Extremely Encouraging News From Rick Perry
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I suppose I am as bad as John Kerry in flip flopping. Before Rick Perry announced his candidacy, I was not too interested in him. After he announced that he was in the running, and I read a little about him, I decided that he was the man we needed. So I guess you could say I was against him before I was for him. But then when he and Mitt Romney wasted my time in watching them trade barbs with one another and making no worthwhile offerings, I decided to leave supporting him and started back to pushing Herman Cain, who was putting his ideas forth. So now you could say that I was both for and against Perry before I became against him again.
Now, today, I find where he has released parts of his aspirations when he becomes president. And they are absolutely great! So now, you can say whatever you want, that I was before I was for him again. I am very excited about the things he has proposed which seem to be answers to a lot of problems. He has taken the bull by the horns and thrown him back inside the fence.
You have heard many people, usually those who know very little, sing praise for a flat tax. Well, even though I am one who knows very little, I knew that simply a flat tax would not work without a bunch of considerations. But Perry has presented a well thought out and thoroughly explored plan that can be called a flat tax but there are some exceptions…not many.
Perry attended an event in South Carolina and here is a quote from what he said there:
"The goal of my 'Cut, Balance and Grow' plan is to unleash job creation, address the current economic crisis, while at the same time generating a stable source of revenue to address our record deficit and put our fiscal house in order,"
His plan includes several items we desperately need. There is only one thing which I question and perhaps disagree with. He proposes to offer people the option of remaining under the current tax code or choosing his flat tax. I don’t think that part is wise and I suggest that he eliminate the choice. Only those who know ways to sneak through, find loop holes, etc., will prefer to stay on the old complicated plan. We don’t need that.
Things the plan would accomplish, according to Perry are:
1. Eliminate the Alternative Minimum Tax for families.
2. Balance he federal budget by the year 2020.
3. Reform entitlements.
4. Ban earmarks (Hallelujah).
5. Cap federal spending to 18% of GNP (Gross National Product)
He also put forth some other proposals which I personally like and believe are best solutions to our problems that we have.
He proposes that young workers be allowed to put a portion of their payroll taxes into a private account to enable the nation to eventually rid itself of the ever increasing burden of Social Security. This factor must be faced. It will destroy this nation if something is not done.
He also proposes a corporate tax reform which will offer a 5.25% one time decrease to any firm who will bring their overseas profits back to the U.S. And, the U.S. Chamber of Commerce a has estimated that this single reform would bring $1 trillion back into the U.S. and would create 2.9 million jobs! We could use that shot in the arm.
His proposal would retain the key tax exemptions for families earning under $500,000 per year. It would increase the standard deduction for individuals to $12,500, meaning that any couple earning less than $25,000 per year would pay no tax. It also eliminates taxes on Social Security and on estates when the owner dies.
Personally, I cannot see anyone who might bring forth a better economic plan that this
Article submitted Tuesday, October 25, 2011 & read 98 times.
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