Posted on 10/29/2011 6:46:57 AM PDT by Hojczyk
But Cain’s proposal is so very much more important. Perry will nibble around the edges, freeing valuable hours from tax preparation to be available for wealth creation. But Herman Cain would establish America as a beacon for investors, entrepreneurs, inventors, creative business people, and all manner of upwardly mobile, ambitious men and women. He would give the U.S. the lowest personal and corporate tax rates in the world, and the only place where investment earnings are tax free. To trivialize Cain’s big idea by comparing to to Perry’s small one is a vast disservice. Perry would not reduce the amount of money taken in by income and corporate profit taxation. He would just shift it to shorter forms and a nominally lower rate (but not really lower). Taxes would appear to be cut, but the amount we would have to pay would be more or less the same. He even strives to have his program seen as revenue neutral.
Cain would shift about half of our nation’s tax revenues to consumption taxes and away from income taxes. He would vastly reduce the disincentive to earn and encourage savings and investment by taxing spending.
It is not enough to undo the damage Obama has done to the economy by repealing his spending, taxing, health care, and regulatory actions. All that will do is dial us back to the sick economy Bush bequeathed to America. The diseases of the first decade of the 21st Century will still be with us. But Cain’s ideas really get at the heart of the problem — in much the same way that Reagan’s reducing of the top personal tax rate from 70% to 28% solved the stagflation of the 70s.
Cain’s reforms are the real deal. Perry’s are a pale imitation.
(Excerpt) Read more at dickmorris.com ...
Perry’s plan caps spending.
The toe-sucker is now a tax specialist?
In any case, Cain or Perry, any reform or simplification moving towards relief for the tax payer is a step forward.
Sounds like Dick is on the Cain train. Guess he wants to win that bet with BOR.
I’m really surprised at Dickie! I suppose the establishment Romney bunch did not want him around because he was certainly peddling their droppings for the longest time.
Problem with Perry’s tax plan are numerous.
Perry’s plan is a “what do I need to say to get votes” plan rather then “what do we need to do to fix the tax code” plan.
It does not broaden the tax base thus leaving the current system of payers and payees in play for future political exploitation.
It keeps in place the corrupt practice of playing favorites in the tax code by still granting special exemptions. This is the greatest flaw in Perry’s plan. He leaves in the politically popular exemptions to pander to certain voter blocks. It the best example of where his plan is not a serious attempt to address the fundamental problems in the tax code but a political gimmick designed to rejuvenate his flagging campaign.
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 much better plan
It adds a new layer to the existing tax code. That is not simplification.
It's the spending that is crippling us not the taxes.
Without the spending we don't need the taxes.
Neither plan stands a snowballs chance in hell of becoming law.
If Dicky the toe sucker is for something I tend to shy away from it.
The CATO institute has all but endorsed Perry’s plan.
http://wmal.com/article.asp?id=2318458&SPID=40282
Rick’s plan sucks dick Morris says.
(Moderators have mercy: my keyboard is 999% to blame. It lacks capital. And comma sense.)
My accounts have worked the Perry numbers on my return, and on every employee's, and guess what, to the person we save money.
Just the opposite with Cain's 999.
It gives us a choice - and that’s a start.
Perry’s plan is a “what do I need to say to get votes” plan, it is not a serious attempt to address our fiscal crisis.
Funny how none of the other candidates brought up this issue until Herman Cain propsed his 999 plan. At least Cain had the balls to toss the idea out there, and see what the people made of it. Sure it can use some tweaking and refinement, but it shows that Cain isn’t afraid to push forward with new ideas that may make things better for everybody.
Perry was for the flat tax before any of us heard of Herman Cain.
He touted it in his book “Fed up”
Interesting to hear.
I’m still on the fence, I confess. However, if your accounts showed that you (and your employees) all saved money with Gov. Perry’s plan, as opposed the 9-9-9, I find that enlightening.
Without disclosing any personal info on your part, what would say the average saving was, in ballpark numbers?
people should research the only tax policy Perry pursued and enacted as governor, not the plan that magically appealed to him when Cain and his 9-9-9 mantra eclipsed him in the polls:
“Rick Perry and the Largest Tax Hike In Texas”
http://www.thenewamerican.com/usnews/politics/8714-rick-perry-and-the-largest-tax-hike-in-texas
Yeah, I pay that tax, and it was nothing compared to obama’s 2500% increase on tobacco tax.
I prefer the 999. Not only would we save about $1200, but it makes the mooches contribute.
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