Make a million bucks a year, you do not get a deduction for your home mortgage, you don t get a deduction for your charitable contributions and you don t get a deduction for the state and local taxes which you pay. so you re right, you ve got to make a calcation. if it s voluntary, you got to calculate which is the best tax rate for you. keeps accountants in business is what you re saying. i think so. here s the interesting thing to me is the perry camp had the advantage of looking at the herman cain plan first. the 999 plan. now they ve come up with something that includes choice which may make it more attractive than the cain plan hypothetically. will this force mitt romney as we discussed last week to come up with a plan and will be to his advantage to have waited because now he can look at cain, perry and then develop his own. yes, it will be to his advantage because he can look at the 999 plan from herman cain and 20% plan from rick perry and pick and choose what is the be
i think america has really, really tight regulations and really, really lax regulations, but i m still sure the financial system of the world is based in new york. where are these people running to? to london and tokyo. if that s called offline. but trust me, london is a great place to do business in the finance world. london bank rules, are they tighter than hours? yes. let me move to another subject, just for the interest of time. i love the pope, though, his shoes. i actually happen to be catholic, so let s watch that next time, a little bit. i don t give a damn about the pope. let s talk about something else fun. it s religion and then taxes, right? i thought it was sex and politics. talking about politics and taxes. so now we re going from religion and the pope to taxes. gop 2012 tax plans. i look at the fact that he want to have this debate, whether it s the perry plan, the cain plan, or the romney plan as
i m wolf blitzer. you re in the situation room. captions by vitac www.vitac.com he s plunging in the polls and in need of a boost. will a new plan help rick perry climb back to the top of the republican race? his rival, herman cain, is leading the pack according to a brand new poll and perry is a distant fifth with cain apparently benefitting from his 9-9-9 tax plan, perry today unveiled his own new tax plan and 20 is the magic number. he proposes a flat tax of 20% for individuals and corporations, but in a twist, perry would let people choose to pay his flat tax rate or file under the current system, which he derived. the size of the current code is more than 72,000 pages. that s represented by this palate right over here and the reams of paper. that s what the current tax code looks like. the best representation of my plan is this postcard. this is is size of what we re talking about right here. taxpayers will be able to fill this out and file their taxes on that.
the income tax rate they pay now or 20%. it would keep the hugely mortgage interest and deductions for families earning less than half a million a year and would cut the corporate tax rate from 5% to 20 and temporarily slash it to 5.25 and eliminate taxes on stock dividends and long term capital gains. perry says he aims to unleash american ingeneral unite for a new american century. we will set our employers and our people free by slashing the cost of government, cutting taxes for the middle class families, balancing our budget and growing our economy. the future of america is too important to be left to the washington politicians. and joining me now with more on perry s number is cnn s number one numbers guy, ali velshi, this is kind of a flat tax and kind of not. the issue with it is that i don t know who in america wouldn t choose the 20%. you could run the numbers three ways, you could do it with 20% he s plo posing. do it the normal way which he says he ll leave i
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