Rick Perry's plan: 20% Flat Tax, "Cut, Balance, and Grow"

[iamse7en]

http://nationaljournal.com/2012-presidential-campaign/texas-governor-argues-for-replacing-current-tax-code-with-flat-20-percent-rate-20111024
And his op-ed in WSJ: http://online.wsj.com/article/SB10001424052970204777904576651330270547222.html

See article for details. I know this could go in opposing candidates, but this will occupy the news cycle for the next week, and everyone will talk about it. Drudge has it as the lead story. (Of course $1 Trillion in cuts in 1 year isn't big enough to get the lead.)

18% of GDP, cut what? Balance budget by 2020? None of these candidates propose real cuts. All fluff. All lies.

I like RP's flat tax transition from CPAC better: 10% tax, but you must opt out of all government welfare programs. :)

[iamse7en]

So, obviously the 50% or so that don't pay income taxes will choose to keep their plan. Everyone above 20% will take 20%... not really a flat tax. The beauty of a flat tax is supposed to be so that everyone is accountable for what Congress spends. If the 50% who don't pay income tax could see what their tax dollars are being spent on: corporate welfare, endless wars, desecration of our liberties - then they'd vote differently. Not sure I get this plan... IRS stays to accomodate those who like the system they're in?

[YankeesJunkie]

I am pretty sure that RP's best flat tax was when it was 0%. Pretty sure that helps everybody!

[Zippyjuan]

Given that 84% would face tax increases on Cain's 9-9-9 plan, an even higher percent of the population would probably see their taxes go up on Perry's program. Those at the higher end of the scale would find theirs going down.

US GDP is $14.2 trillion so 18% of that would be $2.5 trillion. Note that people suggesting cuts (besides Ron Paul) avoid saying just WHAT they would actually cut. If they did so, their suggestion would be quickly shot down.

If I remember right, this was actually suggested by Steven Forbes.

[ItsTime]

Newt released an idea, not a plan, for a flat tax at 15%