep it. If you believe you will pay less with my system you can go with that.” Sounds like obamacare to me!!!! Hey, I have an idea: Why not just let people pay whatever they want! OMG has everyone lost their minds in this country?


28 posted on 10/27/2011 6:56:09 AM PDT by New Jersey Realist (America: home of the free because of the brave)
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