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Posted on 10/25/2011 8:58:55 AM PDT by casinva
You can get full details at the link, but here is the outline of Rick Perry's "Cut, Balance, and Grow" Plan.
Fix the Tax Code
Institute Individual Flat Income Tax Rate of 20%
Allow Individuals to Choose Between Existing Tax Code or New Flat Tax System
Preserve Deductions for Mortgage Interest, Charity, and State/Local Taxes
Eliminate Tax on Social Security Benefits
No Federal Sales Tax or Value-Added Tax
Eliminate Tax on Qualified Dividends and Long-Term Capital Gains
Eliminate the Death Tax
Eliminate Corporate Loopholes and Special-Interest Tax Breaks
Reduce Corporate Income Tax Rate to 20% to Enhance American Competitiveness
Enhance American Competitiveness by Transitioning to a Territorial Tax System
Allow Locked-Up Overseas Capital to be Brought Back to the U.S. at a Reduced Tax Rate
FIX THE FEDERAL REGULATORY SYSTEM
Immediate Moratorium on All Pending Regulations
Full Audit of Every Regulation Passed Since 2008
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
PRESERVE SOCIAL SECURITY FOR ALL GENERATIONS OF AMERICANS
Social Security Reform Principles
Preserve Benefits for Current and Near-Term Social Security Beneficiaries
Protect the Social Security Trust Fund
Give Younger Workers the Opportunity to Own Their Social Security Contributions
Gradually Increase the Full Retirement Age Due to Longevity Increases
Institute Blended Indexing to Improve the Solvency of Social Security
Allow State Employees to Opt Out of Social Security
REFORM MEDICARE AND MEDICAID TO IMPROVE HEALTH CARE
Reform Medicare to be Sustainable for the Long-Term
Gradually Raise the Eligibility Age for Medicare
Empower Consumers While Reducing Fraud and Waste
Return Medicaid Responsibility to States to Increase Health Care Quality and Access
REPEAL JOB-KILLING LEGISLATION
Repeal ObamaCare
Repeal Dodd-Frank
Repeal Onerous Sarbanes-Oxley Regulations on Small Businesses
BALANCE THE BUDGET
Demand a Balanced Budget Amendment that Does Not Raise Taxes
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
Require Presidential Signature on Every Federal Budget
Institute Automatic Government Shutdown Protection
No More Earmarks
Require Emergency Spending to be Spent Only on Emergencies
End Baseline Budgeting and Require Common-Sense Scoring Rules
PAYGO for New Federal Programs
Freeze Federal Civilian Hiring and Salaries Until the Budget is Balanced
No More Bailouts
_______________________________
Get all the details at the link here
http://www.rickperry.org/cut-balance-and-grow-html/
Check out the plans and download your own PDFs here to study and learn! It's ALL right here!
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RE: Institute Individual Flat Income Tax Rate of 20%
Any details on this?
If I make $50,000, are my taxes going to be $10,000?
You’ll can get even more of those kinds of details here, I believe.
http://www.rickperry.org/cut-balance-and-grow-pdf/
It is 24 pages long and has quite a few details.
Let’s check together, shall we? :)
No there is a $12500.00 deductible.
Gradually Increase the Full Retirement Age Due to Longevity Increases
Gradually Raise the Eligibility Age for Medicare
Critical in any sane plan. I’m glad he’s contributed this to the debate, like Paul contributed his spending cut plan.
Any mention of AMT treatment?
Also, here is a sample tax return if you so chose to go the flat tax route.
You should check it and see if it would work better for you than the regular kind of tax system. Remember though that Perry’s plan calls for removing the parts of the current tax plan that benefit the special interest groups, if that would change anything from your current taxes.
It’s your choice. Reformed current tax code or flat tax.
See the sample of his flat tax form here:
http://www.rickperry.org/content/uploads/2011/10/sample-tax-return.pdf
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.
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 better plan.
HUH?
Check this out: IWF: Fresh Start for Rick Perry?
Take the $ 50,000 and
deduct $ 12.500 ea. for you
and every dependent.
Deduct any mortgage interest you pay,
deduct any charitable contributions you made
and deduct all state/local taxes you paid.
You are taxed 20% on what is left after the above.
