Posted on 10/26/2011 6:08:48 PM PDT by Fred
Seeking to jump start his flagging presidential campaign and establish his pro-growth and fiscal responsibility credentials, Governor Rick Perry is unveiling a tax plan that will not jump start the economy and is fiscally irresponsible.
In a nutshell, Mr. Perry would give taxpayers a choice between filing under the current income tax system—with all its flaws—and an alternative flat tax 20 percent system. Under the latter, families could maintain their mortgage deductions if they earn less than $500,000, which is about 99 percent of taxpayers, and could declare exemptions of $12,500 for each family member.
It seems appealing—a simplified tax system, fewer IRS agents, and so forth. But the plan falls short in two important respects—it won’t encourage many better investment decisions and foster growth, and it will spin the federal deficit permanently into the stratosphere.
The whole purpose of a flat tax is to encourage individuals and corporations to invest more in sound business opportunities, instead of prospecting for tax breaks by buying homes bigger than they need or spending on government hobby horse projects like solar panels. By giving tax payers the option of filing
(Excerpt) Read more at foxnews.com ...
Anyone know if Peter Morici has offered an opinion of Cain’s 9-9-9 plan?
Does the writer imagine that Warren has secret income where he pays a higher rate and he's not telling us about it?
Shouldn’t we ban analyses by out of touch academics - who do not participate in the real world.
Look at that, Fox News giving time to someone taking down one of the non-Romney candidates.
Who’d have imagined it.
Never heard of Peter Morici...but I have heard of abd respect Steve Forbes.
I personally believe that any tax plan that costs an individual tax payer more money is a tax increase.
In other words, if I was paying a total of X, and after the new plan I am paying, X+1 penny or more, then I have just experienced a tax increase.
I don’t care if it’s flat, fat, mat, or cat, if it’s nine or nine or pine or whine... if it’s MORE money out of my pocket, then it’s a tax increase.
Wake up America.
WRONG.
It is federal SPENDING that has (already) sent the deficit into the stratosphere. You could collect ALL the income from ALL present taxpayers and it wouldn't balance the budget.
Why would he choose to pay more when he can pay under the current system?
I can see why all you La Raza supporters love the Texican’s tax plan. Perry’s favorite slave labor force, illegals, will still not be paying any taxes on their the earnings. That way their labor cost stay low and they never leave the rancho...
We need bold and “optional” is not bold. It is weaselly.
Because the idiot asked for change ~ now he gets it ~ and a thorough beating if he doesn’t.
We need bold and “optional” is not bold. It is weaselly.
A very astute observation.
Peter Morici’s Opinion on Fox. See link, Peter Mroici, Romney lover.
Protect the slave labor by any means Perry, Texas will fall without the cheap servant labor force.
There is absolutely no upside to leaving the Fedzilla tax code in place.
It would be one thing if this were a transition phase under the Perry plan, but it’s not.
The tax code stays in place indefinitely — and it is STILL subject to the usual political shenanagins and crony capitalism corruption. Only since the taxpayer base will be further balkanized, between nontaxpyers, flat tax payers and Fedzill taxpayers, there will be even fewer people to pay attention and try to cause a ruckus when Congress inevitably raises rates and builds in pet project incentives.
Then when Congress raises the flat tax rate — and there will be even less political power concentrated in taxpayers than there is under the Fedzilla system — they will simply say “if you don’t like it, pay the Fedzilla rate!”
And when Congress raises the Fedzilla rates, it will say, “if you don’t like it, pay the flat tax rate!”
In the meantime, the Perry plan does nothing to address the fact that we MUST make more Americans have a stake in the system by paying at least some taxes.
The Perry flat tax provisions are VERY generous — almost like Christmas as you read through them and think about the numbers! — but in the meantime the parasite class is growing and growing until, soon, it is over 50% and is able to demand and receive AS MUCH FREE STUFF as it wants! Forever! Because those who pay taxes will never have the votes to vote down the demands of the parasite majority.
At this point in time, tax reform is not just about reviving the economy. It’s about preserving our freedom.
People need to look at the big picture.
Because Buffet’s on record as waiting to pay more. /s
>> I can see why all you La Raza supporters love the Texican’s tax plan.>>
WTF? I thought we were talking about what an academic thought of a tax reform plan. I didn’t know we were debating the candidates’ other issues.
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