Cut, Balance, and Grow (Full Details Perry Plan)

rickperry.org ^ | October 25, 2011 | Perry Staff

[Pan_Yan]

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.

[casinva]

BTW The “Cut, Balance, and Grow” Plan includes many of the reforms supported by the Tea Party.

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 Perry’s 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!

[Quicksilver]

That example is wrong. Exemptions = Yourself + Spouse + Dependents X $12,500

[Quicksilver]

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?

[hocndoc]

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.

[Utmost Certainty]

Interesting table. Thanks for posting that.

[SeekAndFind]

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.

[Quicksilver]

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.

[hocndoc]

The Cut, Balance and Grow would depend on the first two, quite a bit. Take a look at the plan.

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

http://www.detnews.com/article/20111021/POLITICS03/110210417/Cain-proposes-to-help-%27empowerment-zones%27-such-as-Detroit

[esarlls3]

One page summary PDF here: 999-for-web-10-12.pdf Specifically states that the payroll tax is eliminated. It does not address funding Social Security but I expect it will be funded similar to the FairTax with a dedicated portion of the taxes collected.