Rick Perry’s whacked-out ‘tax-reform’ plan

Gov. Rick Perry’s proposed tax-reform plan is not merely “loco”. As they say in Texas, it’s muy loco.

In the first place, it creates two tax structures that would co-exist side by side — the current system and a flat 20-percent system. Taxpayers would be able to choose which system they prefer to pay taxes under.

Perry’s proposed flat-tax system includes a standard deduction of $12,500 a person. It retains the mortgage-interest deduction for all those earning less than $500,000. It includes deductions for charity and for state and local taxes.

So pretend that you’re a family of five with an income of $88,500, roughly twice the median household income. You pay $15,000 a year in mortgage interest, make $2,000 a year in charitable contributions and pay $9,000 in state and local taxes. Under Perry’s plan, you would pay not a penny in federal income taxes. This, from a man who has been going around the country complaining that too many Americans pay no income taxes (even though most of them do pay significant payroll taxes.)

The 2014 income tax form, as presented by the Perry campaign and filled out for the Happy Taxpayer family.

The 2014 income tax form, as presented by the Perry campaign and filled out for the Happy Taxpayer family.

Let’s give this mythical family a windfall of $11,500 in capital gains income, just to bring the total up to $100,000. Bottom line: No income tax owed.

In addition, no taxes would be charged on Social Security benefits. Or on dividends. Or on long-term capital gains. Or on estates. In fact, the combination of a 20 percent flat rate and the abolishment of capital gains taxes and dividend taxes would mean immense tax breaks for wealthy Americans amounting to hundreds of thousands or millions of dollars.

Perry also proposes to cap federal spending at 18 percent of gross domestic product. Although I haven’t seen a revenue analysis yet, I have grave doubts whether, with all of his promised tax cuts, his proposal would produce even that level of revenue.

But in the overall spirit of his plan, let’s just pretend, shall we?

Reducing spending to 18 percent of GDP would require $900 billion in cuts from the current budget. To give you an idea what that would mean, one way to achieve savings on that scale would be to eliminate Medicare entirely.

Plus cut Social Security by 55 percent.

Or abolish Medicare AND cut defense by 50 percent.

Or abolish Medicare AND abolish the departments of agriculture, commerce, education, energy, homeland security, housing and urban development and interior.

The whole thing, in other words, is wildly unrealistic. Conservative economist Milton Friedman used to warn that there is no such thing as a free lunch, but Perry is promising Americans a free breakfast, lunch and six-course catered dinner served on the finest china, with tiramasu for dessert and Godiva chocolates on your pillow for bedtime.

Perry is apparently gambling that in a Republican primary, that won’t matter much. Are his opponents going to attack him for cutting taxes too much? Are they going to attack him for cutting spending too much?

His calculation seems to be that no, they won’t, and if they do, all the better.

– Jay Bookman

198 comments Add your comment

Soothsayer

October 25th, 2011
12:48 pm

Jay, who said it has to make any sense? It’s the “chicken in every pot” mentality.

Kamchak

October 25th, 2011
12:51 pm

Are his opponents going to attack him for cutting taxes too much?

No, cause tax-cuts have proven to cure gout, eczema, seborrhea, and the heartbreak of psoriasis.

Granny Godzilla

October 25th, 2011
12:51 pm

Noticed these while browsing….

Rick Perry’s Tax Plan Would Be a Disaster for America
By Peter Morici
Published October 25, 2011
FoxNews.com

Obama campaign: Romney, Perry tax plans help wealthy … – CNN.com

Rick Perry’s Tax Plan Is Another Campaign Blunder – Free Republic

Cue the jeopardy buzzer

CJ

October 25th, 2011
12:52 pm

This proposal is par for the course. The so-called deficit hawks, or fiscal conservatives as they’re sometimes called, are channeling George Bush on steroids. Whether it’s the Bush tax cuts, the 999 plan, or a Forbes/Romney style flat tax, what they offer are huge tax cuts on income from investments and inheritances–primarily benefiting the rich–that would explode the deficits, destroy our economic infrastructure, and lead us closer to third-world status.

Truth be told, Republicans don’t care about lower taxes and smaller government. They care about enriching the rich. Period. Full stop.

getalife

October 25th, 2011
12:54 pm

Actions and outcome of actions.

