Posted on 10/24/2011 1:45:55 PM PDT by smoothsailing
Carl Cameron
October 24, 2011
Texas Governor Rick Perry is formally unveiling his flat tax proposal Tuesday in South Carolina. His campaign hopes the plan will gain traction with people who are fed up with the current tax system.
Sources tell Fox News it will be an optional 20% flat income tax with a $12,500.00 deduction per individual, per household. Taxpayers may otherwise choose to keep paying under existing IRS code.
(Excerpt) Read more at politics.blogs.foxnews.com ...
My Taxes would quadruple with this 20% flat tax. My primary reason I’m not for a 100% flat tax, however, is that it doesn’t touch the almost $1 trillion underground economy.
I want to move away from citizens being required to keep financial records and have those audited by the government absent the protection of a jury of their peers entirely.
You go with the plan that represents your values and vision.
See post #14.
Let’s see if Perry has enough confidence in his tax plan to project what the unemployment % will be at his first midterm election. If not, fogitaboudit, it’s not a plan, it’s a speech.
What this does, 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. 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.” Herman Cain CNN Oct. 14th
Nope, no social engineering here.
What this does, 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. 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.” Herman Cain CNN Oct. 14th
Nope, no social engineering here.
Where are you getting 18%?
See a calculator.
How did you come up with 18%?
Not true. There are deductions for charitable contributions and business expenses under Cain’s 999.
Are there any conservatives who have any interest in cutting back the size and scope of government? All I see is politicians who are coming up with clever, more palatable schemes to take money from us to fund the ever-expanding destructive federal monster. Just cut the spending. Cut government control and spending. Cut government involvement in our lives.
Do any of you get this? Is there anybody out there who isn’t take in by the better funding nonsense?
Do you know who was Co-Chairman of the Steve Forbes for President Campaign in 2000?
999 doesn’t tax savings.
Yes, as there are in the other plan.
But the personal deduction, a deduction for each dependent and the tax payer, is $0.
Every Republican candidate has proposed substantially cutting the size of the federal government.
So far sounds good...looking forward to hearing it in full tomorrow.
“Are there any conservatives who have any interest in cutting back the size and scope of government? “
Yes. Why do you ask? Are you suggesting we have no need for any government at all?
“Where are you getting 18%?”
9% income and 9% sales.
I was being generous and saying that people would spent 100% of their income on new items. I didn’t even count the 22% embedded tax that would come off.
Technically Cain’s plan is
1.35% income tax (with payroll tax deduction) minus charitable contributions
9.00% of every new item but the cost of that item comes down 22%, and 0% on every used item.
If I had it my way, I’d abolish the federal government along with all of its entrenched taxocracy.
You pay 5% in taxes? How do you do that?
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