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Selling the not tax an his own on the heels of herman cain s 9-9-9 campaign and the perry plan is said to be an effort to june start his campaign a little too late. what do you thing of that plan of his? guest: well, i don t know. i just think that all the others have talked a lot more about taxes than i do. en knows my position on taxes. they are too hide and i would like to get rid of the income tax. we talk about spending because that is where the problem is. and i think they do this almost to stay away from the difficult choices. how many others have, really, offered any significant cuts? nobody is offering that. no one in washington is offering real cuts. and i think that is where the problem is. our crisis has to do with debt, sovereign debt, worldwide, and the financial conditions are continuing to deteriorate, so, whether you collect the revenues with the sales tax plus a flat ....
Perry s plan. the most important point of it is you have a choice. there will be an optional 20% flat tax so if you choose to do that, then you get the rest of these changes. the caps would caps federal spending at 18% of the gdp and ends the death tax for you. exemptions for families earning $500,000 or less. and the $12,500 standard deduction for dependents. i m assuming that s the way it works. if you choose the 20% flat tax, then you have to choose the rest of the plan that comes with that which means you also could not write off charitable giving anymore and you would not get that mortgage deduction if you make over $500,000 a year. but you have a choice. you can stick with the plan that the irs ges you right now. also allow younger workers to invest in their social security, eliminate social security taxes for working seniors and you got exemptions so if you re a person, if you re watching this, u have to be a person although ....
And both plans would cut taxes on wealth and investment income shifting the tax burden on to work and wages although it s not necessarily completely true because at least in the perry plan, if you re a lower income person who support currently paying income taxes, you can choose to continue that plan for you. the deficit commission recommended that they redo the tax structure. the jobs plan couldn t get out of the senate when it leads to three democrats that defected from the vote and seven expressed their their being displeased with the jobs plan contained. they re going piece by piece. that got rejected, too. the president may not like tax reform but he has to put something forward to combat it. sure. absolutely. by the time the general pops up anyway. people are waiting for it. we have unemployment in this country north of 9%, as you can see right there, people are desperate for a plan that will work and that s why both perry and romney and cain and all the ....
And he said yesterday that the tax system should be flatter. but he said the details of any such plan are key. romney s economic plan thus far does not include a flat tax but would lower some tax rates for middle class families and corporations. perry s announcement of his optional 20% flat tax comes on the heels of businessman steve forbes endorsing him. forbes, when he ran for president in 1996 proposed a 17% flat tax and he advised perry on putting this plan together. back to you guys in new york. great comparison, all right, molly henneberg, we thank you very much. the white house and the president didn t waste much time ripping the g.o.p. plans. here s a quote. both the romney and perry economic plans embrace a far right vision for our tax code. both plans would cut taxes on wealth and investment income shifting the tax burden on to work and wages. hey, james who put out that statement, if you currently pay ....
A good thing. well, speaking of plans, rick perry is coming out later today officially with this 20% flat tax. what do you think about that? you know, i don t really know enough about it to comment. i m looking forward to hearing about that. i think it s no different than governor romney s plan or herman cain s. i mean, having a plan out in the open and having the public actually be able to debate it is really, really a great thing. i know all the campaigns are watching you right now because they d like your money. what s it going to take to get bruce s dough? you know, steve, i don t know that it s about the $2500 that i can give a presidential candidate. i think it s more about the process, about iowans, about them being engamiged. they ask the same questions i ask when i have an opportunity to be with the candidates. what s your thoughts? how are you going to improve the country? how are you going to make things better? how are you going to govern, how are you going to follo ....