Today Texas Governor Rick Perry lays out his long-awaited plan to” CUT, BALANCE AND GROW,  which would balance the budget by 2020, and reduce taxes and increase growth in America. Seems too good to be true?     In this proposal, Perry borrows a bit from Herman Cain, keeps a couple of features of our current tax plan, but moves to a FLAT TAX, which is simple, understandable and across the board for all Americans.  Here’s how he shared it on paper, later today he will deliver it in person:

The Perry Plan looks like this:

* Americans have their CHOICE between a 20% flat tax or their current income tax rate.

*The plan preserves mortgage interest, charitable and state and local tax deductions for families earning less than $500,000 a year.

                                                              *The plan increases the standard deduction to $12,500 for individuals and dependents.

                                                              *The Perry plan stops Social Security from being taxed.  (big for Seniors)

                                                              *The Perry plan puts an end to the Death Tax for all inheritance opportunities.

                                                              *The Perry plan does not tax capital gains.

Best of all?  Rick Perry says you can file your income tax return on a post card if you want, saving up to $450 billion in legal and accounting fees….and probably eliminating a lot of business sector jobs by the way!  Still…all of these gift-wrapped promises sound FANTASTIC!  But how do we run the government with all of these favorite- taxes -to- hate…..removed or lowered?

The devil is in the details…..but don’t worry you’ll be hearing ALL ABOUT THEM in the days to come.

Meanwhile, Tea Party patriots should feel important.  Thanks to them, all of the GOP presidential candidates are talking about tax reform!

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Filed under: Economy, Featured, Inside The KC, Politics by Sonja Eddings Brown, Oct 25, 2011