Forget Perry's 20% Flat Tax, Newt's is Just 15%!

Here is a nice comparison chart of Newt's plan vs. Perry's. From what I see, Newt's plan cuts taxes in every way over Perry's except for deducting state and local taxes. Newt even keeps the child and earned income tax credits.

But then again, how does Newt explain the hundreds of billions of lost tax revenue when we are $15 trillion in debt? At least Newt is smart enough to come up with something, where Perry just seems lost.

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-perrys-flat-tax-plans

Hitchhiker: You heard of this thing, the 8-Minute Abs?

Ted: Yeah, sure, 8-Minute Abs. Yeah, the excercise video.

Hitchhiker: Yeah, this is going to blow that right out of the water. Listen to this: 7... Minute... Abs.

Ted: Right. Yes. OK, all right. I see where you're going.

Hitchhiker: Think about it. You walk into a video store, you see 8-Minute Abs sittin' there, there's 7-Minute Abs right beside it. Which one are you gonna pick, man?

Ted: I would go for the 7.

Hitchhiker: Bingo, man, bingo. 7-Minute Abs. And we guarantee just as good a workout as the 8-minute folk.

Ted: You guarantee it? That's - how do you do that?

Hitchhiker: If you're not happy with the first 7 minutes, we're gonna send you the extra minute free. You see? That's it. That's our motto. That's where we're comin' from. That's from "A" to "B".

Ted: That's right. That's - that's good. That's good. Unless, of course, somebody comes up with 6-Minute Abs. Then you're in trouble, huh?

pineinthegrass wrote: Here is a nice comparison chart of Newt's plan vs. Perry's. From what I see, Newt's plan cuts taxes in every way over Perry's except for deducting state and local taxes. Newt even keeps the child and earned income tax credits.

But then again, how does Newt explain the hundreds of billions of lost tax revenue when we are $15 trillion in debt? At least Newt is smart enough to come up with something, where Perry just seems lost.

http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-perrys-flat-tax-plans

Hitchhiker: You heard of this thing, the 8-Minute Abs?

Ted: Yeah, sure, 8-Minute Abs. Yeah, the excercise video.

Hitchhiker: Yeah, this is going to blow that right out of the water. Listen to this: 7... Minute... Abs.

Ted: Right. Yes. OK, all right. I see where you're going.

Hitchhiker: Think about it. You walk into a video store, you see 8-Minute Abs sittin' there, there's 7-Minute Abs right beside it. Which one are you gonna pick, man?

Ted: I would go for the 7.

Hitchhiker: Bingo, man, bingo. 7-Minute Abs. And we guarantee just as good a workout as the 8-minute folk.

Ted: You guarantee it? That's - how do you do that?

Hitchhiker: If you're not happy with the first 7 minutes, we're gonna send you the extra minute free. You see? That's it. That's our motto. That's where we're comin' from. That's from "A" to "B".

Ted: That's right. That's - that's good. That's good. Unless, of course, somebody comes up with 6-Minute Abs. Then you're in trouble, huh?

Thanks for the link. Here is my problem with it. I love Newt. He is my second choice and maybe first if I thought he could win. And I love the flat tax with deductions. But his plan sounds like Obama promising everything to everyone. there is no way that is deficit neutral unless I am missing something. And it speaks nothing of the tax breaks to bring businesses onshore and creat jobs. To be honest, the fact that he threw out a plan the same day as Perry that promises TOO much, looks very suspicious, and is just to take the thunder away from Perry. I think Newt has his eye on the VP and I still believe he and Romney have worked it out. He is keeping the other conservatives down to help Romney win. He has never said one bad word about Romney at a Debate.

The Viking wrote: Thanks for the link. Here is my problem with it. I love Newt. He is my second choice and maybe first if I thought he could win. And I love the flat tax with deductions. But his plan sounds like Obama promising everything to everyone. there is no way that is deficit neutral unless I am missing something. And it speaks nothing of the tax breaks to bring businesses onshore and creat jobs. To be honest, the fact that he threw out a plan the same day as Perry that promises TOO much, looks very suspicious, and is just to take the thunder away from Perry. I think Newt has his eye on the VP and I still believe he and Romney have worked it out. He is keeping the other conservatives down to help Romney win. He has never said one bad word about Romney at a Debate.

If you read all of the link, Newt shows that he has proposed a flat tax since 1997.

And yes, I forgot that Perry's plan is more agressive on bringing offshore business back here. But I think Perry's plan is just for one year, while Newt's 12.5% is permanent.

But for me, Newt's got a ton of explaining to do. I don't buy it at all. Might as well just announce a new tax plan for everyone where they just pay 10%. Easy to do, if you don't provide numbers for what it does to revenue and the debt.