Please Support Free Republic.
Donate Today, Monthly, if You Can.
Posted on 10/30/2011 4:42:28 PM PDT by casinva
As you may know, Republican Presidential candidate Rick Perry is unveiling his proposal for an optional flat tax. ...Of equal importance, Perry is for the first time unveiling his thoughts on Medicare reform.
___
Perry reforms could significantly expand the individual health insurance market.
As I’ve written many times, the employer tax exclusion for health insurance is American health care’s original sin: a $300 billion-a-year tax subsidy that is arguably the largest driver of runaway health spending in America. People who get insurance through their employers are that much further removed from shopping for less wasteful, more value-oriented health plans. In addition, the pre-existing conditions problem that sucks up so much ink in this country is entirely driven by the fact that people can’t take their insurance with them when they leave their jobs.
... Perry does aim to couple a transition away from this...
___
But here’s the thing that gets my attention: Governor Perry has some pretty serious entitlement-reform measures in here: Raising the retirement age for Social Security and Medicare benefits, changing the indexing formula to CPI rather than wages, giving younger workers at least a partial opt-out into private accounts, block-granting Medicaid, putting Medicare recipients directly in control of their own spending—this would be huge. A Republican president who got nothing else done in a four-year term would be a smashing success in my book if he achieved that kind of entitlement reform. I expect Perry to emphasize taxes, but the entitlement measures are the meat of the Perry proposal, in my view, though there’s a lot of good gravy: repealing Dodd-Frank, procedural reform for spending and regulating, repealing section 404 of Sarbanes-Oxley, expanding the “Galveston model” (another Social Security opt-out) to most government employees, etc.
(Excerpt) Read more at forbes.com ...
Now it's time to look at some of the other economic reform proposed in The Perry Plan.
Today, it's Medicare reform.
Ping please.
Saw Perry’s interview today with Chris Wallace, I thought he did great - sounded like a true leader. I loved the part where he said that the race is not a “sprint”, but a “marathon”.
Interview is on Fox again tonight, 8 CDT, 9 EDT.
Thanks casinva. That’s good news for the children of illegals.
Cain’s 999 plan does away with the employer tax exclusion for health insurance.
This is yet ANOTHER article that completely fails to address the most glaring flaw in the Perry plan, that being that it is NOT a flat tax plan, it is a hybrid plan. It is a two-tier system that, while adding a mini-me flat tax code to the present system, completely leaves the Fedzilla tax code in place, with all its crony capitalism and corruption, indefinitely.
It’s fundamentally dishonest for these pundits to completely ignore the FULL Perry plan.
Also reading that list of entitlement reforms that Perry is proposing — well, hey, all I can say is it’s amazing that people think Cain’s simply plan can’t be enacted, but this laundry list of conservative third-rail projects can.
The Perry Plan (Outline)
Comprehensive Economic Reform, Section II
Does not include Section I, Energy Production / Energy Independence.
FIX THE TAX CODE
Institute Individual Flat Income Tax Rate of 20%
Allow Individuals to Choose Existing Tax Code or Simple Flat Tax System
Preserve Deductions for Mortgage Interest, Charity, and State/Local Taxes
Include Standard Exemption for Individuals/Dependents of $12,500
Standard Exemptions and Other Deductions are Phased Out for Filers with Annual Incomes Above $500,000
Eliminate Tax on Social Security Benefits
Eliminate Tax on Dividends and Capital Gains
Eliminate Death Tax
No Federal Sales Tax or Value-Added Tax
Reduce Corporate Income Tax Rate to 20% to Enhance American Competitiveness
Eliminate Corporate Loopholes and Special-Interest Tax Breaks
Transition to a Territorial Tax System
Allow Locked-Up Overseas Capital to be Brought Back to the U.S. at a Reduced Tax Rate of 5.25%
FIX THE FEDERAL REGULATORY SYSTEM
Immediate Moratorium on All Pending Regulations
Full Audit of Every Regulation Passed Since 2008
Regulations that fail audit will be repealed
Federal Regulations Automatically Sunset Unless Congress Renews Them
Institute Annual Regulatory Budget for Each Agency
Create a Searchable Public Database with All Regulations Currently in Force
FIX SOCIAL SECURITY FOR ALL GENERATIONS OF AMERICANS
Preserve Benefits for Current and Near-Term Social Security Beneficiaries
Protect Social Security Trust Fund
Allow Younger Workers to Invest In Personal Retirement Accounts
Allow State Employees to Opt Out of Social Security
Gradually Increase Full Retirement Age to Reflect Gains in Life Expectancy
Use Price Growth to Index Benefits for Higher-Income Beneficiaries
FIX MEDICARE AND MEDICAID TO IMPROVE HEALTH CARE
Reform Medicare to be Sustainable for the Long-Term
Return Medicaid Responsibility to States to Increase Health Care Quality and Access
BALANCE THE BUDGET
Cap Federal Spending at 18% of GDP and Balance the Budget by 2020
Reduce Non-Defense Discretionary Spending by $100 Billion in the First Year
Demand a Balanced Budget Amendment that Does Not Raise Taxes
For details, please go to:
http://www.rickperry.org/cut-balance-and-grow-html/
fightinJag,
You are welcome to post a similarly-formed outline of Cain’s economic reform plan on this thread as well.
