Posted on 10/24/2011 1:45:55 PM PDT by smoothsailing
Carl Cameron
October 24, 2011
Texas Governor Rick Perry is formally unveiling his flat tax proposal Tuesday in South Carolina. His campaign hopes the plan will gain traction with people who are fed up with the current tax system.
Sources tell Fox News it will be an optional 20% flat income tax with a $12,500.00 deduction per individual, per household. Taxpayers may otherwise choose to keep paying under existing IRS code.
(Excerpt) Read more at politics.blogs.foxnews.com ...
Crazy like a fox, maybe. I’m guessing that most will do better with Perry’s 20 percent flat tax plan. Also, I suspect there will be a sunset on the current tax code.
When a candidate for President has this in his heart, he is not fit to lead all Americans.
Get ready for him to do another clarification and his supporters just follow down the path with him.
Click on antiochnorth.org and check out his pastor and good friend. You can click on the link "pastor" and read his thinking.Not to mention Jesse Jackass has spoken there among others. Oh and Cain didn't' just sit in the pew, he preached there.
You are using the old rates, as well as combining the employer and employee taxes in your total. I included only the employee piece of 5% at the 2012 rates.
Optional? Skrew that! I could see this mutating into a VAT.
I’m far from knowledgeable on Cain’s 999 plan, however, I think I remember reading that the payroll taxes are taken out of the 9% corporate tax — 9% of the wages — so your employer may, or may not, pass any savings (if there are any) to you. If 9% corporate tax doesn’t cover it then all bets are off, you may not get that next raise.
Uh- Rick Perry?
Who ran on a flat tax soapbox in 1996 and 2000, and subsequently drafted Perry's current tax plan?
Uh, Perry’s plan won’t tax “low-income” people, either, with a $12,500 deduction.
We don’t really know what a flat tax means. If it includes income and all payroll taxes, then that’s not bad.
It means that a married couple with 100,000 in income will pay on 75,000 of their income, so roughly 15,000 a year in tax...unless their old way of doing taxes is less.
With Cain they will pay less with the 9% income and 9% sales tax, but there are no details yet on the details. This means that the same family will be paying 9000 on income and some amount, let’s say 6000, on sales tax. That is 15,000.
However, under the Perry plan, if the current system works better for the couple, then they get to take the lower number.
If they have kids, then their tax is far lower.
That seems to indicate Perry’s plan is very competitive.
Nope, no social engineering here.
I see. 9-9-9 for me and 3-3-3 for blacks. Yeah, no reparations going on here, either.
A lot people here tend to forget that Reagan simplified the tax code and it worked.. I like Perry and Cain plan.
PLUS payroll taxes... no sale.
Herman Cain was the Co-Chairman.
Just got here - thanks for the ping!
OK, you got me. I won’t pass Go, but can I have the $12,500 deduction?
Okay, so I’m am already wondering about that word “optional” in the headline. But I need to study the article first.
I sympathize with that sentiment.
However, a consumption-based (sales) tax is infinitely preferable to the abominable income tax, for many compelling reasons which most well-read patriots agree on.
What I don't want to see, and it's already happening, is this debate becoming an excuse to preserve and maintain the income tax in some form, but morphing it into a flat tax or some such. The Tyrannical federal income tax must be eliminated at all costs.
So, let's get someone elected who is willing to call for the repeal of the 16th Amendment, and get the sales tax going at the same time. A phased approach, which guaranteed that the income tax would end, might be necessary, due to the incrementalism that some would call for with respect to implementation. But we should definitely move towards consumption-based taxes, as well as minimal government, of course.
To my mind, any tax reform which continues the enslavement of the American middle class via an income tax, is not significant reform at all.
:o)
By making the flat tax optional and maintaining the entire present albatross of the present tax code monstrousity and the IRS, Perry's plan seems to be building in more bureaucracy, more compliance costs, more desperation for crony capitalism to be pushed under the code, and more, rather than less, social division among Americans.
One of the very important principles that animates the 999 plan, a principle which comes from the Laffer Curve, is that the tax base must be broadened.
Perry's plan does not broaden the tax base (i.e., turn more non-taxpayers into taxpayers). And it further complicates and balkanizes the tax base we have now.
I don't see it.
Exactly.
Perry’s plan builds in more, not less bureaucracy and compliance costs.
Perry’s plan continues to allow the tax code to be used for crony capitalism.
Perry’s plan does not broaden the tax base by making everyone pay something.
Okay, I read the FOX synoposis and I’m quite disappointed with this plan.
Making it “optional” is just so very weaselly from the get-go. It’s weaselly as a result and it’s weaselly as a political tactic.
It’s like putting it out there, but saying “we don’t really believe this thing could pass and it may not even work.”
Disappointing.
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