Europe is forced to act again and again and again…….

The gop will obstruct any other actions so our President will act alone.

The gop plan on our economy is let it collapse again.

They want to default to end SS and Medicare.

They acted on that in the debt debacle

So, we have a choice of acting to help our economy or the gop plan to let it collapse again.

If the gop win, Americans should be ready for default and start working on our new Constitution to get corporate money out of elections.

ByteMe

October 25th, 2011
12:55 pm

Liberals are just afraid that crazy people will get elected to run the government. :)

Soothsayer

October 25th, 2011
12:55 pm

“No, cause tax-cuts have proven to cure gout, eczema, seborrhea, and the heartbreak of psoriasis.”

Not to mention lumps, bumps and ugly bulges.

Peadawg

October 25th, 2011
12:57 pm

“As they say in Texas, it’s muy loco.” – That’s profiling, Jay. :)

People will see all the lower taxes and think “their greeeaat!”. And like the sheep that follow Obama…Perry will have his own flock.

Mick

October 25th, 2011
12:58 pm

Here we go again, another lame brain, fictional attempt to get from here to there without a car or the gas. Can’t we set up an independent truth commission that all presidential aspirants plans have to clear before the propaganda gets catapaulted?

too little time

October 25th, 2011
12:59 pm

Jay, I don’t remember you taking a look at the whacked out Obamacare plan with quite the same critical eye. Using down payments on a long term care plan ( that simply cannot work and has since been abandoned even by the most liberal economist standards) to create fully half the “savings” of the first 10 years.

The plan and the savings are gone

Secondly, double counting medicare savings.

Between the exposure and admission of these two idiot accounting measures, ALL of the savings of Obamacare to the U.S. are now gone! This is even before the individual mandate gets struck down. ObamaCare was introduced for the purpose of these so called “savings” that … two years after passage… no longer exist.

So, while you whine on-and-on about tax measures that will not pass anyway, why don’t you whine on about whacked out health care law financials that were passed and are now found to be an outright lie?

Jefferson

October 25th, 2011
1:00 pm

Snake oil…for the weak minded.

md

October 25th, 2011
1:00 pm

Perry needs to call it quits and just go away…………his knee-jerk reaction to Cain’s plan is on par with his false accusations against Romney during the debate……….we don’t need this kind of guy leading the country………..

AmVet

October 25th, 2011
1:02 pm

More lunacy from the Committee to Screw the Middle Class, also known as the GOP

Can’t we at least cut out the middle man and just let BIG business screw us directly?

Common Sense isn't very Common

October 25th, 2011
1:02 pm

Pea – naw, in texas the men follow the sheep :-)

Redneck Convert (R--and proud of it)

October 25th, 2011
1:03 pm

Well, I like the idea of not paying any taxes, but what about that trick the tax guy uses to get me back all the taxes they took out and then a few thousand besides? It’s something about little ____ Zell George and it starts with a E but for the life of me I can’t think of what they call it. I don’t want no tax plan that takes that away.

Anyhow, I don’t give a hang if rich people don’t pay taxes but I sure don’t want that 47% that don’t pay any now to scoot by without forking over a few thousand to Uncle Sam. Something about skin in the game. I got skin in the game—that is, before I get my big refund.

If Perry wasn’t such a out and out fruitcake I might think about voting for him. But I don’t want somebody that’s crazier than I am to be my President. And I sure don’t want Mr. Mormon Magic Underpants. That ain’t even a Christian.

Have a good p.m. everybody.

Granny Godzilla

October 25th, 2011
1:07 pm

“No, cause tax-cuts have proven to cure gout, eczema, seborrhea, and the heartbreak of psoriasis.”

Not to mention lumps, bumps and ugly bulges.

SADLY, they don’t cure the stupid

Armed Liberal

October 25th, 2011
1:09 pm

md

October 25th, 2011
1:09 pm

Funny thing about those tax cuts though……..folks are only calling for the end of them in relation to others………..go figure.

moonbat betty

October 25th, 2011
1:09 pm

Perry can’t pull an Obama.

Not that Perry had a chance anyway.

getalife

October 25th, 2011
1:11 pm

It is not a plan.

It is gop ideology

Failed ideology.

Govern for the 1 % only..

gop failed politics as usual.

