Perry To Propose 20% "Optional" Flat-Tax In Economic Plan

Lol..

Source

CNN) -– Texas Gov. Rick Perry will propose giving Americans a choice between their current income tax rate or a 20% flat-tax rate when he announces part of his plan for the economy Tuesday in South Carolina.

Perry laid out his intentions in an op-ed piece in the Wall Street Journal that was published Monday evening. The plan is titled “Cut, Balance, and Grow.”

“The plan starts with giving Americans a choice between a new, flat tax rate of 20% or their current income tax rate,” Perry writes in the article. “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.”

Perry first announced his intention to offer a flat-tax plan last week, but did not offer any specifics about the rate.

So, losing in the polls and needing to bring himself back up, I suppose he's a Libertarian now right?

The Texas governor also will propose lowering the corporate tax rate to 20%, a significant decrease from the current rate of 35%. The Perry plan would also eliminate the estate tax, commonly referred to by Republicans as the “death tax.”

Suspiciously like 9-9-9 is it not, except 20-20-20..wonder if he used any of his "Second Coming Apostles Of Christ" super powers to come up with that one. In all honesty though it's kind of sad that he seems to just be throwing out what the beltway media finds popular on any given week.

Just more proof that Perry isn't qualified nor prepared to be a President. What are your thoughts ATS?

~Keeper

Ppppsshhh

reply to post by tothetenthpower


I have two thoughts, but first I'll ask the greedy tax lovers out there to think in their heads of what the maximum highest rate would be fair for multi-millionaries. Give me a number! What is the number? They never seem to want to tell me and I think the reason is because most of them wish to be dishonest with them self.

So, my thoughts are that I'm sick and tired of greedy robber socialists trying to pretend they should steal every last penny of the rich to give to the poor. The 1% simply does not get a low tax rate, PERIOD. What a pack of lies.

The CBO figures paint a more specific, and stark, contrast. In 2007 (the most recent year listed), the top 1 percent of earners paid 19 percent of their income in federal individual income taxes, and for people earning less, the rate went steadily down, to a rate of minus 6.8 percent for people in the lowest 20 percent of taxpayers. (Because of the Earned Income Tax Credit, many working class families pay no net taxes and, indeed, collect refunds from the government to help them make ends meet.)

Source: www.politifact.com...

I've got news for the robber thieves out there: 20% is a hell of a big piece of income! The tax system is progressive just like it should be. Just how much money do the greedy robber socialists want to steal? 30%? 40%? Topping 20% would be a total joke because a rich person still has to pay state taxes and local taxes even after they've paid their 20% federal taxes.

My second thought is that the flat tax is one of the most thoughtless ideas in existence because it ignores the most basic and obvious facts of psychology and math. First of all, we need a certain number of dollars simply to continue our existence... buy bread and food and shelter. If our income level is exactly that number but then we are taxed, we will suffer very badly by even a small tax rate. As our income rises from that level, each dollar becomes less and less important for survival. Therefore, its extreme common sense that if we must rob and steal from our fellow man because we think we deserve to spend the money more than the person who earned it, then at the very least we could tax that person with an understanding of basic common sense. Hermain Cain's idea to tax the middle class equally to the rich is WRONG, because the middle class has a much stronger need for each dollar they have than the upper class. The total level of happiness is lower with a flat tax. If we're going to rob and steal, then its common sense to rob and steal from the people who need that stuff the least: the rich.

In politics, you always title the program to mean the opposite of what you say. The patriot act is actually a compatriot act for example. Likewise, the "fair tax" is the most unfair tax you can imagine beyond an obviously regressive tax. And by the way, a national flat sales tax is REGRESSIVE because people with zero income will still have to end up paying taxes. Wow. The basic idea that each dollar we earn becomes less and less important to our happiness makes it really obvious that a progressive tax structure is the obvious choice. But at the same time more than 30% gets to be such a joke that the whole tax system will start to destroy the economy regardless, and currently the spending rate of US governments is about 46%, meaning the USA economy is on a path to destruction.

My final thoughts are that there are a wealthy elite who get out of taxes: perhaps the top 0.01%. The only way to get their money is to ask for it, because they are the ones calling the shots and writing the letter of the law, so my opinion they should pay the same rate as the other 1% is irrelevant.

*yawn*

Real original idea there, Rick. First this groundbreaking plan, then you hire a member of the Church of Karl Rove to help your dying campaign.

I never thought I'd live to see a Texan that actually makes W look half smart.

reply to post by seachange

So, my thoughts are that I'm sick and tired of greedy robber socialists trying to pretend they should steal every last penny of the rich to give to the poor. The 1% simply does not get a low tax rate, PERIOD. What a pack of lies.

I don't think the issue is what RATE of tax the rich pay..

It's more a case of, thanks to lobbying, there are so many loopholes in the tax system that the rich actually pay very little tax at all...

reply to post by backinblack


Precisely.

Heck, don't raise taxes on the wealthy, just close the loopholes. You'd generate billions. Of course, they'd fight this tooth and nail and call it Socialism.

