Topic: Perry - 20% Flat Tax, but lets keep popular deductions

[Libertas]

http://nationaljournal.com/2012-presidential-campaign/texas-governor-argues-for-replacing-current-tax-code-with-flat-20-percent-rate-20111024

I could get behind this is the deductions were eliminated and the rate lowered to 12-15%.  Keeping any piece of the old system in place ensures the survival of the IRS and I want that fricken agency crushed!

But lets debate the merits and demerits of Mr. Perry's plan, shall we?

[ToddF]

Eliminating morgage deduction could shave half a point off the rate, for everybody else.

[warpmine]

Eliminating morgage deduction could shave half a point off the rate, for everybody else.

Once again the plan puts Americans at odds with each other. Picking who gets the favors of deductions. Just another way to pick constitutencies. Best plan would be to eliminate deductions in favor of low rate of 12% for all, naturally with a minimum income level. The income based flat tax still punishes producers. Sales tax would be preferrable to me. HR25 is the best solution. If people want to do soomething to "get " ultrawealthy that tax their estates 1-2% and elminate those trust funds. Nah, that just punishes people as well. I mean if you hate people like Soros like many do just go out and kill the SOB and be done with it(don't forget the extended family).

[michelleo]

I'm glad the idea of a flat tax is gaining momentum, thanks to Cain.

I'm in favor of a low rate, with absolutely NO deductions.   Close EVERY loophole.

[Damn_Lucky]

Taxpayers who don't want to pay a 20 percent flat income tax, he said, can keep their current rate.Current marginal income tax rates range from 10 percent to 35 percent, depending on taxpayers' income.

There in lies the problem scrap the IRS and go with a Fair/Flat Tax.

[Janny]

Once again. The Flat Tax and the Fair Tax are very different from each other. The Flat Tax is one INCOME tax rate for all, and the Fair Tax is an across the board federal SALES TAX.

Let's make sure we know what we...and the candidates...are advocating.

[Pandora]

I'm glad the idea of a flat tax is gaining momentum, thanks to Cain.

I'm in favor of a low rate, with absolutely NO deductions.   Close EVERY loophole.

Yes, Cain has gotten people discussing different taxation methods at least.

20% flat tax is too high, imo.

[charlesoakwood]

Mark Levin is very impressed with Rick Perry’s new economic and tax proposal
that Perry announced today. He even went as far to say that Perry may finally
be finding his legs in this campaign.

Levin breaks down his plan: Link

[AlanS]

Keeping any piece of the old system in place ensures the survival of the IRS and I want that fricken agency crushed!

 

[IronDioPriest]

From my understanding Perry has included an "If you like your old plan you can keep your old plan" caveat. Why on earth would any conservative suggest or support a plan that allows the continuation of half the country paying no taxes, or cutting checks to people who pay none?

Or am I misunderstanding? I haven't looked deeply into it.

Even if it's the greatest thing since sliced bread, he needs to be able to sell it without having mini-strokes just as he's about to make his point.

[Libertas]

I understand that the same way IDP.

The central unifying goal of any truly conservative tax plan has to include the elimination of the IRS, no loopholes, no deductions, everybody pays something even if it is just one dollar...and whatever rate scheme there is must be as low as possible to fund only what is necessary...and a super-majority vote requirement to raising rates would be nice too.

[AmericanPatriot]

Janny, but the income tax is only paid by those with income.
A sales tax puts everyone in the game


Those who think this is brilliant?
Getting to pick your poison makes it more palpable?
Rick Perry is worthless

[charlesoakwood]

Janny, Perry's, "you don't have a heart" statement angered people to the extent it matters not
whether he turns lead into gold, he will remain dead meat.