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Ping please.
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?
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?
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?
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.
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?
From Perry's article in the WSJ last night, it looks like a serious and substantive proposal based on time tested conservative principles. A tax reform plan straight out of the Reagan playbook.
Less taxes, less spending, less government. Woohoo!
I like it.
| Current | FairTax | Cain 999 | Perry FlatTax | |
|---|---|---|---|---|
| Net Rate (% gross income) |
14.0% | 7.5% | 7.9% | 10.9% |
| Marginal Rate (includes federal taxes on payroll, income, and sales) |
30.7% | 23.0% | 17.3% | 25.7% |
| Increased Disposable Income | reference | 22.3% | 10.9% | 10.4% |
| Reduced Federal Taxes | reference | 46.6% | 44.0% | 22.3% |
| Estimated retail price reduction | reference | 10% | 8% | 5% |
I heard Rush say that he likes Perry’s Plan.
He called it fabulous!
That’s a good endorsement!
BTW The “Cut, Balance, and Grow” Plan includes many of the reforms supported by the Tea Party.
Thank you so much for this.
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.