Posted on 10/25/2011 8:53:31 PM PDT by smoothsailing
Gary Langer
October 25, 2011
A flat tax like the one proposed today by Republican presidential candidate Gov. Rick Perry engenders a split decision in public opinion — if not the warmest reception, a better one than the public’s broader disapproval of his rival Herman Cain’s 9-9-9 plan.
While a flat tax divides the nation overall, moreover, it resonates most strongly in a group of particular interest to Perry – “very conservative” Americans, a key GOP voting group. They hold favorable views of a flat tax by a broad 68-28 percent in this ABC News/Washington Post poll,....
...As noted, very conservative Americans express a favorable opinion of a flat tax plan by a vast 40-point margin. The same group, by contrast, only divides on 9-9-9, with 46 percent seeing it favorably, 49 percent unfavorably.
(Excerpt) Read more at abcnews.go.com ...
Guardasil, La Raza, TTC, heartless... etc etc
"From a political perspective, the optional nature of the plan frees politicians from taking on the special interests directly. These special interest provisions will decrease in importance as people gravitate to the new simplified tax system."
agree, bttt :)
If Perry didn’t appear to be so inept at speaking in public it may be more appealing, but the fact is, he looked silly presenting it.
It’s probably viable, but you’ve got the wrong guy pushing it.
He’s coming across as unlikable and worse, kind of dim witted.
I wish it wasn’t so, but he’s a dim bulb, even more so than GWB, and that’s saying something.
Here are some parts of Perry’s economic reform in his “Cut, Balance, and Grow” Plan that deal with corporate tax.
Eliminate Corporate Loopholes and Special-Interest Tax Breaks
Many Americans are rightly outraged by news stories that corporations like GE somehow pay nothing in taxes after earning more than $14 billion in profits.24 Due to the mind-boggling complexity of the tax code, large corporations can implement the most effective tax avoidance strategies money can buy, while American taxpayers are forced to send thousands of dollars to the federal government instead of spending it on their families. And unlike small businesses that cannot afford to house an army of lawyers and tax accountants, large and sophisticated corporations have the means to find and use every tax avoidance strategy that lies buried in the tax code. The myriad tax breaks, loopholes, and so-called tax expenditures available within the corporate tax code need to be phased out over time to ensure a level playing field for family-owned small businesses and multi-national corporations.
Reduce Corporate Income Tax Rate to 20% to Enhance American Competitiveness
The U.S. has the second-highest corporate tax rate in the developed world. Over the past 13 years, 30 countries within the OECD have lowered their corporate tax rates to increase their global competitiveness, while the U.S. corporate tax rate remained unchanged.25 According to aggregates of more than a dozen estimates of effective tax rates across the world, the U.S. effective corporate tax rate of 28% exceeds the average rate of most other nations by nearly 8%. Bringing the U.S. tax rate more in line with America’s global competitors will increase incentives for companies to locate their new factors or hire new employees in the U.S.
Enhance American Competitiveness by Transitioning to a Territorial Tax System
The current “worldwide system” of corporate taxation used by the U.S. creates significant incentives for American companies with foreign subsidiaries to leave profits overseas instead of investing them in the U.S. The worldwide system of taxation taxes overseas income first at the tax rate in the country where the income is earned and then a second time when profits are brought back to the U.S. In essence, income earned in a foreign tax jurisdiction can be tax-deferred until it is brought back to the U.S. Under a territorial system, corporate profits would be taxed only once – in the country where the income is earned. When combined with a lower corporate tax rate, transitioning to a territorial system of taxation would make the U.S. far more competitive with other countries, increasing economic growth and creating more jobs for American workers.
Allow Locked-Up Overseas Capital to be Brought Back to the U.S. at a Reduced Tax Rate
More than $1 trillion in income is stuck overseas due to the current complicated U.S. treatment of foreign-earned corporate income according to numerous studies from researchers on both sides of the political divide. Although a territorial system of taxation eliminates the issue of locked-up overseas income going forward, a reduced tax rate on repatriated earnings can help attract capital that has been left overseas since the most recent repatriation holiday in 2004.
A study conducted for the U.S. Chamber of Commerce by former CBO director Douglas Holtz-Eakin estimated that a one-time repatriation tax rate of 5.25% would bring over $1 trillion in capital back to the U.S., creating up to 2.9 million new jobs and $360 billion in increased economic output.26 Laura Tyson, the former head of the White House Council of Economic advisers for President Clinton, authored a study for the New America Foundation that found a reduced repatriation rate would increase GDP by up to $336 billion, create between 1.3 million to 2.5 million new jobs, and increase tax revenue by $36 billion.27
There is much more economic and entitlement reform in the plan as well in addition to the tax reform proposals.
If you didn’t get the link to the entire plan, you can get it here:
http://www.rickperry.org/cut-balance-and-grow-html/
And here is a quick outline review:
http://www.rickperry.org/content/uploads/2011/10/Cut-Balance-and-Grow-Summary.pdf
I don’t care who makes it a reality, as long as someone does. It’s a damn good plan.
999 is awful. No, no and more no to consumption taxes. Perry’s flat tax is vastly better. Now, lets see if Perry can stay away from birther conspiracies and actually defend and advance his plan. If he does, he just might get back in the game (assuming he doesn’t flub the next debate).
Perry is just an empty suit, another hack career politician. He changes parties and sales pitches to suit the occasion.
At least you don’t have your priorities in order.
“This part of the plan would instantly make the U.S. one of the most attractive places for investment in the world.”
I like that part!
Yes, it is a very good plan.
No doubt about it, it’s up to him. The plan is a good one, if he can’t seal the deal, I hope someone else will run with it.
Here are two paragraphs from that site that are music to my ears:
From a political perspective, the optional nature of the plan frees politicians from taking on the special interests directly. These special interest provisions will decrease in importance as people gravitate to the new simplified tax system.
The plan will undoubtedly be criticized for not being revenue neutral in the short run. But it is clear that the authors put economic growth and competitiveness ahead of revenue neutrality. Considering the state of the economy today, that is probably a good decision.
Eliminating special interests.
An emphasis on economic growth and competitiveness.
I like. :-)
Yeah and 9 percent is a better corporate deal than 20 percent. You’ll go from being one of the better to being on par with the real demons of finance.
Hey, I just said that!
Hey, I just realized you said that before I did on this thread!
GWB with his Harvard Business School Master's degree?
Irish Eyes asked about the difference between Perry's and Forbes' tax plans.
What do "Guardasil, La Raza, TTC, heartless... etc etc" have to do with those two tax plans?
Perry has said some great things, but they’ve all been said before. Is he saying them because he deeply believes them, or because he thinks they will win over the conservative base? After being cheated by Pubbie career politicians for decades, I no longer trust them. Certainly, someone who actually saw value in Al Gore cannot be trusted. I know Palin fought the corrupt machine in AL and paid a high price for it, so she is for real. But she’s not running. I think Bachman lives out her beliefs, but for some reason she has not gotten needed support. I’m with Cain now, but he’s not perfect.
Perry has said some great things, but they’ve all been said before. Is he saying them because he deeply believes them, or because he thinks they will win over the conservative base? After being cheated by Pubbie career politicians for decades, I no longer trust them. Certainly, someone who actually saw value in Al Gore cannot be trusted. I know Palin fought the corrupt machine in AL and paid a high price for it, so she is for real. But she’s not running. I think Bachman lives out her beliefs, but for some reason she has not gotten needed support. I’m with Cain now, but he’s not perfect.
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