Perry’s 20% Flat Tax: What Do You Think?

Today, Perry announced a flat 20% income tax to replace our tax code. Perry argues: “Taxes are too high, too complex, and too riddled with special interest loopholes. The new flat tax preserves mortgage interest, charitable and state and local tax exemptions for families earning less than $500,000 annually, and it increases the standard deduction to $12,500 for individuals and dependents. … This simple 20% flat tax will allow Americans to file their taxes on a postcard, saving up to $483 billion in compliance costs."

 

Perry will lower the corporate tax rate to 20% — dropping it from the second highest in the developed world to a rate on par with our global competitors.

 

Perry said he will also encourage repatriation of some of the $1.4 trillion estimated to be parked overseas by issuing a temporary lowered corporate tax rate of 5.25%.

 

He says he will also transition to a "territorial tax system" — one which he parallels to a code used in Hong Kong and France that only taxes in-country income.

 

“We should start moving toward fiscal responsibility by capping federal spending at 18% of our gross domestic product, banning earmarks and future bailouts, and passing a Balanced Budget Amendment to the Constitution," Perry said.

 

Is Perry’s tax plan the right one for America?

 

Read Perry’s op-ed in the Wall Street Journal here.  



Photo Credit: Gage Skidmore

How much do you trust the information in this article?

Editorial Board

The editorial board is based in New York City and represents the editorial voice of PolicyMic.

MORE FROM

New White House communications director Scaramucci says press briefings should be on-camera

If the new White House communications director gets his way, the press briefings could soon be recorded once again.

At least 8 dead, 30 injured in locked tractor trailer outside Walmart in Texas

Authorities told press that the deaths were caused by "a human trafficking crime."

Amid new revelations, here’s what we’ve learned about the Russian lawyer who met with Trump Jr.

The picture of Natalia Veselnitskaya is coming into clearer focus.

Republican Senator urges whoever leaked Russia/Sessions phone calls to release whole conversation

Sen. Chuck Grassley wants the person who leaked intelligence about Attorney General Jeff Sessions and Russian ambassador Sergey Kislyak to come forward with more information.

Donald Trump Jr. and Paul Manafort now to testify before Senate committee behind closed doors

Trump Jr. and Manafort have avoided a subpoena and will testify behind closed doors — for now.

Hope Hicks reportedly tried to rein Trump in during explosive ‘Times’ interview. It didn’t work.

The low-profile Trump Whisperer is one of the few in the president's orbit to enjoy job security.

New White House communications director Scaramucci says press briefings should be on-camera

If the new White House communications director gets his way, the press briefings could soon be recorded once again.

At least 8 dead, 30 injured in locked tractor trailer outside Walmart in Texas

Authorities told press that the deaths were caused by "a human trafficking crime."

Amid new revelations, here’s what we’ve learned about the Russian lawyer who met with Trump Jr.

The picture of Natalia Veselnitskaya is coming into clearer focus.

Republican Senator urges whoever leaked Russia/Sessions phone calls to release whole conversation

Sen. Chuck Grassley wants the person who leaked intelligence about Attorney General Jeff Sessions and Russian ambassador Sergey Kislyak to come forward with more information.

Donald Trump Jr. and Paul Manafort now to testify before Senate committee behind closed doors

Trump Jr. and Manafort have avoided a subpoena and will testify behind closed doors — for now.

Hope Hicks reportedly tried to rein Trump in during explosive ‘Times’ interview. It didn’t work.

The low-profile Trump Whisperer is one of the few in the president's orbit to enjoy job security.