Soothsayer

October 25th, 2011
1:14 pm

Like I said, Jay: Ain’t nobody never said you got to be smart to be President.

ty webb

October 25th, 2011
1:14 pm

wow, more tax code analysis from Jay…where’s this been the last three years regarding a budget?…Please keep it up jay, we could really use a watchdog for the people right about now.

liberalefty

October 25th, 2011
1:15 pm

this sounds like 9-9-9, on steroids or crack take, your pick

Granny Godzilla

October 25th, 2011
1:17 pm

Armed Liberal

Oh Ricky!

Back at ya’ my friend!

Rickys Whacked Out Tax Dance Party starts now!

Jm

October 25th, 2011
1:19 pm

Jay
The reason the 2 plans would run in parallel is because it eases the transition

Reasonable people recognize change is difficult for people (witness the screams of fury here to suggested changes, libs are really the “party of no no status quo is good”)

Perry’s plan tries to address that

And re: no taxes if you make $100k?

Sounds good to me :)

The part I don’t agree with is elimination of the inheritance tax entirely

Whatev.

ty webb

October 25th, 2011
1:21 pm

And policy debate aside, if a mere “Hope and Change” can get obama elected, then Herman Cain needs to be elected in a landslide based on his new web ad alone…Total awesomness!

getalife

October 25th, 2011
1:23 pm

ty,

His ad is blowing smoke by his campaign manager.

He is a joke .

You actually take him serious?

ty webb

October 25th, 2011
1:25 pm

getalife,
yeah, he should’ve just used some sort of inane haikuish blather…right?

Common Sense isn't very Common

October 25th, 2011
1:25 pm

Perry is making Mittens tax reform plan look almost moderate (almost)

Occupy Jay's Blog

October 25th, 2011
1:27 pm

Jay is against lower taxes for the working class

The 99% want to stop being screwed. Jay is against the 99%.

Repeat after me…….. Jay is against the 99%

ty webb

October 25th, 2011
1:28 pm

getalife,
no, I consider him a slightly more serious candidate than I did candidate obama.

Aquagirl

October 25th, 2011
1:28 pm

Herman Cain needs to be elected in a landslide based on his new web ad alone…Total awesomness!

Yeah, I want a guy in the White House who smiles like he’s contemplating the ex hidden in pieces under the floorboards.

AmVet

October 25th, 2011
1:29 pm

Herman Cain?

After his $9.99 bumblefest so far, just the name causes laughter amongst a sizable percentage of the population.

A major league screw up with a minor league brain…

getalife

October 25th, 2011
1:30 pm

ty,

You got punked.

cain is not a serious candidate

That ad is proof..

Armed Liberal

October 25th, 2011
1:31 pm

This plan is a CPA’s wet-dream.

Occupy Jay's Blog

October 25th, 2011
1:31 pm

No taxes for the 99%.
Free education for the 99%
Free social security for the 99%
Free health care for the 99%

These are rights. Jay is against the 99%.

Jay is against the 99%.

liberalefty

October 25th, 2011
1:32 pm

@ty

stop lying, if OBAMA wasnt black, CAIN would nt even attempted to run and he would have continued his job as a STEPPIN FETCHIT for his racist christian listeners. OBAMA got every fool thinking they can be president, even one who never held political office like CAIN. after he makes his money selling books he will go back to his minstrel show on 750AM

Guy Incognito

October 25th, 2011
1:33 pm

“make $2,000 a year in charitable contributions”

How DARE anyone contribute to charities! ONLY the Gov’t can take care of people

ty webb

October 25th, 2011
1:33 pm

“Resist We Much”…is that you?

godless heathen

October 25th, 2011
1:35 pm

Lefty,

You forgot “Uncle Tom” and “Oreo”.

Occupy Jay's Blog

October 25th, 2011
1:36 pm

The working class is tired of paying taxes.
Jay says they must pay taxes.
Jay is against the working class.
Jay is against the 99%.

And he says we shouldn’t lead or be listened to. We demand to be listened to. Health care and education are a right and should be free. But Jay wants to tax out Social Security….

