Tags: Forbes | Perry | Flat | Tax

Steve Forbes: Perry's Flat Tax Plan Is 'Exciting'

Tuesday, 25 Oct 2011 10:21 AM

Former GOP presidential candidate and flat-tax advocate Steve Forbes finds Texas Governor Rick Perry's calls for a fixed tax rate exciting and is endorsing him in the 2012 presidential elections.

In a Wall Street Journal opinion column, Perry said he would propose a 20 percent flat tax, with some deductions.

Forbes says he's on board with the proposal and with Perry's candidacy.
"With firm leadership, which Rick Perry will provide — which is why I'm endorsing him for president — I think this will be a winning issue," Forbes tells Fox News.
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"People love the idea of radical simplicity of this horrific tax code," Forbes says, describing Perry's plan as a "very exciting — very low rate, generous exemptions for adults and for children, making it worthwhile to invest in America again."

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Rick Perry
(Getty Images photo)
Perry calls his tax proposal his "Cut, Balance and Grow" proposal.

"The plan starts with giving Americans a choice between a new, flat tax rate of 20 percent or their current income tax rate. 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," Perry writes.

"Cut, Balance and Grow strikes a major blow against the Washington-knows-best mindset. It takes money from spendthrift bureaucrats and returns it to families. It puts fewer job-killing regulations on employers and more restrictions on politicians."

Democrats were quick to attack the proposal, branding it — and flat taxes in general — as a tax hike on the middle class coupled with a tax cut on the wealthy.

"Many flat tax proposals also eliminate all taxation on capital gains and other investment income so that the wealthiest, who generate much of their income from investments, rather than work, see huge gains,"

President Barack Obama's policy director, James Kvaal writes in a memo, the New York Times reports.

Perry's Republican rival Mitt Romney has not proposed a flat tax, but many Democrats insist the former Massachusetts governor will shift more fiscal obligations from the wealthy to the not-so-wealthy as well.

"While the economic plan he unveiled almost two months ago did not propose a flat tax, it is also likely to shift the tax burden onto the middle class," Kvaal's memo adds.

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Former GOP presidential candidate and flat-tax advocate Steve Forbes finds Texas Governor Rick Perry's calls for a fixed tax rate exciting and is endorsing him in the 2012 presidential elections. In a Wall Street Journal opinion column, Perry said he would propose a 20...
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2011-21-25
Tuesday, 25 Oct 2011 10:21 AM
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