Perry's Flat Tax

Discussion in 'Politics' started by seneca_roman, Oct 25, 2011.

  1. Perry today unveiled his tax plan:

    "The Texas governor’s plan, dubbed “Cut, Balance and Grow,” would allow taxpayers to choose between the current system and a 20 percent flat tax on their income. The new tax system, he said, would allow people to dispense with the hiring of experts each spring to help prepare their tax forms."

    Apparently Rick didn't consider that many people will under the new plan have to figure their taxes both ways-apparently he thinks this makes it simpler.

    The new "flat tax" keeps many of the popular deductions such as the mortgage deduction, charitable contributions, and state and local taxes. Cap gains and divis don't get taxed.

  2. Max E.

    Max E.

    Its stupid letting people choose which way they want to be taxed, that just adds more confusion to the system, and everyone is going to choose to be taxed at the lower rate so where do we make up the money?

    The flat tax could work if we eliminated corporate loopholes and corporations had a flat tax as well, but that idea will quickly be corrupted.

    Dont know how much he thinks he can save people through not having to pay as much for accountants but I work as a trader, and keep an excel sheet of business expenses vs. trading income, and take it to my accountant, and it takes him about an hour to do my tax returns, both Canadian and U.S. So i cant imagine how much harder it could possibly be for most average americans to do theirs. Most people can probably take their tax return into H&R block and be done with it for like 100 dollars.

    Im in favour of a flat tax and simplifying the tax code, but the way Perry is pitching his idea doesnt seem to make any sense.

  3. I'm amazed at how many people who file using 1040ez have HR Block, etc do it for them. I know the guy who runs the local office and he tells me over half their business is very simple returns. I doubt Perry's plan will cut his business; probably it will increase it.

  4. Tsing Tao

    Tsing Tao

    So the 50% of people who pay nothing will still choose to pay nothing, and the people who actually pay taxes will choose 20% (with the exception of a group that actually pays lower than that under the current system - not representative of a lot of $$).

    And this will reduce the deficit how?

    Perry is desperate.
  5. Max E.

    Max E.

    Thats exactly what i was getting at, basically his plan is lower taxes for everyone, and a tax system which will be twice more fucked up then it already is.

    Thx Perry but i think ill pass.

  6. They have a plan to reduce the deficit? Neither party has any real plan to do that. These idiotic tax plans coming out are actually revenue reducing, so how the hell does that help?
    Is there any way we can push a re-set and just pick a few guys out of the phone book? Jesus, you couldn't do a better job of screwing up a country if you were trying...OH WAIT.
  7. Right now we are spending 63% more than we take in. Does anyone think raising taxes 63% would work(besides brain dead liberals)? Only way to reduce deficit is reduce spending. Only way to reduce spending is through sacrifice. Sacrifice medicare, sacrifice education, sacrifice homeland security.

    Dont believe any of these politicians that that say we can save ourselves by raising or reducing taxes. We have to cut spending if we want to reduce the debt/deficit.

    Real eyes realize real lies.
  8. where have you been. you obviously havent been reading the republican handbook. repeat after me. CUTTING TAXES RAISES REVENUE
  9. How about we just end all taxes, period. The FED can just print whatever the bastards need :D
  10. BSAM


    Come on with it!
    Anything beats what we got.
    #10     Oct 25, 2011