Hey hey hey! See here the dancing laughing madman who will support any action, probably up to and including mass sterilization and deaths! Gooooo globalist shill Perry!

Originally posted by backinblack
reply to post by seachange

 

So, my thoughts are that I'm sick and tired of greedy robber socialists trying to pretend they should steal every last penny of the rich to give to the poor. The 1% simply does not get a low tax rate, PERIOD. What a pack of lies.

I don't think the issue is what RATE of tax the rich pay..

It's more a case of, thanks to lobbying, there are so many loopholes in the tax system that the rich actually pay very little tax at all...

What is it about "the top 1 percent of earners paid 19 percent of their income in federal individual income taxes" do you not understand? Despite all those loopholes you are talking about, the top 1% paid 19% of their income in federal tax alone. How much should they be paying?

Originally posted by tothetenthpower
So, losing in the polls and needing to bring himself back up, I suppose he's a Libertarian now right

Aren't they all Libertarian? They all got free market libertarian policies. The only thin that seperates libertarians from them is the stance on foreign policy and withdrawing bases. Other than that, Perry, Bachmann, Cain, Ron Paul, all their policies are based on the free market.

Perry is getting desperate though and his performance in the last debate should be evidence of this. But is doesn't matter who becomes the nominee, tea partiers and the remaining republican voters just want Obama out. The vast majority are willing to compromise. Right it's picking and choosing, but I think it's pointless for any of those candidates to worry about the rightwing vote, they all have it in the bag.

Sorry for the necro post im new here....
I think a flat tax rate should be a consideration. Many argue that it would effect the poor negatively and the rich positively. however what we need to realize is the equilibrium rate. As more "entitlements" go up so does the rate.
Here is Flat tax research done by two Republicans in 1996 that suggest a flat rate of 17% across the board would reach equilibrium.
heartland.org...

furthermore, some seem to yell Socialist pigs, when other request "entitlements", however lets consider these entitlements....
Social welfare is the issue and draws the most attention, but why? oh why, is no one even whispering corporate welfare? here is a study on corporate welfare vs social welfare
thinkbynumbers.org...

the largest welfare programs support the same wealthy corporations that dont need them, but dont want to give you "entitlements" in return. This is not capitalism or pure competition. Its social-capitalism? or just extortion? they sell your tax dollars back to you in the form of products that are retaxed and recycled back into the corporate welfare system. Entitlements are typically programs that the working class pay into for a promisary, welfare are programs everyone one pays for to support social issues. Doing away with entitlements is just another way of stealing from the people and revoking the promise.

There are a select few, that are robbing the majority blind, laughing at us while they fill our heads with junk to fight over. They are influencing the loopholes with a "for us its bribery, for them is lobbying" attitude. we are ALL missing the mark and being pitted against each other to distract us of the robbery that is going on. The ones that "like stuff" are the ones that get the most "stuff"and selfishly refuse to do moral right with it. they are the so called patriots who evade taxes and fire employees out of spite. You made them, but they no longer need you, if you dont like it you should be rich. you decided.

reply to post by tothetenthpower


I forsee lots more children in Texas being even more woefully uneducated.

reply to post by seachange


To answer your question honestly the idea rate for multimillionaires is somewhere between 37- 45% after that it is a burden and people start looking for tax havens. As to the earned income credit, would it help you to know that Republicans are the ones that championed that scenario so they wouldn't have to raise the minimum wage? And the primary reason for that is because it was another way to funnel cash from big ticket item purchases into the pockets of their constituency, big business.

and post

The History of Flat Tax in the countries that have adopted it has been continual resounding success. Do your research for goodness sake.

tax the churches...
all of them
except the one true faith...

the less taxes the better, the less paper work the better, the less government the better

originally posted by: seachange
reply to post by tothetenthpower

 

I have two thoughts, but first I'll ask the greedy tax lovers out there to think in their heads of what the maximum highest rate would be fair for multi-millionaries. Give me a number! What is the number? They never seem to want to tell me and I think the reason is because most of them wish to be dishonest with them self.

So, my thoughts are that I'm sick and tired of greedy robber socialists trying to pretend they should steal every last penny of the rich to give to the poor. The 1% simply does not get a low tax rate, PERIOD. What a pack of lies.

maybe they want to 'steal' the taxes massive megacorporations should be paying, but not only NOT paying, but getting TAX RETURNS instead?

obrag.org...

www.reuters.com...

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

read the other 5 in the article. these are TOP offenders - those who made tens of billions of profits, even some total u.s. profits, but did not pay a single dime in taxes.

instead, they dump the tax burden on you - the ordinary people.

since you are complaining about 'damn socialists', you must be enjoying paying what the rich, fat shareholders who do no work are not paying.

edit : By the way ALL of those companies in that list are biggest backers of republican party, and even some of them formerly had today's GOP figures on their board of executives. halliburton is special in that it is formerly dick cheney's company, and the main benefactor of iraq war, which dick cheney pushed!!!

What a setup.

Governor Perry did not run for re-election so he did not lose in the polls. He announced his retirement in July of last year. Just wanted to point that out.