AmVet

October 25th, 2011
1:37 pm

For Halloween, Herman is gonna dress up as a white Republican in vampire clothing, who sucks the blood from blue collar workers…

TaxPayer

October 25th, 2011
1:40 pm

I wonder if Peadawg will hold Perry to his campaign promises. Further, do jm and md consider this a realistic version of Utopia as opposed to the ones they were creating and then complaining about downstairs. Inquiring minds, dontcha know.

Aquagirl

October 25th, 2011
1:41 pm

You forgot “Uncle Tom” and “Oreo”.

And from his $9.99 ad, “evil villain from a James Bond movie.”

liberalefty

October 25th, 2011
1:43 pm

if OBAMA wasnt white, the repubs would have give CAIN the ALAN KEYES treatment,lol.

Armed Liberal

October 25th, 2011
1:44 pm

AmVet

October 25th, 2011
1:37 pm

Nope. I have on good authority that Herman will wear a loose fitting knit skirt.

To complete this look…

USMC

October 25th, 2011
1:46 pm

“Rick Perry’s whacked-out ‘tax-reform’ plan”–JAY

No Jay, our CURRENT tax code is totally Whack!

How is a FLAT tax whack??

Only an “Occupy” Socialist Journalista, like JAY BOOKMAN, would write such nonsense. :-)

Donovan

October 25th, 2011
1:47 pm

Just thought I would check into this liberal think tank after coming back from Texas. The last time I was in Austin I had to wade through placards of Obama carried by mushy headed college students, much like the Occupy Wall Street gang.

Anyway, it seems that nothing has changed with this Bookman romper room site. You all agree with your mentor of bad ideas and collectively curse the growing conservative movement. Sad stuff!

Here we have a presidential candidate who has a new idea for moving this country forward from the failed policies of the left and you all join in like a choir on kool aid. Sad stuff!

Rick Perry has been very successful in Texas, reelected twice, and has unemployment down to enviable numbers and you and your mentor cry fowl. Sad stuff!

You people elected the worse president in history, passed a detrimental healthcare package against the will of the American people, have run this country into bankruptcy, and now don’t know how you are going to put this country back on a road to recovery. And we are to believe in your qualifications to judge Rick Perry? Sad stuff!

All you “progressives” have done is to demean and defame every GOP candidate that has put forth any initiative to rectify the damage that your liberal agenda has caused.

Such negativity is no help. Forget about your ideas to tax the rich and spend us out of trouble. There is not enough money to do so on both counts.

Until you liberal numb skulls come to the realization that deep cuts in wasteful spending programs are inacted, there will be no help coming. Carping about ideas from those who have positive ideas make your side look brainless.

This jobs package that your radical president has put forth is going nowhere. His own people in the Senate have rejected it. He’s a joke and everyone knows it.

You people are following a fool on a fool’s errand.

TaxPayer

October 25th, 2011
1:47 pm

And what’s this $2000 per year charitable contribution! A most charitable tithe to the church would come to $10,000 on that $100,000 income!!! Of course it’s tax deductible so that makes it okay.

Paul

October 25th, 2011
1:47 pm

Republican candidates are so lucky. They have all kinds of freedom to make proposal.

Because the base is too stupid to understand the implications, even when it’s explained to them.

And as Jm illustrates above, they can pivot to outrage over poor and lower middle class (the 47%) and then think it’s a good thing if that number grows because it includes well to do.

Ah, to be a Republican candidate…

Bosch

October 25th, 2011
1:48 pm

Armed Liberal @ 1:44,

Damn, that hurt my insides laughing so hard. I’m gonna print that out and put it next to Midori’s right wing parrot so they can be friends.

Libertarian

October 25th, 2011
1:49 pm

Liberals will oppose any tax reform unless it raises taxes on “millionaires and billionaires.” End of story.

Peadawg

October 25th, 2011
1:49 pm

“I wonder if Peadawg will hold Perry to his campaign promises.”

Still on that one, eh, TaxPayer? Still bugs you that Obama “fulfilled a campaign promise” on a “technicality” as Adam puts it?

liberalefty

October 25th, 2011
1:49 pm

@donovan

u sound like a birther, if u dont wanna read BOOKMANS’ column then u shouldnt have come here. u must have nothning better to do.

md

October 25th, 2011
1:50 pm

Utopia? In relation to education as a right?

You tell me, considering 1/3 snub their nose at that “right” that is already provided for “free”.

And this guys solution is to expand the program????