(or you can use existing income tax code)
Example:
....................$50,000 wages
you and spouse.....[25,000] (12,500 ea)
mortgage interest [ 5,000]
charity............[ 1,000]
State Taxes &
Local Taxes .......[ 7,000]
...................________
Net Income.........$ 12,000
Taxes = $ 2,400.00
Another:
Wages............50,000
Deduction for
Family of 4......50,000
You pay -0-
That is the way I am reading it. Correct me if wrong anyone.
Perry has a horrible web site. Gray text!!!
What the hell is this? Some pigs are more equal than others? Hey Rick. I want to opt out. I wanted to opt out when I was 13. I wanted to opt out when I was 23. I wanted to opt out when I was 33. I want to opt out now. You can keep what I have 'contributed' and I'd still be better off. So, you're going to let government do-nothings opt-out, but you're going to continue to steal my money? Time to get off the stage.
This clarifies the flat tax section a little more too.
__________________________
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
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%
Eliminate Tax on Social Security Benefits
Eliminate Tax on Dividends and Capital Gains
Eliminate Death Tax
No Federal Sales Tax or Value-Added Tax
____________________________________
Also, here is more regarding the individual tax choice, if choosing the flat tax option over the reformed current tax code:
Institute Individual Flat Income Tax Rate of 20%
By implementing a simple and optional flat tax that will allow Americans to file their taxes on a postcard, up to $483 billion a year could be saved by American families and businesses in reduced compliance costs alone.13 A simpler, flatter tax code – free from the dozens of individual carve-outs that make the code so incomprehensible – will remove the disincentives to work, entrepreneurial risk-taking, and investment that form the foundation of a strong and vibrant economy.
Lower- and middle-income families will be able to take advantage of an optional 20% flat tax rate that includes generous standard exemptions of $12,500 for individuals and their dependents, as well as deductions for mortgage interest, charitable contributions, and state and local taxes.
Nearly two dozen countries worldwide have adopted flat tax systems, with thirteen of them transitioning to the new system within the last decade.14 Estimates by the non-partisan Tax Foundation show significant taxpayer savings from reduced compliance costs alone. If given the option of a simple, postcard-sized tax return, individual taxpayers could save thousands of dollars each year in tax compliance costs.15 And by removing the myriad distortions in the current tax code that impede the efficient allocation of capital, economic growth will be unleashed across the country, creating new jobs and higher incomes for all Americans.
The new flat individual income tax system will be designed so that federal individual income tax receipts will be equal to approximately 8% of the country’s gross domestic product (GDP), in line with the historical share of federal individual income tax revenue relative to the size of the economy 16 The cumulative tax changes proposed, including those to the corporate income tax system, will be designed so that total federal revenues average 18% of GDP, the 50-year U.S. average for federal tax receipts.17 The federal payroll tax will not be affected by the new flat tax system.
HERE IS HOW PERRY’S TAX FORM WILL LOOK LIKE IN 2014:
YOUR INCOME : ________________
SUBTRACT: Exemptions: ______ X $12,500 : ____________
SUBTRACT: Mortgage Interest : ____________
SUBTRACT: Charitable Contributions : ____________
SUBTRACT: State & Local Taxes : ____________
SUBTRACT: Capital Gains and Dividends : ____________
YOUR TAXABLE INCOME: __________________ X 20%
TAXES OWED : __________________________
My only question is this — what counts as Exemptions?
Allow Individuals to Choose Between Existing Tax Code or New Flat Tax System
Under the new flat tax system, taxpayers will have the ability to opt-in to the new system or remain under the existing tax code. Those families or small business owners who made investment decisions years ago based upon the structure of the existing tax code will have the freedom to remain in the current system if they so choose. And taxpayers who desire a simpler, less expensive system are free to move into the optional new flat tax system and take advantage of a postcard-sized tax return that could be filled out in minutes.
I thought I heard this during the speech but wanted confirmation. Someone explain to me how a conservative proposed this? Though I currently like Herman Cain I have refrained from joining in the Perry bashing, some of which has been very petty and disingenuous. However his speech today affirmed everything I feared about him being another career politician who appears willing to preside over the slow decline to third world status. Run deficits until 2020? Keep the current tax codes, just add another option?
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