To: FReepers; Everyone; All;
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 ...
Not having to prove to the government at penalty of imprisonment what i do or don’t make, spend or have, is the best reason to support any kind of sales tax. I would probably pay more money but the simplicity, predictability and honesty of it are appealing.
Sure it is. It keeps the whole IRS that already exists and adds government jobs by creating a whole NEW IRS department to handle the flat tax returns with completely different calculations. It keeps all the accountants working and all the tax lawyers as well.
That is simply brilliant.
If there’s one thing Rick Perry loves, it’s a pissing contest.
Optional my ass.
If you implement the 20% flat tax you need to abolish the current tax code. Otherwise, 10 years down the road you’ll be paying both.
One or the other...not both, optional or otherwise!
I really do not care, has nothing to do with support of his tax plan. it was voted down by the voters, but it is a good plan if you like the IRS and big government. Some people learn and move on, some want to try the same old thing over and over. And I was also one of the people that supported Forbes. How much has the federal debt increased since that time.
Deductions, lots of (legitimate) deductions.
We have a GOP field now all competing to propose new taxes, more taxes, etcetera. I can’t believe my eyes and ears: dumb and dumber, that’s our answer to the Zero administration. Swell.
Wait if I live in a largely African American Empowerment Zone (Cain's words) I pay 0% on income but if I live in broke trailer park in Oklahoma I pay 9% on income.
I can't wait for this argument.
I have’t read that charitable deductions are gone. What have you seen?
Wait, has nobody chimed in with “The 20% will become 30% then 50%” yet? Perry apparently peaked at Newt’s answers during the test. He’s got the same optional flat tax idea. But, had it a while back. We had to wait weeks on this?
By the way under Perry the guy in the trailer park in Oklahoma or the tiny home on a small farm in South Dakota pay 0% in income tax as well as the inner city predominately black areas (Cain’s words).
I care, I find it very interesting.
Herman Cain was the Co-Chairman of the Steve Forbes for President Campaign in 2000. Even though he has endorsed Perry for President and the Perry Flat Tax Plan, Forbes was quite gracious yesterday and today in his praise of Cain.
You’re the first.
Would be nice if people would bother to read.
The plan would have each person pick whether they want taxes figured under the current IRS code, or under the flat tax plan. Whichever one was cheaper for them is the one they would pick. DUH.
So all the screaming on that point is...dumber than they are accusing Perry of being, by far.
In comparison to Cain’s, Perry’s has a $12,500 personal exemption per household member.
I don’t want the Feds to get taxing power over everything I buy.
I also am against the philosophy behind and the specific implementation of empowerment zones as I understand them.
I do agree that the Feds need to be drastically cut back, so it’s crucial that these tax plans not sidetrack us off of that point.
Then you could use the old tax code.
Really? Did you include the Social Security and Medicare payroll taxes that each working member of the family would still be paying under Perry's plan in your calculation? That all goes away with 9-9-9 as I understand it.
WTF?!
Optional tax?
Sounds crazy.
Thanks to Cain, THIS is the national debate we’re having, and should have been having over many of the past election cycles (Forbes never got traction).
We’re not debating WHETHER the current tax code needs radical reform, we’re debating HOW.
I hope entitlements will be similar, and I believe Cain isn’t afraid of them.
What’s crazy?
It says your option is to pay taxes under the current tax code, OR to pay them under the Perry flat tax plan. Pick the one that you pay least under.
It doesn’t say paying taxes, period, is optional.
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