Perry wants a flat tax. 20%.

[powderman]

GREENVILLE, South Carolina (Reuters) - Republican Rick Perry outlined a broad economic proposal on Monday to let Americans pay a flat 20 percent income tax rate and allow corporations to bring profits home from abroad at a discount.
The Texas governor is to lay out the "cut, balance and grow" plan on Tuesday in a speech in a Greenville suburb, part of an effort to recapture the imagination of conservatives still looking for an alternative to Republican front-runner Mitt Romney to challenge President Barack Obama in next year's presidential election.
Perry laid out his plan in a Wall Street Journal opinion article. The aim is to generate the economic growth to create jobs and reduce America's 9.1 percent unemployment rate. That is the key issue in the 2012 campaign and the reason why Democrat Obama is considered beatable.
Perry would give Americans a choice: pay a 20 percent flat tax or keep their current rate. To blunt criticism that a flat tax would cut taxes on the wealthy and increase them on the middle-class, he offered some sweeteners.
His proposal would preserve popular tax deductions for home mortgage interest, charitable donations and state and local tax exemptions for families earning less than $500,000 a year.
Perry is proposing the plan after consultations with Steve Forbes, the Republican who offered a flat tax plan in 1996 when he ran a losing race for the party's presidential nomination. Forbes endorsed Perry on Monday.
Perry would lower the corporate tax rate to 20 percent from 35 percent. He would give U.S. corporations that have $1.4 trillion in profits parked overseas the opportunity to pay a discounted tax rate of 5.25 percent temporarily to encourage swift repatriation of the money.

[Pat/Rick]

This nation is not short of tax dollars.
 
It is long on misappropriation of tax dollars.

[magooch]

These guys and gals need to rap their minds around one fact when they come up with proposals for a new tax plan and that is that no one wants a tax increase--save a handful of lefty hypocrites and morons.  Unless there is a lot more detail in Perry's plan, it sucks as far as I'm concerned.  I don't mind the part that would encourage repatriation of corporate profits, but who in their right mind is going to choose a plan that doubles, triples, or quadruples their taxes.  That is exactly what it would do for average incomes--unless as I said, there is a lot more detail to come.

[NWBear]

I am having a hard time finding a "text" of Perry's new tax plan.  Is it 20% on ALL INCOME or just WAGES earned by WORKING PEOPLE.  The Super Rich (and some wage earners CEOs etc) don't earn wages, they get dividends, capitol gains deferred annuities etc.  Will these be taxed at 20%?
 
Everyone claims their tax plan is "revenue neutral"; but this is like a pencil held beween your fingers. If you make one end longer the other end MUST get shorter.  If tax revenue is REDUCED on one side it MUST be INCREASED on another side.  WE can't have tax DECREASE and REVENUE increase.  I have heard the arguments about total revenue increasing with a tax decrease.  I agree this can happen but it won't be over-night; so do we take the deficit increase in the interim?  I like simple, but not when the people making less than $50-75K pay a lot more in taxes.  Remember HALF the people households in the US make $50K or LESS.

[Ranch13]

Perry's plan is a cake and eat it to deal, he needs to man up and either leave the tax code as it is,, or go with a flat tax to replace the current tax code.
I'm sick of the folks not paying taxes getting the most benefit, while those of us that do pay, keep getting hit for more. Just how much more of my money does someone who doesn't pay any taxes, yet get a 4500$ child tax credit think they are entitled to?

[Ranch13]

Sorry but paying rent is not paying income taxes to the federal government.
Not sure how you leftist loons think that "upper income" people aren't paying their fair share when over 50% of the households pay no tax.. Looks to me like the ones gathering in all the freebies need to be paying for some of their sugar daddy stuff..
 If the people "people below the poverty level" can afford cell phones text messaging, computers and internet, xboxes and all the rest , they can surely afford to cough up a little bit to pay for the handouts they get.

[eye shot]

Thats true but those blood suckers are sucking our blood! They don't pay taxes with there rent when the gov. is paying the rent.

[BUGEYE]

with Cains plan, I would just about break even.
with Perrys, I would have a small increase.

I want a decrease.

[Casull]

fairly apportioned progressively

 
 
tm, I think you need a dictionary.  After you look up the definition of the above words, try also looking at "oxymoron".

[Graybeard]

You don't grow the economy by raising taxes and taking away money from the folks who work to earn it. Chalk up one more I can't vote for even if it means letting obummer stay another four.

[Swampman]

I'd just like to see a national sales tax that eliminated income tax and the IRS.  I want every American to pay an equal % of the taxes required to run this country.

[briarpatch]

That 20% tax plan will be waved around like a life preserver to a boat load of cast- a-ways in deep water. 
If he makes it to the top it will be cast on the mound of lies and promises and forgotten.

None of them are going to change what the elite has worked to install for all these years.

[Lost Farmboy]

  I want the tariffs abolished by NAFTA. Bring back some manufacturing jobs.

[magooch]

In devising a new tax formula, it must be remembered that we are not starting from zero.  I might be wrong, but I think most people have some idea what they are presently paying in income tax and not many are going to be very happy with any kind of significant increase--no matter what title the tax bears.
 
Getting back to reality, it is not our tax system that is the problem.  Not that the federal income tax system couldn't stand some ... a lot of revision, but the real problem is spending.  You can't fix that with any kind of tax plan.

[Mike38]

fairly apportioned progressively

 
 
tm, I think you need a dictionary.  After you look up the definition of the above words, try also looking at "oxymoron".

TM needs more then a dictionary. He needs to study economics, capitalism, history and the constitution.

