Perry's tax plan: Take that 9-9-9

[The Rabbi]

Perry detailed his tax and economic plan in todays WSJ. It is an excellent plan. I am sure someone will find something to carp over, but really there is nothing. It is much stronger than Cain's 9-9-9 plan. And Perry was right when he said "Brother, I'll put my plan up against yours any day."
Rick Perry: My Tax and Spending Reform Plan - WSJ.com

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.

More at the source.
And I'll take odds some people responding will not have read the article.

 

[NYcarbineer]

It's a laughable budget buster.

For starters, with bigger standard deductions, under Perry's plan, a family of four making 50,000

would pay ZERO in federal income tax.

Let's see how the 'skin in the game' crowd likes that.

 

[The Rabbi]

It's a laughable budget buster.

For starters, with bigger standard deductions, under Perry's plan, a family of four making 50,000

would pay ZERO in federal income tax.

Let's see how the 'skin in the game' crowd likes that.

Since when do you care about budget busting?? That's laughable right there.

 

[Claudette]

It sounds good on paper but much like 9-9-9 do you think he could get it passed by those Clowns in congress??

 

[Wry Catcher]

Income earned out of the country is tax free? Why? Seems an incentive to move more jobs overseas. Income tax must be progressive, a flat tax will create a "landed gentry" and finish our nations devoluiton (de-evolution) to a nation of halfs and half-nots.

Some of the ideas in the Op-Ed make sense, others are foolish. The fact remains if the tax code is rewritten, it will be rewritten by a Congress beholden to the power elite who have bought and paid every member of Congress. Unless and until CU v. FEC is rescinded we are and will continue to be a Plutocracy, a nation where the rich and powerful write and enforce the laws.

 

[Mad Scientist]

Remember when Obama was campaigning against NAFTA? Remember when he said he'd have it "re-negotiated" but after he got in office he never did any such thing?

That is what "Gardasil" Rick is doing now. "If I'm elected I'll do this and that!" But he never will. And if you think just kicking out Obama and electing a Republican will change ANYTHING you're sorely mistaken. When will you fuckin' people learn?

Rick Perry is an Algore Global Warming loving, Illegal Alien coddling, North American Union supporter. It's also my opinion that he's STILL a Democrat as well, just look at his record, not what he's SAID, look at what he's done.

Rabbi, if you support Rick Perry, then you are a Liberal Democrat.

 

[DiamondDave]

I will support nothing with an income 'floor'

 

[NYcarbineer]

It's a laughable budget buster.

For starters, with bigger standard deductions, under Perry's plan, a family of four making 50,000

would pay ZERO in federal income tax.

Let's see how the 'skin in the game' crowd likes that.

Since when do you care about budget busting?? That's laughable right there.

I've only said about a thousand times on this board that I believe the People should have to pay for the government they get, when they get it.

When did you stop caring about fiscal responsibility?

 

[NYcarbineer]

It's a knee slapping joke. Perry's flat tax is optional, you can pay it or pay the way you're paying now,

which means for starters you'll have to do your taxes TWICE to figure out which is better for you.

lolol. Simplicity.

 

[WatertheTree]

It's a laughable budget buster.

For starters, with bigger standard deductions, under Perry's plan, a family of four making 50,000

would pay ZERO in federal income tax.

Let's see how the 'skin in the game' crowd likes that.

Since when do you care about budget busting?? That's laughable right there.

Yea thats great. Your agument for your dream candidate is to tell people its laughable to give a shit.

The only laughable is that your still supping that corporate douche Rick Perry.

Rick Perry is BUSH 2.0

 

[DiamondDave]

It's a knee slapping joke. Perry's flat tax is optional, you can pay it or pay the way you're paying now,

which means for starters you'll have to do your taxes TWICE to figure out which is better for you.

lolol. Simplicity.

I agree with you here...

And if you have the option to do it the 'old' way, how do you cut IRS expenses??

 

[The Rabbi]

Income earned out of the country is tax free? Why? Seems an incentive to move more jobs overseas. Income tax must be progressive, a flat tax will create a "landed gentry" and finish our nations devoluiton (de-evolution) to a nation of halfs and half-nots.

Some of the ideas in the Op-Ed make sense, others are foolish. The fact remains if the tax code is rewritten, it will be rewritten by a Congress beholden to the power elite who have bought and paid every member of Congress. Unless and until CU v. FEC is rescinded we are and will continue to be a Plutocracy, a nation where the rich and powerful write and enforce the laws.

