He calls it "Cut, Balance and Grow" and its center piece is a flat rate 20% income tax with a $12,500 standard deduction for individuals and dependents. For those inclined to whine about taxing the poor, Rick Perry includes an option to pay at your existing rate rather than the 20%.
The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate. The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents.
This simple 20% flat tax will allow Americans to file their taxes on a postcard, saving up to $483 billion in compliance costs. By eliminating the dozens of carve-outs that make the current code so incomprehensible, we will renew incentives for entrepreneurial risk-taking and investment that creates jobs, inspires Americans to work hard and forms the foundation of a strong economy. My plan also abolishes the death tax once and for all, providing needed certainty to American family farms and small businesses.
I'll support him on the basis of this plan alone. He thinks along the same lines as I do.
I'm hoping for a comeback!
Posted by: Jane | October 27, 2011 at 11:40 AM
I'm expecting a comeback, although his rally may fall short in the end. For the first time ever I find there's something I like about all of the candidates, but I suppose measuring them against Obama could account for it. I have misgivings about only two -- Ron Paul and Mitt Romney.
Posted by: Tom Bowler | October 28, 2011 at 06:50 AM
It has been my experiance that slackers will ALWAYS expend more effort in the "redistribution" of responsibility and rewards than they would actually meriting it. Of course, extorting "other peoples money" to purchase "professional representation" by otherwise unemployed "Masters of Humanities" works too.
Would that include "convenient" automatic electronic credit units withdrawal from my bank account, a la "convenient" bill pay? Can I count on da gub'mint to consider my philanthropy, civic service, and my otherwise unemployed Masters of Humanities neighbors absolute lack of them? Golly, a 10% rate , or something that doesn't fall into a range similar to usury, would be just as easy, as long as my union shovel/broom operators actual YTD pay stub would exempt me from uh..socialist "medicine" payment-you know...the one that doesn't work unless EVERYBODY is FORCED to pay "the gub'mint" for it. Maybe the "postcard" approach would help out the USPS though. BWA ha ha ha ha ha ha......and the Second Amendment, anthropomorphic global warming "fees", SCOTUS/Constitutional "interpretation", and (fill in the blank) "rights" will be settled once and for all too!Would THAT still be "deductible"?
Posted by: CaptDMO | November 03, 2011 at 11:42 AM