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Perry’s Double-Barreled Economic Plan
October 26, 2011
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23 Responses to “Perry’s Double-Barreled Economic Plan”
Great job getting this info out. Please do the same for Romney’s Plan and Cain’s in same detail so we can make an educated choice.
Thank you,
Chris
Working on it
Like you’re some kind of economist??
What are your credentials as an economist?
Chris, In order to make an educated choice on Cain’s plan, simply go to: http://www.HermanCain.com and follow the 9-9-9 choices.
Lonely Shark: Nothing could “spark renewed interest in his campaign”, if you let Perry keep opening his fool mouth. Perry’s recent oxycontin talk in New Hampshire sealed his fate. LOLTIS! (…till I shirt)
I’m underwhelmed by Perry’s plan. Although Cain’s 9-9-9 has flaws as it pertains to business income, Perry’s “choose one or the other” idea is moronic. Also, Connie Mack’s “Penny Plan” would balance the federal budget long before 2020 and it’s an actual blueprint for doing so.
Huge gift to the wealthy Americans who bankroll the republican party.
With all due respect Javier, perhaps the reason Cain’s 9-9-9 plan “hasn’t spurred far more criticism thus far” is because most Tea Partiers don’t make the same, misinformed mistake you do in their assessment.
Cain’s plan certainly is not perfect, but the notion that it introduces a “new” revenue stream is simply wrong. The Federal government has always had the power to tax consumption, and is in fact already doing so on items like gasoline, alcohol and cigarettes. Ans the notion that such a tax could be any more subject to abuse by congress that the existing system is absurd. Congress will potentiall abuse ANY tax system if they are not closely watched and punished at the ballot box when they do so. This is a flaw of Congress, not of 9-9-9, or any other tax reform proposal. In fact, it will be much more unpallatable for Congress to raise the rates on a consumption tax than for a progressive income tax, as I argure here:
http://www.modernconservative.com/metablog_single.php?p=5768
All this said, I also like what I know of Perry’s plan so far. I need to dig into the details a bit, but this has the potential to put him back in the race. Frankly, I like both Perry and Cains plans quite a lot, and consider them both superior to Romney’s.
Gregory, you are parsing words here, it is indeed a new revenue stream. This proposed sales tax would cover goods not presently taxed and would require all producers, wholesalers, and retailers to collect the sales tax. How is that not another “new” revenue stream? It’s just one more tool at their disposal to extract revenue from the citizenry, and it would be a major mistake.
I’m not paesing anything. Answer me this: Do we or do we not already have federal consumption taxes in place? Of course we do. There is nothing the least bit “new”
about it. In fact, a consumption tax was the principle implicit method the Framers of the constitution intended the federal government to to fund itself with. The reasons the progressives wanted so desperately to have an income tax were first ideological, in that a progressive income tax was seen as a cornerstone of socialism, and second because it was very nearly political suicide to try to levy broad based consumption taxes. A consupmtion tax hit EVERYONE, not just a political minority who won’t vote for you anyway, as with the income tax. Think about it: what political price do the Dems pay for jacking-up the income tax? None! But what price would be paid by any politician for jacking taxes across the board on everyone? Yeah, unless they could do a first-rate job of convincing the country it is necessary, they’d be toast. That’s why your fears about a consumption tax are baseless. You cannot have a progressive consumption tax. Anytime you propose raising the rate, the pain is felt by everyone across the board, and it becomes a nearly impossible selling job.
Like most claims by the Democrats, demagogurey about it being “regressive” is nonsense. It’s a flat-tax, everyone pays the same. And the infrastructure for collecting it is already in place, since local sales tax is already collected over the vast majority of the country, so implementation would be comparatively simple and cheap. And sine 9-9-9 is intended as a transition to the Fair Tax, it’s where we would be heading anyway.
9-9-9 has it’s flaws, but the issues you’re citing are not among them. And it’s unquestionably much, MUCH better than what we have now. Our current system is the most progressive in the world right now, and we already have a VAT in the form of our current 35% tax on business profits.
“Answer me this: Do we or do we not already have federal consumption taxes in place?”
Yes, we do, for the three goods that you mentioned. This proposed one would tax almost all of the rest of goods and services that presently aren’t. Not all tax increases are equal, and this would be broadest-based tax increase that you could possibly conjure up.
I like Perry’s plan. It covers most of what conservatives embrace.
I have read Cain and Romney plans and don’t like them. Cain plan is a non starter to me. I will not support a national sales tax and income tax which will just give the Congress another tax revenue stream and the business tax details look like a VAT and I have NEVER supported it. Americans deserve to know the tax they are paying and they will not know the taxes they are paying under the VAT. Romney plan is long and shows he is a big government person. It seams to only cut around the edges of what we already have in every government program.
Please elaborate on the “moronic” aspects of choosing between 2 plans.
TEA PARTIER HERE– THE REASON I DONT OPPOSE CAIN 999 IS BECAUSE EVERYONE WILL KNOW EXACTLY WHAT THE RATES ARE FOR EVERYONE. RIGHT NOW UNLESS A CITIZEN GETS INVESTIGATIVE RESEARCH WHO KNOWS WHICH INDUSTRY PAYS WHAT OR WHAT DEDUCTIONS ARE TAKEN. 999 SEEMS TO ME EVERYONE IS SAME–COVERS UNDERGROUND ECONOMY–AND IT WOULD BE OBVIOUS IF ONE GROUP LOBBIES FOR AN ADDED BREAK. == NO ONE GROUP CAN WAR WITH ANOTHER GROUP–CUZ EVERYONE IS UNDER A 9.