Under Perry's "you get to choose" the high-earners will all go to the (lower) fixed-rate tax, but the low-earners will all stay in the current system which doesn't exact taxes from them.
The only ones left to pay will be the great middle class.
Rick "Neutrino" Perry strikes again.
Cheers!
And you are right that The Perry economic reform plan handles the employer tax exclusion differently than Cain’s 999 tax reform plan. However, Governor Perry does deal with it.
From the linked article:
As I’ve written many times, the employer tax exclusion for health insurance is American health care’s original sin: a $300 billion-a-year tax subsidy that is arguably the largest driver of runaway health spending in America. People who get insurance through their employers are that much further removed from shopping for less wasteful, more value-oriented health plans. In addition, the pre-existing conditions problem that sucks up so much ink in this country is entirely driven by the fact that people can’t take their insurance with them when they leave their jobs.
While the Perry plan does not eliminate the employer tax exclusion, contrary to an earlier version of this post, Perry does aim to couple a transition away from this tax expenditure with a repeal of Obamacare and comprehensive health reform.
Ridiculous.
Everyone wins with choice.
And to complain that the higher income earners with businesses to provide jobs to our country’s citizens and money to invest in our country’s businesses is unfair is nothing more than class warfare.
You are a trolling Democrat if you want to continue with the same class warfare policies of Obama, and you’re stripes are now showing big time.
I read most trolls are really stupid and will make mistakes when you give them too much information. I guess that’s really true.
America wants conservative fiscal policy. They want fiscal responsibility. They want wealth running all through our economy. They want jobs.
Class warfare doesn’t do the job blue chum.
Cain's plan eliminates the present tax code almost in its entirety.
Perry's plan does not. As I said, and as you posted in reply, it "fixes" (ahem!) the code. Where have we heard that one before?
Perry's Flat Tax is Simplification, but not Reform -- honestly, I can't even agree that it is a simplification. It adds a second tier. It doesn't nothing to eliminate compliance costs; in fact, it increases those costs as well as the tax bureaucracy.
There's no getting around the fact that, since the Perry plan is "optional," THE PRESENT FEDZILLA TAX CODE REMAINS IN PLACE.
All I am saying is that it is dishonest to "analyze" the Perry "plan" without taking account of that fact and its comprehensive impact on the economy and the nation.
Yes.
So 999 eliminates the employer tax exclusion for health insurance.
Perry’s plan transitions away from it.
That is a valid distinction and one which is useful to know in comparing the plans, which is a proper topic of this thread.
Thank you for adding your information in both posts 12 and 13. I agree that voters should be looking at both plans, all plans by any of our conservative candidates, taking a look at the smaller details which could make a difference as well as the plans overall, economic vision and growth, fiscal responsibility, federal budget reduction, appropriate transitions, applicability, conservative fiscal policies AND conservative principles throughout as well as the commitment of those presenting the proposals and our own belief of each candidate to work in the best interest of Americans as a whole and for all of our country.
I appreciate your adding to the discussion and for adding information for others here to consider, and thank you for posting your link to Dick Morris’ analysis of Rick Perry’s economic reform package which you did in post 12 of this thread.
He said not only will there not be an entire fence on the border but it may not be electrified. He basically reiterated what Perry has been saying his border security plan is saying it was his.
He said 9-9-9 always from the beginning had a 9-0-9 provision in it but people didn't care to research. On Oct 14th he said he had no idea if it would be 3-3-3 or what for his empowerment zones because the parameters have not been set.
He agreed on Fox and Friends that abortion should not be part of the political discussion.
I at one time had this guy as my second choice. There is no way now.
He is clearly making it up as he goes along but what I dislike the most is he has seemed to have seduced a percentage of usually solid Republicans simply by speechifying to where they will excuse for any transgression or flip flop. That is a bad thing for Republicans.
I just want to know why his poll ratings are so low?
If that is our fear, Cain is terrible so Newt and Romney would be the only choices.
Perry truly is a gun owner and enthusiast. I am sure Herman Cain is 100% for the 2nd Amendment, oh yeah he thinks its a states right (wonder if Freedom of Speech is a states right too?).
Rick Perry is the clear alternative to Romney and I believe Cain can only play his role for a little while longer.
But we don’t want a 999 plan that will destroy a real estate market on life support.
Post-Civil War Americans like to do things in an evolutionary way, not a revolutionary way.
Cain’s 999 idea is good, but not ready for implementation quickly. Americans want something done yesterday. Cain’s plan will take 5 years to implement because serious lawmakers of the conservative persuasion will demand a constitutional amendment to repeal the income tax.
There are already 10-15 bills that have passed the House that are great vehicles for getting the Perry plans through congress.
Just saw Rick Perry’s interview from today. He did an excellent job. Wallace is a weasel though.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.