under the tax system we ve got or file it on this postcard. perry s plan to keep the deduction for home mortgage interest, charitable contribution and state and local taxes with the $12,500 tax per person, make it less flat. but allowing a choice may be comforting. there is nobody worse off because of the plan. others argue the perry plan would shift the greater share away from larger corporation and wealthiest to the middle class. but a family of four has to make more than $50,000 to face any federal income taxes. this is a tax cut for most people. not a tax increase. others argue how to file could reduce revenues.
well, let me visit with you about herman s plan. this doesn t have a flat tax, value-added tax, it doesn t have a national sales tax. i mean, that is bickest difference right there biggest difference right there. americans do not trust washington, d.c. to have a new form of taxation. what they are looking for is simplicity. they are looking for something flat. they are looking for something that is fair. this plan addresses all of those. bret: texas governor rick perry in south carolina holding up a card to say you can file your tacks in the flat tax plan. you can have optional 20% or opt for the mortgage interest rate. lower corporate to 20%. phases out some of the other tax loophole and special interest tax breaks. a balanced budget amendment.
capital gain, income. business and corporation and zero out of state tax. bret: so he is betting on big growth to make up difference in revenue. but you have to show me numbers. yes. there will be some, you get some extra revenue from the growth. if you start with $1.3 trillion deficit and cut all the five major category of taxes, you ve got to show me where the cuts will be. i m not sure he has done that. but you are eliminating loopholes, corporate loophole and the personal loophole and you balance the budget by 2020 built in the plan. you say you are, in if plan it s an amendment. but easy to say you will balance the budget. show me where spending cuts will be. bret: newt gingrich put up his own plans and say i ll bump plans with you, brother, in a tweet. he says his plan is better.
you know what else is early? medicare open enrollment. now through dember 7th. can i stick with old medicare plan? sure! or find a new plan with better coverage, less cost, or both. medicare plans give you free cancer screenings and wellness visits and 50% off on brand-name prescriptions when you re in the doughnut hole it s part of the healthcare law. so it s time to look, compare. and choose the right plan for you. learn more at 1-800-medicare or medicare.gov.
by definition this new hybrid system will result in the less overall revenue. he would end taxation to social security income. and pledges to raise social security to match the longer life span. all in all, they say flax tax is attractive in a slow economy. more efficient tax and add a lot to growth and reduce unemployment. there is a hunger for big policy changes. whatever people think of the perry plan it s dramatic. bret: we will get former utah governor jon huntsman reaction to the plan and his own plan on the center seat segment. he will take questions from the panel. after the show from you