Posted on 10/24/2011 8:07:43 PM PDT by Lazlo in PA
The 14% I’m paying now or Perry’s 20%? Hmmmm tough choice there.
The wallstreet financial dudes are twitting and blogging that they will optout since they will be paying more, so the SOP has been thrown by texican and the midclass will take the brunt of it.
The perry plan is not revenue neutral not even close.
Perry’s proposal has LESS chance than 9-9-9 to pass (Atleast 9-9-9 has a shot at being revenue neutral).. LOL. Perry’s plan would slash revenue heavily. It doesn’t stand a chance of passing congress. The MSM will make mince meat of this dunce.
It should work nicely for high income...unearned income types.
Those who live off cap gains...not so much.
Guys like me with big dep and int and local tax deductions again...not that great
but for folks who just draw a paycheck and make family income anywhere above the 20% bracket then it’s not so bad
I’M GOING TO CAPS HERE FOLKS...THE BIG BOOGER IN THE TAPIOCA NO ONE WILL ADDRESS MUCH LIKE RACE BASED IMMIGRATION IS THAT TOO MANY FOLKS AT THE LOWER END PAY NO TAX...THAT IS WHERE THE REVENUE MINING AND PARITY IS TO BE FOUND
SORRY TO BREAK IT TO THE TOUCHY FEELY TYPES HERE BUT THAT IS WHAT IT IS...ALMOST HALF DON’T PAY DIDDLY..AND ALL OUR GREAT MINDS ASIDE FROM THE SOCIALIST TYPES HAVE WARNED US FOR CENTURIES ABOUT THIS...AND NOW HERE WE ARE
ANY CANDIDATE WITH THE BALLS TO ADDRESS THAT AND ACTUALLY TALK ABOUT SENDING THE ILLEGALS HOME WILL GET MY MONEY AND MY BROKEN GLASS KNEES
TILL THEN THEN..HELL WITH THEM..THEY ALL SUCK
I like it...it can pass and it puts things in the right direction.
Your dead on with concern over the tipping point coming with the ratio of tax payers and non taxpayers. This needs to be addressed in short order before it is too late.
Bout like a lead balloon!
Why anyone thinks the price of goods would go down is quite beyond me.
Morons all...
If you REALLY want the rich to pay thier “FAIR SHAIR!”, the ONLY way to achieve that is buy putting a NATIONAL SALES TAX on all end-use purchases.
The rich spend more, so they PAY more. Simple as that. Prices go down because taxes hidden in the procurement and manufacturing process go away, and the sheeple voting Democrat actually get to SEE the taxes they are paying...
OH WAIT...
We can’t have the sheeple actually KNOWING what taxes are costing them, can we. That might lead to rioting, or something against the Democrat slavemasters...
To get government out of our lives, all taxes should be based on consumption, period.
BOOYAH!
That may be true, but it’s also very misleading. Russia also has very high payroll taxes similar to our FICA and Medicare taxes, and they basically drive their combined “employment-based” taxes (payroll plus income taxes) through the roof. In fact, they’re so high that one of the common practices in Russian business is to figure out creative ways to compensate employees without paying those onerous taxes (providing apartments, cars, etc.).
I NEVER thought I would say this but this will only help the RICH. All the slackers that pay 0% now will continue to pay 0% so they won’t pay 20%. The vast majority of us are under 20% after deductions so WE won’t pay 20%. Only the high income folks will benefit with this. Sorry Rick - ain’t gonna fly. Try 10-12% for EVERYONE, no deductions for ANYTHING, then I might start to listen to you.
I suggest a much simpler approach to the current dilemma.
End withholding.
That would allow taxpayers who also are wage earners the privilege of ACTUALLY SEEING how much in income taxes they are paying.
Everything else would take care of itself.
This isn't true.
Perry's WSJ editorial has this to say:
First, we will lower the corporate tax rate to 20%—dropping it from the second highest in the developed world to a rate on par with our global competitors. Second, we will encourage the swift repatriation of some of the $1.4 trillion estimated to be parked overseas by temporarily lowering the rate to 5.25%. And third, we will transition to a "territorial tax system"—as seen in Hong Kong and France, for example—that only taxes in-country income.
I need to hear more but, like you, it get the sense 999 is more aggressive.
I understand why Perry's rate is 20%, as I recall Forbes' flat tax was 17% but he took away the mortgage interest deduction and was killed politically. It has to be that high to reach revenue goals because of the deductions just like Cain's got 9% instead of 7% because he has to make up for the poverty offsets and his deductions.
I know far more about 9-9-9 because I've read the scoring report whereas all I know, so far, about Perry's comes from a pre-announcement editorial. In the sneak peek, Perry's plan feels underwhelming.
Tax lawyers and preparers won't be losing jobs there.
We can't even do that here. And this plan seems to leave the payroll tax intact as well.
Article 1, Section 8. says, The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
An excise tax is a tax on the manufacture, sale, or consumption of goods within a country. A 9% national sales tax is so constitutional it didn't even need an amendment!
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