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Rick Perry’s Tax Plan: Cut, Balance and Grow

October 26, 2011 By The Editors

Texas Governor Rick Perry released his plan for spending reform and altering the American tax code this week. Here are the highlights of the plan, called Cut, Balance and Grow:

  • Cut, Balance and Grow gives Americans a choice between the current tax code and a 20% flat rate tax.
  • The flat tax plan preserves some deductions for families earning less than $500,000 a year, like those for mortgage interest, charity, and state and local taxes.
  • The standard deduction is increased to $12,500.
  • Perry estimates that Americans will save up to $483 billion in compliance costs because of the simplified system.
  • Cut, Balance and Grow abolishes the estate (a.k.a. death) tax.
  • The corporate tax rate is dropped to 20% in Perry’s plan.
  • The plan aims to temporarily lower the repatriation tax to 5.25% to encourage American companies to bring home dollars they have kept offshore.
  • The plan will make the American tax system a “territorial system” that only taxes in-country incomes.
  • The plan eliminates the taxation of Social Security benefits for recipients who are still working.
  • The plan eliminates taxes on dividends and long-term capital gains.

On the spending side of the ledger, Perry plans to balance the budget by 2020. He would:

  • Cap federal spending at 18% of GDP.
  • Ban earmarks.
  • Ban bailouts.
  • Pass a balanced budget amendment to the U.S. Constitution.
  • Freeze federal civilian hiring and salaries until the budget is balanced.
  • Put a moratorium on federal regulations and institute an audit of all regulations created since 2008.
  • Plan to repeal Obamacare, Section 404 of Sarbanes-Oxley, and Dodd-Frank.
  • Stop Congress from raiding the Social Security fund, using the Federal Highway Trust Fund as a model.
  • Give young workers the chance to own their Social Security contributions in their own accounts, allowing them to seek a market return, and to pass on the benefits to their heirs.

This plan makes good sense for America.

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