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
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Get all the details at the link here
http://www.rickperry.org/cut-balance-and-grow-html/
Ignore my last post. I found my brain under my desk (hiding between an old monitor and my laptop bag) and put it back in. I figured it out.
You better believe it does! It is good to see it in writing too, isn't is?
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I heard Rush say that he likes Perrys Plan. He called it fabulous!
Rush likes those conservative fiscal measures just like the Tea Party likes those things. We have intelligent people all around this party of ours!
That example is wrong. Exemptions = Yourself + Spouse + Dependents X $12,500
Under 999, I have yet to figure out where the payroll taxes go. They don’t just disappear, they’re still paid somewhere. I assume that it’s the 9% business tax. So, how does that effect individuals? Does the employer pay the employee’s payroll taxes?
Thanks for the information and the link.
The plan is even better than I thought! It addresses all of the questions and doubts that have been written about on these pages.
Interesting table. Thanks for posting that.
RE: That example is wrong. Exemptions = Yourself + Spouse + Dependents X $12,500
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If so, That would mean the typical family of 4 making $50,000 PAY NOTHING under Rick Perry’s flat-tax.
Which leaves things similar to what they are today -— 47% of wage earners having NO STAKE at all in the government with the other 53% shouldering the burden.
In fact, with the above exemptions, I can even see a family earning as much as $75,00 paying nothing in taxes if their mortgages, state plus local taxes, etc. add up to $75,000.
That’s how I understand it. Although, I’d say that those paying zero federal income taxes are paying embedded and hidden taxes. It’s pretty near impossible to not pay taxes when you spend money.
There's a standard deduction, less taxes on all sorts of things, and budget cuts will have to be made. And not a single one of them look at the color of your skin, where you live, or even "the sound of your last name."
Starving the central, Federal government is a good thing.
For one thing, families could then use their own money to buy health insurance, if they want.
Herman Cain has already tweaked his 9-9-9 to be 9-0-9 for those who are at or below the poverty level.
He's also added that sales tax on food, which does not exist at this time.
And then there are the "empowerment zones," that his campaign has changed to "opportunity zones." Cain mad a point of saying this will help "African Americans" when he was in Detroit.
All of these, along with the immediate change of the tax codes, are complications, not simplifications, and will cost money to implement.
And then, there's the bailouts of some favored areas, like the inner cities, where the taxes would be lowered to 3-3-3.
"Because you have a lot of African-Americans located in cities like Detroit disproportionately it would encourage businesses to stay in business there or to move there," Cain told CNN. "It would encourage people to work there, because if you live in the empowerment zone, you're going to pay a smaller percentage in taxes."
I guess he forgot this guy:
A Bailout is a Bailout
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