New Budget Proposal Highlights a Flat Tax


Tuesday October 25th, 2011   •   Posted by Stephanie Freedman at 10:09am PDT   •  

As budget proposals are being released, one must ask themselves what they are looking for in a proposal they can truly get behind. One that balances the budget with out raising taxes? Creates a system that does not regulate enterprise and deter job growth? Gov. Rick Perry released his “Cut, Balance, and Grow” Plan which claims to do these things and more. Here are a few of the proposals promises:

FIX THE TAX CODE
-Institute Individual Flat Income Tax Rate of 20%
-Allow Individuals to Choose Existing Tax Code or Simple Flat Tax System
-Preserve Deductions for Mortgage Interest, Charity, and State/Local Taxes
-Include Standard Exemption for Individuals/Dependents of $12,500
-Standard Exemptions and Other Deductions are Phased Out for Filers with Annual Incomes Above $500,000
-Eliminate Tax on Social Security Benefits
-Eliminate Tax on Dividends and Capital Gains
-Eliminate Death Tax
-No Federal Sales Tax or Value-Added Tax
-Reduce Corporate Income Tax Rate to 20% to Enhance American Competitiveness
-Eliminate Corporate Loopholes and Special-Interest Tax Breaks
-Transition to a Territorial Tax System

BALANCE THE BUDGET
-Cap Federal Spending at 18% of GDP and Balance the Budget by 2020
-Reduce Non-Defense Discretionary Spending by $100 Billion in the First Year
-Demand a Balanced Budget Amendment that Does Not Raise Taxes
-End Baseline Budgeting and Require Common-Sense Scoring Rules
-Reform the Budget Process
-Institute Automatic Government Shutdown Protection
-Give Annual Budget Resolution the Force of Law
-No More Earmarks
-Require Emergency Spending to be Spent Only on Emergencies
-PAYGO for New Federal Programs
-Freeze Federal Civilian Hiring and Salaries Until the Budget is Balanced
-No More Bailouts

REPEAL JOB-KILLING FEDERAL LAWS
-Repeal ObamaCare
-Repeal Onerous Sarbanes-Oxley Regulations on Small Businesses
-Repeal Dodd-Frank

View full proposal here

What are your thoughts?

Featured Image:
© Shirley Hu | Dreamstime.com



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