Rick Perry realizes his campaign is in trouble. So he is doing something about it. He is proposing a flat tax.
Possibly because Herman Cain’s 9-9-9 plan is resonating with the public, Perry has now announced his new plan.
9-9-9 has some huge problems, which are starting to become obvious. Perry is hoping that the flat tax might become his salvation.
From the Daily Texan:
He called the plan “an economic growth package that will create jobs, create growth and create investor confidence in America again.”
“It starts with scrapping the three million words of the current tax code, and starting over with something much simpler: a flat tax,” Perry said.
“I want to make the tax code so simple that even Timothy Geithner can file his taxes on time,” he joked, referring to the Treasury Secretary and his late payment of $34,000 in payroll taxes last decade.
Perry’s proposal is dramatically different from Romney’s tax plan. Romney would lower the corporate tax rate and lower taxes on savings and investment income. He says his long term goal is to “pursue a flatter, fairer, simpler structure.”
A flat tax applies the same tax rate to income at every level. The current tax code is progressive, taxing higher incomes at higher rates and lower incomes at lower rates.
Critics across the political spectrum complain that the current tax code is too complex and riddled with loopholes that allow specific groups to pay less. Many conservatives argue a flat tax would be simpler and fairer because everyone would be taxed at the same rate. Liberals and many moderates say a flat tax would make the tax system more regressive, giving big tax breaks to the wealthy while making low- and middle-income families pay more.
Perry is not an economist and will be asking help in designing his flat tax. Who might he ask for help?
From the Washington Post:
The source said Perry intends to use the private meetings to preview key elements of his sweeping plan to reform the tax code, overhaul government regulations and balance the federal budget. Perry spokesman Mark Miner confirmed the Washington meetings and said the governor plans to publicly unveil his economic plan on Oct. 25.
Although Perry announced an energy policy last Friday, he has been criticized for not yet offering enough specifics proposals across a range of policy issues. During his visit to Washington, the source said, Perry will not just preview his plan, but also seek advice about key elements of it. In doing so, Perry hopes to gain approval and legitimacy from influential Beltway Republicans.
Great, Perry is going to seek input and approval from “Beltway Republicans.” Wait, weren’t the Beltway Republicans the same one’s who screwed up so badly that the GOP was on the endangered species list before the Tea Party showed up in 2009? Aren’t the Beltway Republicans the same ones trying to sell us on the idea that Mitt Romney is really a conservative? Aren’t the Beltway Republicans the same ones who are offended that the Tea Party movement has dared say the Republicans should be listening to the people and not the inside the beltway crowd?
Perry’s concept of tax reform is a start. The current Byzantine Tax Code we have is an absolute disaster. We must convert from a tax system that penalizes income to a system that rewards income and savings. A Fair Tax or a consumption tax is the answer.
Repeal of the 16th Amendment is the answer. Unfortunately, we are not hearing that from Perry or any of the other Republican candidates.
We discuss Perry because he is not endorsed by the Republican establishment. Just as Ronald Reagan was a strong States right advocate and was shunned. If Perry continues to improve as in this debate and today's Rasmussen Poll shows he gained 8 points since the last debate he will be the stronger candidate.
Jason, we are now finding out alittle about the 999 and the additional taxes it brings and that 9%, trust me, will go up. Empowerment Zones are inner city giveaway plans that doesn't help anyone, look at Detroit, South Chicago or Flint, Mich.
Lets take Bachmann, would you please provide just one Bill that she was the principal sponsor that passed through the House, Senate and signed into law, she has been in congress for 5 years and what has she done. If anyone mentions she heads the TP Caucus in the House, then one can tell us any accomplishment and I'll simply ask about the "Dept Cealing".
Well, I feel we need to keep up the agitation on our end about all taxes!
In the past, too much talk and no action (except more loopholes) nail some of these lobbyist creeps who spend $10,000 on breakfast with our excuse makers...er...politicians who then believe, they have a pass to fv(k with the tax code.
Keep the damned lawyers out of it too...if you have to hire an attorney to help do your taxes...I feel you're probably a crook or you're giving me the perception, that you're a crook.
If you have to purchase a computer program for $179.99 to assist doing your taxes...the code is too complex for us rubes.
I say, LOUD and LONG when these glad handers try to suck up to you on their campaign trail.
Buy more ammo today
Come on, Judson. Maybe you don't like Cain (for whatever reason), but at least be honest about what he proposes.
I don't believe that congress can repeal anything, 16th amendment or anything else because thanks to Obama, this country is so divided including congress that until we have a filibuster proof senate, nothing will ever get done.
Oh sure the democrats are scurrying to vote any Obama plan down now in fear of being voted out in 2012. However, once some of their a$$e$ are saved, they'll be right back doing the same, blocking every republican bill, and congress will be dead locked, again.
I think it's high time we concentrate on cleaning out the senate. We need to work on that as we did in 2010, e-mails, phone calls, letters, twitters whatever it takes to get those progressives out of the senate. We need the list of all the senators and congressmen who are up for re-election NOW and start working.
You can have a great presidential candidate, but if he/she has no congress to work with or the one as it stands now good luck!