It strikes me that Rush spends a disproportionate amount of time ranting about tax policy that affects him personally more than his average listener. (I wish I had his problem.)
On the contrary,
Some of the plan seems to be present simply to HELP middle class income earners in particular!
With a 12,000 per person deduction, a family of 4 with a $50,000 income would be freed from higher taxes and have more of their middle class income left to spend for their family.
John Hayward of Human Events believes that Perry’s Cut, Balance, and Grow Plan is most definitely suited best to the middle class, in fact.
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As per the author’s thought...
What Upper Class Earners May Do:
On the other hand, if the existing tax code is preserved, a lot of upper income earners would probably choose to remain hidden within its weeds. Simplicity is not a big draw for them – they hire professionals to prepare their taxes. The unpredictability of having to guess how many people will choose the flat tax might throw static analysis hell-hounds off the trail, but it’s also the kind of uncertainty we need less of in our government. I come from a computer background, and the opt-in provision of Perry’s plan strikes me as keeping a complicated, crash-prone legacy system running in the basement, while simultaneously trying to install sleek new software in the front office. People always end up fiddling with the supposedly “dead” legacy system, and I suspect that would happen here, especially as the class-warfare crowd becomes rabidly fixated on anyone who uses the old tax code to pay less than 20%.
Result of Flat Tax Addition for Upper Income Earners: Their previous investments might make it more feasible for them just to stay with the current code, but it the other shoe fits, then hey, they can wear that other shoe instead.
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What Those Who Pay Few Taxes May Do:
Likewise, at the other end of the scale, an awful lot of people pay nothing – or receive net refunds – under the current system, and they don’t really spend their days dreading the arrival of their 1040 EZ forms. It won’t take long for them to decide that paying 20% on everything over $12,500 plus a mortgage interest deduction isn’t a good deal.
Result of Flat Tax Addition for lower income earners: No negative changes.
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What Middle Class Earners May Do:
It’s not likely that Perry’s opt-in flat tax would have a lot of takers outside of the middle class… which, of course, is where all the money is. That’s why the Left is forever trying to subdue them. That’s why the choke chain of the Alternative Middle Class was created to snare small businessmen. Maybe that’s the point Perry is trying to make.
Result of Flat Tax Addition for The Middle Class: With deductions which FINALLY take the middle class into account, middle class income earners will most likely be the biggest winners of Perry’s flat tax plan.
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Rick Perry Introduces “Cut, Balance, and Grow”
A plan the folks in Washington might not want to hear.
http://www.humanevents.com/article.php?id=47098
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The thing we need to remember though is that the “Cut, Balance, and Growth” Plan is a whole lot more than just simple tax reform. It includes a wide variety pro-growth measures, entitlement reform, and economic strategy.
Also, the “Cut, Balance, and Growth” Plan does not center its growth agenda on low-income-urban-renewal benefits to federally-eligible urban areas, so the growth benefits of reduced federal spending, deficit reduction and balanced budgets, entitlement reform, and increased growth incentives for all, individuals and businesses alike, are across-the-board benefits to all, not just a few, and not just in some areas.
And then let’s add Perry’s energy plan, which he is VERY experienced with as a long-term governor of an energy producing state, an energy plan which would put many millions of Americans back to work or in better paying jobs across the country. That’s good for everybody too.
More growth throughout the country, a stronger economy for all, more jobs, and more jobs at higher salaries ALWAYS help the average Rush Limbaugh listener!