Paul

October 25th, 2011
1:51 pm

Jay

Good question for the next debate: “Governor Perry, you’ve criticized our current tax system because 47% pay no taxes. Yet under your plan, that number would grow. How do you explain your shift?”

followed by that look I never get tired of “… wait… WTF… numbers… oh crap….” followed by “I’m gonna make America great again!!!!”

ALAN KEYES/HERMAN CAIN

October 25th, 2011
1:51 pm

NEIN! NEIN! NEIN!

Bosch

October 25th, 2011
1:51 pm

Paul,

I feel sorry for you Texans. :(

AmVet

October 25th, 2011
1:52 pm

You people elected the worse president in history…

Oh goody. Another opportunity to show the facts for our fact-free “contributors”…

Asked to rank the presidency of George W. Bush in comparison to those of the other 41 American presidents, more than 61 percent of the historians concluded that he is the worst in the nation’s history.

At least two of those who ranked the current president in the 31-41 ranking made it clear that they placed him next-to-last, with only James Buchanan, in their view, being worse. “He is easily one of the 10-worst of all time and—if the magnitude of the challenges and opportunities matter—then probably in the bottom five, alongside Buchanan, Johnson, Fillmore, and Pierce,” wrote another historian.

In the wake of the terrorist attacks on September 11, 2001, the United States enjoyed enormous support around the world. President Bush squandered that goodwill by taking the country into an unnecessary war of choice and misleading the American people to gain support for that war. And he failed utterly to have a plan to deal with Iraq after the invasion. He further undermined the international reputation of the United States by justifying torture.

Mr. Bush inherited a sizable budget surplus and a thriving economy. By pushing through huge tax cuts for the rich while increasing federal spending at a rapid rate, Bush transformed the surplus into a massive deficit. The tax cuts and other policies accelerated the concentration of wealth and income among the very richest Americans. These policies combined with unwavering opposition to necessary government regulations have produced the worst economic crisis since the Great Depression. Then there is the incredible shrinking dollar, the appointment of incompetent cronies, the totally inexcusable failure to react properly to the disaster of Hurricane Katrina, the blatant disregard for the Constitution—and on and on.

Like a majority of other historians who participated in this poll, my conclusion is that the preponderance of the evidence now indicates that, while this nation has had at least its share of failed presidencies, no previous presidency was as large a failure in so many areas as the current one.

Suck on it, Bushbot. YOU elected the worst ever…

Don't Tread

October 25th, 2011
1:53 pm

Tax em all at 100%!! We can’t have one person richer than another, now can we? That wouldn’t be fair. :roll:

TaxPayer

October 25th, 2011
1:53 pm

“I wonder if Peadawg will hold Perry to his campaign promises.”

Still on that one, eh, TaxPayer? Still bugs you that Obama “fulfilled a campaign promise” on a “technicality” as Adam puts it?

Your attempts at projection, diversion, etc., do not work on me, Peadawg. Will you hold Perry to his campaign promises if elected and if he fails will you be on this blog whining incessantly about how he lied, Joe Wilson style. :lol:

Adam

October 25th, 2011
1:53 pm

Plus cut Social Security by 55 percent.

Or abolish Medicare AND cut defense by 50 percent.

Or abolish Medicare AND abolish the departments of agriculture, commerce, education, energy, homeland security, housing and urban development and interior.

Three guesses which of those options is the goal of the modern day GOP?

ALAN KEYES

October 25th, 2011
1:54 pm

@amvet

DUBYA was a great president. he was strong on defense, just ask OSAMA!

ALAN KEYES

October 25th, 2011
1:56 pm

WHEN I ran y’all treated me like a {N}

ALAN KEYES

October 25th, 2011
1:57 pm

I guess if CLINTON had of been black, i would have had a better chance.

Occupy Jay's Blog

October 25th, 2011
1:57 pm

Don’t tread

The 99% already pay too much. No taxes for the 99%.

Free healthcare for the 99%

Peadawg

October 25th, 2011
1:58 pm

Trust me, TaxPayer, we don’t have to worry about Perry getting anywhere near the White House. But IF some miracle/nightmare happened and he gets elected (I won’t be voting for him) then yes. I will hold him to his promises just like I have Obama.

godless heathen

October 25th, 2011
1:58 pm

“Like a majority of other historians who participated in this poll, my conclusion is that the preponderance of the evidence now indicates that, while this nation has had at least its share of failed presidencies, no previous presidency was as large a failure in so many areas as the current one.”

