Rick Perry’s Fix: 20% Flat Tax, Cap Spending at 18% of GDP

[OmahaBlueDog]

Texas Gov. Rick Perry tonight, in an op-ed for the Wall Street Journal, previewed his tax and spending plan, officially called the “cut, balance and grow” plan, which aims to revamp the tax code, balance the budget, reform entitlement programs and create jobs.

“The folks in Washington might not like to hear it, but the plain truth is the U.S. government spends too much. Taxes are too high, too complex, and too riddled with special interest loopholes. And our expensive entitlement system is unsustainable in the long run,” Perry wrote in the Wall Street Journal.

“Without significant change quickly, our nation will go the way of some in Europe: mired in debt and unable to pay our bills. President Obama and many in Washington seem unable or unwilling to tackle these issues, either out of fear of alienating the left or because they want Americans to be dependent on big government.”

The plan, which Perry will officially unveil Tuesday in Gray Court, S.C., proposes an optional 20 percent flat tax rate, allowing taxpayers to submit their taxes on a postcard.

Read more at: http://abcnews.go.com/blogs/politics/2011/10/rick-perrys-fix-20-flat-tax-cap-spending-at-18-of-gdp/

Also noteworthy is that the article's writer -- not Perry -- wrote "The plan will eliminate the death tax and end taxes on Social Security, which would help an estimated 17 million Americans receiving benefits today. It would also cut taxes on qualified dividends and long-term capital gains." So, it's official, the Estate Tax is now the Death Tax in the MSM.

[0rganism]

1. "fear of alienating the left"

:rofl:

[krispos42]

2. If we're overtaxed, why are we running budget deficits?

Here's a little hint, Perry... nobody gives a fuck how much the government spends AS LONG AS THEY GET THEIR MONEY'S WORTH.


How about a 60% flat tax, with a standard deduction of $75,000 single/$150,000 married? And maybe $7,500 per kid?

[MFrohike]

3. Special interest loopholes

Like allowing residents of a state with no income tax to deduct their local taxes? Is that what you had in mind, Ricky?

[Lasher]

4. End taxes on Social Security - that sounds familiar.

No (Obama) proposal to end taxes for seniors making less than $50,000

Updated: Wednesday, April 15th, 2009

President Barack Obama's campaign pledge to end taxes for seniors making less than $50,000 has fallen off the radar.

It wasn't part of the tax cuts in the economic stimulus bill, also known as the American Recovery and Reinvestment Act. It wasn't in Obama's first budget outline, which was approved by Congress on April 2, 2009. And it's not part of any proposed legislation that we can find.

Today, on Tax Day, Obama gave a speech in which he talked about his other tax promises and how he wants to reshape the tax code to make it simple and more efficient. But he never mentioned his promise of curtailing the income tax for seniors.

The Obama administration has done other things for seniors. Thanks to the stimulus bill, for example, everyone who gets Social Security benefits will receive a $250 check from the government in May. But the bold promise to end taxes for seniors if they make less than $50,000 seems to be forgotten.

We asked the White House about it, but got no response. If this promise is ever revived, we'll revisit our ruling. But for now, this is a Promise Broken.

http://www.politifact.com/truth-o-meter/promises/obameter/promise/24/end-income-tax-for-seniors-making-less-than/

[On the Road]

5. You Know, As Republican Proposals Go,

this is clear, simple, upfront, without bullshit, and less extreme than most most of the candidates are insinuating. It won't balance the budget, but at least it's on the table. So shoot me.