[billy_56081]

Newspeak Mike, newspeak. How about a truly fair tax, 500 bucks a year for everyone over 18 years old. Imagine how the lazy parasite class would whime and whimper about paying an equal amount.

[coyotejoe]

Indeed the poor do pay taxes, we all pay more tax than we realize or have any way to track down. Talk of corporate income tax is just a way to hide tax from the consumer who pays the corporate tax. A corporation must make a profit, after taxes, or raise the price of it's goods or go out of business. A very substantial portion of the cost of everything you buy is tax which must be passed on to the consumer.
 Then there is the "working poor", I've been in that category most of my life. Most people who work for a weekly check pay more in their FICA "contribution" than they do in income tax. In terms of total government revenue the FICA tax is very nearly equal to income tax as a revenue source. The working poor are paying a lot more than they think when FICA is factored in.

[Casull]

You missed one there tm.  You also used the word "fairly".  Now, how does that work with progressive taxation?  Hint . . . it doesn't.  That's where the oxymoron comes in.  Call it a zinger if you like.  Others here will just see it as the truth.  Sorry if that danged ol truth thing keeps biting you in the backside.

[billy_56081]

Casull that part doesn't fit the agenda so it was ignored. Lol he does make a great jester though.

[DDZ]

I
Getting back to reality, it is not our tax system that is the problem.  Not that the federal income tax system couldn't stand some ... a lot of revision, but the real problem is spending.  You can't fix that with any kind of tax plan.

Exactly right! We are already paying enough taxes. If the insane spending is not stopped and reduced. We can forget about any kind of new tax plan helping one iota. If any taxes are increased, all we will accomplish is digging the hole deeper.     

[billy_56081]

If the founders envisioned a progressive income tax, why did the constitution have to be amended to implement it? Or doesn't that little fact fit the agenda?

[BUGEYE]

You missed one there tm.  You also used the word "fairly".  Now, how does that work with progressive taxation?  Hint . . . it doesn't.  That's where the oxymoron comes in.  Call it a zinger if you like.  Others here will just see it as the truth.  Sorry if that danged ol truth thing keeps biting you in the backside.

I understand now.  fair is like a fair trial. a fair deal with a seller. but used with taxes, it isn't fair.

[Swampman]

Keep in mind that 54% of the population live off the government and pay no income tax.  Therein lies the problem.

[billy_56081]

Quite a long post to try to deflect from the fact that the founders did not favor a progressive income tax.

[billy_56081]

All that again to deflect away from the truth that the constitution had to be amended to have the progressive income tax. Those dang facts keep getting in the way of your lies.

[Ranch13]

 Interesting tidbit on the radio yesterday. The top 1% taxpayers are paying the equivilent of 3.3%  of the GDP, the highest in history. Broken down further they are also paying 17% of all the tax's paid.
Looks to me like it truly is time to have a serious discussion about "fair" share....

[Ranch13]

TM7 give it up dude, get off your butt, shut off the computer and go make something of yourself other than an idiot.
And for you of all people to cry to the mods??? I know there's been posts the mods have jerked in your defense....

[gstewart44]

You missed one there tm.  You also used the word "fairly".  Now, how does that work with progressive taxation?  Hint . . . it doesn't.  That's where the oxymoron comes in.  Call it a zinger if you like.  Others here will just see it as the truth.  Sorry if that danged ol truth thing keeps biting you in the backside.

Now you're entitled to your opinion of what 'fairly' is...but you didn't really bother to say what it means--just threw it out there to see what sticks;

No TM -  he didn't just throw it out there.    He used your own words from Post #4, plainly and succintly asked you to look up the definitions which you chose not to do.  Rather you would omit defining your own flaw of words and try to deflect it back to Casull.     Your words are more slippery than ole Slick Willy when he was in the White House.   

[BUGEYE]

I promised a mod that I would never again respond to a certain member. tough but doable.

[Ranch13]

TM7 give it up dude, get off your butt, shut off the computer and go make something of yourself other than an idiot.
And for you of all people to cry to the mods??? I know there's been posts the mods have jerked in your defense....

Oh my!...incoming ranch zingers..warning.    I've been off my butt and made a comfortable living, in the private sector enough to retire, thank you very much...How about you?...you work for the gov or mil...trying to prescribe what us in the private sector should or should not do...?  BTW, I'll complain to mods whenever I feel like it...like anybody else has/did/does.....keep your advice....mods don't defend people..they try to maintain civility...hopefully they're pull your posts, too....Now, run along and read up on Founders tax philosophies, or return to your comfort zone...
 
 
geeezzz....some people......TM7
.

I see, I guess I wasn't aware that folks from a parallel universe could rise to the high accomplishments you have attained.
 No not govt, or military, I'm third generation rancher, been living below poverty level most of my life, paying taxes on money that has been taxed a couple of times, sometimes to the tune of 55% , for nothing other than somebody in the family died, and the bloodsuckers in DC thought they should have some of that money, to give to people living in a parallel universe and living well.....
 Sorry sad sack but if you want respect you have to earn it with me, and hiding behind stuff in your profile such as living in a parallel universe, and now claiming that you have retired and living well, but yet managing to try a defame the very people that are paying the taxes that keep you living well, just doesn't cut it.What the founders had to say about things leaves folks like yourself out in the cold and starving to death, and sometimes I truly wish we could get back to that point, because I'm sure the will to survive would kick in, and we wouldn't have to hear about this spread the wealth nonsense from folks like you everytime a discussion about tax policy jumps up.
 Calling anyone that dares to question your posts, "rightwing spear chuckers" is allright but anybody that uses similar discriptive terms for you is a nono? Typical liberal double standards if you ask me.