And he ain’t even done yet. ;)

TaxPayer

October 25th, 2011
1:59 pm

You tell me, considering 1/3 snub their nose at that “right” that is already provided for “free”.

Don’t look at me for explanations as to why your Republican party members turn down taxpayer-paid k-12 education as well as the opportunity for taxpayer/lottery subsidized higher education. And where do you come up with that “free” education that you love to speak of if not from a Utopian wonderland. Last time I checked, the bulk of my county property taxes go toward k-12.

Mick

October 25th, 2011
2:00 pm

donovan

You have been trippin on too much sunshine superman. Who was it again that ran up the credit card only to leave the next guy footing the bill? Who was it that wasted our treasure and blood on a war of choice? You and your minions are the reason this great country is screwed. We warned you about every company the masster of business ran went bankrupt, and that’s how he left us on sept of 08. Get out of the way while the people try to fix it with absolutely no help from the gop – alltime losers of american history. A most vile and pathetic ideology..boo..hiss…

Paul

October 25th, 2011
2:00 pm

So far, a lot of emotional responses, but no one has defended Perry’s plan using….

what are those things called?

oh yeah….. Numbers!!!

Jay

October 25th, 2011
2:00 pm

As with the Romney post, it’s interesting that none of the conservatives here are attempting to defend the Perry plan. Instead it’s just “well you liberals….!!!!”

jm, who earlier proclaimed the Perry plan “not loco,” has even gone guerrilla on us, sniping from hidden positions rather than risk exposure.

Common Sense isn't very Common

October 25th, 2011
2:00 pm

DUBYA was strong on defense, but offense wins the game.USA 1 – OBL 0

lOSAMA

October 25th, 2011
2:01 pm

@GODLESS 1:58

i totally agree

TaxPayer

October 25th, 2011
2:01 pm

In other words, Peadawg, if a household making $100,000 per Jay’s example ends up paying any federal taxes during Perry’s tenure, you’ll be here proclaiming, “Perry, YOU LIE!!!” Uh huh. :lol:

Bosch

October 25th, 2011
2:02 pm

hahahah jm got busted!!!

Don't Tread

October 25th, 2011
2:03 pm

“more than 61 percent of the historians concluded that [GWB] is the worst in the nation’s history”

And I’m sure the other 39 percent voted for Reagan.

Bosch

October 25th, 2011
2:03 pm

And Jay, it appears you owe Paul a Coca-Cola beverage.

Common Sense isn't very Common

October 25th, 2011
2:04 pm

Jm keeps hiding in the BUSHES

getalife

October 25th, 2011
2:04 pm

OSAMA

October 25th, 2011
2:04 pm

i’m behind the TEA PARTY 100%, get that MUSLIM KENYAN SOCIALIST outta the whitehouse and give it to a real AMERICAN{white}, by GOD, i mean ALLAH!

moonbat betty

October 25th, 2011
2:05 pm

Maybe no one here is supporting Perry…

I wish Obama had a plan to reform taxes.

“Spineless from the start, sucked into the part

circus comes to town, you play the lead clown

Please, please

spreading his disease, living by his story

Knees, knees

falling to your knees, suffer for his glory

You will”

http://www.youtube.com/watch?v=JmWroc4VarY

TaxPayer

October 25th, 2011
2:06 pm

jm,

If you’re gonna post under multiple handles, you need to at least be classy about it, like I am. :lol:

Jm

October 25th, 2011
2:06 pm

Nice that you bring that up. :)
Just a little aikido.

The plan is fine in so far as it goes. I’m not a fan of all the provisions…. But you distort it. He didn’t eliminate taxes on short term capital gains.

getalife

October 25th, 2011
2:07 pm

I use one name for the historical record .

My words will outlive me on the Internet

jm should try that.

Unless he is ashamed of his words..

AmVet

October 25th, 2011
2:07 pm

And I’m sure the other 39 percent voted for Reagan.

Oh my, someone seems very sensitive about that survey.

And LOL about Ronnie.

Vastly over-rated, but not a blithering, deadly idiot like George.

