Uber conservative radio host and author Mark Levin talked about Perry’s flat tax plan on his radio show. “I was thrilled when I took a close look at this proposal,” he said. “Rick Perry appears to be starting to find his legs. This program he’s come up with is a great program. Perry has come up with one helluva proposal,” the radio host said.
What does he like about it? The choice it offers, for one. He likes that the flat tax is optional; you can file the old way if you like or choose the 20% simple flat tax on personal income. Levin trumpets it as one of the core principles of conservatism: the freedom of choice.
Levin likes that it calls for zero taxes on longtime capital gains and qualified dividends. “We want more investment in the country, more investment in business and stop punishing them if they actually make money.”
He likes the standard deduction of $12,500 per person, meaning a family of four with an income of $50,000 would pay nothing. And, you can still deduct mortgage interest rates, state and local taxes and charitable contributions. Levin thinks the business tax of 20% on all profits for all forms such as corporations, partnerships and LLCs is right.
“It starts from the proposal that it’s your money,” Levin says. There are no new taxes, no sales tax, no death tax and no tax on Social Security. In addition, research and development tax credit is retained.
As for Obamacare, it repeals all its taxes, such as the silly tanning one and the hike in Medicare.
Then Perry’s plan also calls for a supermajority to pass any tax hikes and it requires a balanced budget. It trims spending down from 25% of the GDP to the 18% it was in the Clinton years.
In short, Levin says, “It’s not only a hugely consequential tax reform proposal, but a hugely consequential spending reform proposal. This is a damn good proposal, ladies and gentlemen…without the need to repeal the 16th amendment before we pass a national massive sales tax that the libs will love (referring to the Cain 9-0-9 plan.)”
“There’s no class warfare. Just bottom up policies for the purpose of bringing prosperity back to this nation, creating wealth, providing opportunity and then creating jobs…That is how you address economic difficulties, not by phony government programs, not by more laws, but by unleashing the economy, pushing back the regulations, pushing back government and letting the people live,” Levin said.
You can listen to his explanation in full at www.therightscoop.com/mark-levin-rick-perry-has-come-up-with-one-hell-of-a-proposal/