Rick Perry's new tax plan. Hot off the press!

This is even better than I thought it would be!! He announces it tomorrow. Let's see how this holds up to the numbers and neysayers.

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.

My plan restores American competitiveness in the global marketplace and provides strong incentives for U.S.-based employers to build new factories and create thousands of jobs here at home.

First, we will lower the corporate tax rate to 20%—dropping it from the second highest in the developed world to a rate on par with our global competitors. Second, we will encourage the swift repatriation of some of the $1.4 trillion estimated to be parked overseas by temporarily lowering the rate to 5.25%. And third, we will transition to a "territorial tax system"—as seen in Hong Kong and France, for example—that only taxes in-country income.



http://online.wsj.com/article/SB1000142 ... inion_main

I beleive he is announcing it tomorrow morning at 11 AM EST.

There is a CONFERENCE CALL PREVIEW From the Fanpage: At 10:00 A.M (Eastern time!)... Rick Perry will have a CONFERENCE CALL, one hour before he announces his Tax Plan... DIAL..1-712-432-0900 .. pass code: 469476 ...

So just curious what the Cain supporters, the Obama supporters, and the Perry haters think of it? Is it better than the 999, I mean the 909, I mean the 999 unless it is the 909 and then it depends upon each city and situation. Actually I don't know what it is anymore.

I don't see how you are excited about this plan when it is still far too general. We need more specifics. You thought it was 17% before, and now it's 20%. Does that excite you?

He says you can choose between his 20% flat tax or your "current income tax rate". What exactly does that mean? If he really means what you are paying now with all the current exemptions, deductions, and credits, then hardly anyone in the middle class or lower would be better off paying 20%. They'd still have to do their taxes the complicated way we currently do, then compare it to his 20% flat rate. But my guess is he doesn't really mean to compare it to the current method with the credits, just the current tax rates.

Since he proposes getting rid of capital gains and dividends tax, then his plan will cut taxes on most upper income earners who have lots of capital gains and dividends.

So far, I'd say it sounds better than Cain's plan, but it still looks like a cut for the rich at the expense of everyone else.

Once we see the details, we'll know a lot more...

pineinthegrass wrote: I don't see how you are excited about this plan when it is still far too general. We need more specifics. You thought it was 17% before, and now it's 20%. Does that excite you?

He says you can choose between his 20% flat tax or your "current income tax rate". What exactly does that mean? If he really means what you are paying now with all the current exemptions, deductions, and credits, then hardly anyone in the middle class or lower would be better off paying 20%. They'd still have to do their taxes the complicated way we currently do, then compare it to his 20% flat rate. But my guess is he doesn't really mean to compare it to the current method with the credits, just the current tax rates.

Since he proposes getting rid of capital gains and dividends tax, then his plan will cut taxes on most upper income earners who have lots of capital gains and dividends.

So far, I'd say it sounds better than Cain's plan, but it still looks like a cut for the rich at the expense of everyone else.

Once we see the details, we'll know a lot more...

I was just posting Forbes plan of 17% and they said they were going to tweak it. And 20% with $12,500 deductable per adult and child is HUGE for the lower and middle class! Now at $50,000 family of 4 you write of $50,000 and have zero taxes. And then there is still the mortgage interest write off, and no more double taxing with the death tax. And no one over $500,000 gets to write off anything. That should make the Dems happy. So they are now at a flat 20% no matter what over $500,000 according to what I read. And any family of 4 making $100,000 will only pay about $10,000 or 10% after the write offs. I think this is huge!

And what I think he means by keeping your current tax rate is if you are at $30,000 and paying 10% it would be better than the 20% if you have no kids. And you don't get the write offs unless you take the flat tax. So that is more for single low income people I would say.

Exapmle. $30,000 no kids. No $12,500 write off but you can stay at 10%. So your taxes are $3000. That isn't including mortgage write off but I am just using round numbers. But if youa re single and make $30,000 and take the 20%, then you get teh write off foe one adult of $12,500 which is $17,500 times 20% means you pay $3500. It is still a flat tax choice but there is a couple windows of income in there where write offs won't pay off if you are single with no kids and it will be better to stick with the 10 or 15% tax. That way NO ONE'S taxes are going up!

pineinthegrass wrote: I don't see how you are excited about this plan when it is still far too general. We need more specifics. You thought it was 17% before, and now it's 20%. Does that excite you?

He says you can choose between his 20% flat tax or your "current income tax rate". What exactly does that mean? If he really means what you are paying now with all the current exemptions, deductions, and credits, then hardly anyone in the middle class or lower would be better off paying 20%. They'd still have to do their taxes the complicated way we currently do, then compare it to his 20% flat rate. But my guess is he doesn't really mean to compare it to the current method with the credits, just the current tax rates.

Since he proposes getting rid of capital gains and dividends tax, then his plan will cut taxes on most upper income earners who have lots of capital gains and dividends.

So far, I'd say it sounds better than Cain's plan, but it still looks like a cut for the rich at the expense of everyone else.

Once we see the details, we'll know a lot more...

And where is it at the expense of everyone else? NO ONE's taxes go up here and you don't ahve to figure out which city you are in and what the median income is there and if you get to force no minimum wage in those areas like Cain proposes. It is actually a brilliant plan if you work the numbers.

And like he said, it will save us $438 billion and most of us can file on a postcard! No more IRS crap and audits!

If you take away taxes on estates and capital gains, lower tax rates on the wealthy and corporations,you have to make that up somewhere.

I'm waiting to see how often he comes out with a new plan. Isn't this the second one in just a week or so?

Conservation Voice wrote: I'm waiting to see how often he comes out with a new plan. Isn't this the second one in just a week or so?

Ummmm..... where have you been? This is his first plan. He hasn't even announced this first one yet. Tomorrow morning at 11 AM EST. Stop spinning already!