Meat, you keep referring to the 99% as though you are not a member.

Are you one of those pathetic clowns who think they’re in the top 1%?

You sure shuck and jive for them, like you’re one…

godless heathen

October 25th, 2011
2:08 pm

Well I’m not defending Perry’s plan is because all I know about it is what I’ve read here and it apparently doesn’t add up.

Jm

October 25th, 2011
2:09 pm

Jay
If a legitimate study (not you) comes out and says the plan produces 8% of GDP tax revenue, I’ll revise my statement and say the plan is loco. :)

Granny Godzilla

October 25th, 2011
2:09 pm

jm busted?

why am I not surprised?

getalife

October 25th, 2011
2:10 pm

heathen,

No con talking points on fox yet?

getalife

October 25th, 2011
2:11 pm

jm,

“jm, who earlier proclaimed the Perry plan “not loco,” has even gone guerrilla on us, sniping from hidden positions rather than risk exposure” Jay

Why jm?

Why?

Jm

October 25th, 2011
2:12 pm

Getalife
Jay only busts those he opposes
U libs do it all day long :)

Doesn’t bother me. Jay can’t defend himself so he uses whatever tools he can grasp to discredit the opposition

Jimmy62

October 25th, 2011
2:13 pm

Jay,
We already have side-by-side tax programs. Haven’t you ever heard of the Alternative Minimum Tax?

You journalists really should try doing some research, or at least get an editor who knows something, since you don’t seem to.

Ben

Jay

October 25th, 2011
2:14 pm

But you distort it. He didn’t eliminate taxes on short term capital gains.

Which is why, jm, the blog post says “no taxes would be charged on … long-term capital gains.”

Go back to sniping from the bushes.

Don't Tread

October 25th, 2011
2:16 pm

On the contrary, I really could give a $#!t less who “the historians” think is the worst President. They are all politicians.

Jay

October 25th, 2011
2:18 pm

If a legitimate study (not you) comes out and says the plan produces 8% of GDP tax revenue, I’ll revise my statement and say the plan is loco.

Well, jm, it’s not a legitimate study, but PERRY says the plan produces 8 percent of GDP tax revenue.

I quote: “The new flat individual income tax system will be designed so that federal individual income tax receipts will be equal to approximately 8% of the country’s gross domestic product (GDP).”

Paul

October 25th, 2011
2:20 pm

godless heathen

“Well I’m not defending Perry’s plan…it apparently doesn’t add up.”

As Don Rickles would say, ‘You win a cookie!”

Seriously, though, it does appear the base is real comfortable talking grand concepts and ideas with a nice ring, but they are loathe to actually get down to specifics and see what it would mean in practice.

First with Cain, now with Perry’s plan. If that doesn’t curl your toes, nothing will.

Granny Godzilla

October 25th, 2011
2:22 pm

Rick Perry’s Tax Plan Would Be a Disaster for America
By Peter Morici

Published October 25, 2011

| FoxNews.com

Seeking to jump start his flagging presidential campaign and establish his pro-growth and fiscal responsibility credentials, Governor Rick Perry is unveiling a tax plan that will not jump start the economy and is fiscally irresponsible.

In a nutshell, Mr. Perry would give taxpayers a choice between filing under the current income tax system—with all its flaws—and an alternative flat tax 20 percent system. Under the latter, families could maintain their mortgage deductions if they earn less than $500,000, which is about 99 percent of taxpayers, and could declare exemptions of $12,500 for each family member.

It seems appealing—a simplified tax system, fewer IRS agents, and so forth. But the plan falls short in two important respects—it won’t encourage many better investment decisions and foster growth, and it will spin the federal deficit permanently into the stratosphere.

Get your fresh hot FOX talking points right here
Read more: http://www.foxnews.com/opinion/2011/10/25/rick-perrys-tax-plan-would-be-disaster-for-america/#ixzz1boqXStBf

getalife

October 25th, 2011
2:22 pm

jm,

Again, just use one name for the record.

“Obama Takes Executive Action to Help Veterans Find Work”

Shame on the gop for not working on this.

Paul

October 25th, 2011
2:23 pm

Did I miss something?

Perry wants spending at 18% of GDP, but income tax provides only 8% of GDP.

Where’s the other 10% for spending come from?

The next debate’s gonna be painful to watch.