It is QUITE apparent that you have not read Cain’s plan or maybe you read it before he flip flopped & started backing up. First I suggest that you explore his “Empowerment Zones” since you have not done so. It is nothing but basic race & class warfare. Under his empowerment zones urban detroit (high percentage of welfare, blacks & ghettos) will pay 3% National Sales Tax while the more rural say in Huntsville, AL (high percentage of high earners & only 1 ghetto, mostly white) will pay 9%. Wow that is really fair. Then there is the issue that in many areas you will be paying nearly 30% sales tax on every item you buy-when you add the 9% on top of state, local & County sales taxes. This will kill Seniors & others on set incomes. Want to see what manufacturing is left in US destroyed? Add 9% sales tax on new items & 0 on used. This plan is ridiculous & is a non-starter.
Does anybody know if you choose to stay with the current tax code do you also eliminate capital gains or only if you choose the flat option?
Perry’s plan is not off the back of a pizza box. Actually talk to my son Michael. An emminent Ron Paul type economist that he reads says Cain’s plan is regressive and is really a VAT and also really amounts to a 45% tax off the backs of the middle class and the poor.Under Perry’s plan a middle to low income family would virtually have their entire Federal tax burden removed due to the generous deduction for individuals and children,mortgage and those that tithe 10% giving to causes of THEIR own choice. Not the cause of some Washington pol using our money to buy block votes.Also, generous plan to intice corporations to repatriate so jobs are here for our children. Norquist and Forbes love the plan and I do believe they are more versed in economics than a Cain supporter who in my opinion catapultated him to the top over that Obama like speech at Presidency 5.Cain is an ex-Fed chair, for TARP bailouts, ex-K street lobbyist ,against a FED audit,Alan Greenspan supporter (and in the words of Paul ,Cain speakes like a true insider)and did he ever e-verify his fast food workers?Is this a Tea Party type,come on folks.He also played dirty with the false racial allegation.Its one thing to disagree politically,but quite another to smear character with a flatout lie.Also I don’t want to hear about his brilliance as an engineer. Carter was also a brilliant engineer,but WOW what a lousy President.
Perry’s plan will blow a hole in our deficit. It raises taxes on no one, but gives big cuts to many. I would be all for this except we have a hug e deficit. If we increase borrowing, we can kiss our AA credit rating goodbye and say hello to being Europe.
Guess you didn’t read the entire thing which INCLUDED major cuts in government. Perry is used to operating under a balanced budget. Oh & Paul unlike Obama who got US credit rating downgraded, Gov Perry GOT ours in Texas UPGRADED & make no mistake it was upgraded on his watch.
Does Perry’s plan down size the IRS?? Just askin–Does Perry’s plan downsize govt in any way or just shuffle chairs around the deck of the Titanic hummm?? Every stinking “five year plan” since Joe S. of the USSR has the same thing in common–stick it to the citizen. I for one am sick to death of a “new plan” every week. I hear it from the FED, Europe and its debt, The bloated US govt in all its redundant dept talking point BS. I hear it from every wannabe candidate from every party running for every slot from the smallest to the biggest. Just more populist bs. The voting public has been voting for the same line in every election for the last 100 years and continues to do so– Informed electorate my butt. It’s been said people get the govt they deserve– so we have a $45,000 debt on every kid born in the US today–the TSA on the roads in Tenn., the IRS with a gun jambed in your mouth, the Federal Reserve Bank with its own 1000 man swat team, civil service unionism, double standard militarism around the world with blowback(CIA term). I could go on and on but the crux is that I am tired of being a debt slave to the govt —– to hell with all taxes–how’s that for a plan??
Perry wants to starve the Washington beast by cutting off funds, so it blows a hole through the bureacracy. He wants to return to a constitutional 4 dept govt of Treasury, State, Defense and Justice(AG). all the other massive mess like Dept of Ed(education is a STATE issue),EPA, Commerce, Transportation ,IRS gestapo, Federal Reserve crooks(and like it or not Cain was one of them). Greenspan was a DISASTER and that phony money that they’ve been printing since 1913 led to this economic holocaust.Perry wants to drill for domestic oil which is a jobs multiplier,entice companies to repatriate and bring back jobs to our children and will free us of the crazy Mid-east entanglements that have robbed us of young american lives and treasure.Stop giving our money to rich countries and corrupt dictators because we will no longer need what they offer for our survival.
It seems to me that both the Perry and Cain plan double tax sub s corps. If you tax the sub s income at 9% and then let it flow through to the owner at 9% you have taxed the same income twice (Cain plan).
Under the Perry plan it sub s income would be taxed at 20% then flow through to the owner to decide what plan under which they want to be taxed.
Under the current rules, sub s income is only taxed once. This shows me that they talk about supporting small business, but in fact don’t even understand how small business operates.
I do not see comments about Gingrich’s new Contract for America plan, which is probably the best financial plan of all. Remember, he is the one who was responsible for the first Contract for America that gave this country a balanced budget and 4 years of surplus; and with him President or his plan implemented by one of the others, we would likely see another balanced budget and eventually a surplus.