The US is the only country that double taxes corporate profits: once by the host country and once when it is repatriated to the U.S. The result of that is that no money earned overseas gets repatriated here.
How will a flat tax create a "landed gentry"? That is the most absurd thing you've said in at least 3 posts.
Do you think members are not bought and paid for by unions, trial lawyers, etc today? Do you think today's tax code is not the product of special interest pleading? Please.

 

[NYcarbineer]

This plan is another gargantuan tax cut for higher income Americans,

which means, in simple math, if he claims it's revenue neutral, the tax cut for the wealthy has to be made up somewhere as a tax hike...

...after you exclude the wealthy from that equation, who's left???

 

[The Rabbi]

It's a knee slapping joke. Perry's flat tax is optional, you can pay it or pay the way you're paying now,

which means for starters you'll have to do your taxes TWICE to figure out which is better for you.

lolol. Simplicity.

I agree with you here...

And if you have the option to do it the 'old' way, how do you cut IRS expenses??

Would you pay $40 more to spend 10 minutes preparing your taxes vs. 2 hours? I would. So would a lot of people. Simpler tax returns mean less necessity to audit, thus fewer people employed.

 

[The Rabbi]

This plan is another gargantuan tax cut for higher income Americans,

which means, in simple math, if he claims it's revenue neutral, the tax cut for the wealthy has to be made up somewhere as a tax hike...

...after you exclude the wealthy from that equation, who's left???

Actually every time taxes are cut for higher income people, they pay more money to the treasury. You want wealthy people paying more money to the treasury, right?

 

[NYcarbineer]

It's a knee slapping joke. Perry's flat tax is optional, you can pay it or pay the way you're paying now,

which means for starters you'll have to do your taxes TWICE to figure out which is better for you.

lolol. Simplicity.

I agree with you here...

And if you have the option to do it the 'old' way, how do you cut IRS expenses??

Plus, mathematically speaking in terms of revenues, if everyone is allowed to pick the lower tax bill, between now and Perry's tax plan,

obviously everyone will take the lower one, which makes this plan, as I said originally,

a laughable budget buster.

 

[NYcarbineer]

This plan is another gargantuan tax cut for higher income Americans,

which means, in simple math, if he claims it's revenue neutral, the tax cut for the wealthy has to be made up somewhere as a tax hike...

...after you exclude the wealthy from that equation, who's left???

Actually every time taxes are cut for higher income people, they pay more money to the treasury. You want wealthy people paying more money to the treasury, right?

No they don't. There are some magical numbers around that make it appear that way sometimes, but no, they don't.

 

[The Rabbi]

It's a knee slapping joke. Perry's flat tax is optional, you can pay it or pay the way you're paying now,

which means for starters you'll have to do your taxes TWICE to figure out which is better for you.

lolol. Simplicity.

I agree with you here...

And if you have the option to do it the 'old' way, how do you cut IRS expenses??

Plus, mathematically speaking in terms of revenues, if everyone is allowed to pick the lower tax bill, between now and Perry's tax plan,

obviously everyone will take the lower one, which makes this plan, as I said originally,

a laughable budget buster.

As explained, not everyone will pick the lowest tax bill.
Would you want to spend 2 hours doing taxes or 10 minutes? How much isthat time worth to you? If you do it the old way you will need to buy comp programs or take it to a professional. How much does that cost?
The increased efficiency alone makes this plan attractive and a winner.

 

[The Rabbi]

This plan is another gargantuan tax cut for higher income Americans,

which means, in simple math, if he claims it's revenue neutral, the tax cut for the wealthy has to be made up somewhere as a tax hike...

...after you exclude the wealthy from that equation, who's left???

Actually every time taxes are cut for higher income people, they pay more money to the treasury. You want wealthy people paying more money to the treasury, right?

No they don't. There are some magical numbers around that make it appear that way sometimes, but no, they don't.

Actually they do. Even Obama admitted as much.
[ame=http://www.youtube.com/watch?v=WpSDBu35K-8]Obama: Raise Taxes, Capital Gains - "For Purposes of Fairness" - YouTube[/ame]

 

[NYcarbineer]

Correct me if I'm wrong, but if you get a choice of the old rates or the new rate, doesn't that mean effectively that the 47% of households - that people are complaining about- that pay NO federal income taxes would still pay none,

simply by not switching to Perry's plan?