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October 25, 2011

Rick Perry's Flat Tax Speech

Already in progress.

He wrote up the broad strokes of the plan in the Wall Street Journal. Interestingly, the flat tax will be an option offered to filers; they can chose the flat rate tax or the current tax code.

He'd reduce the corporate tax rate down to 20% but not zero percent. I don't like plans that call for a zero percent rate.

He'd also reduce the rate for repatriation of US dollars held overseas down to 5.25% for a short period of time to bring those dollars back home. (And, by the way, also collect taxes on them.) Up to a trillion dollars are currently held overseas by Americans, and are parked there because the taxes for repatriation are too high.

He just noted in his speech a detail not mentioned in the WSJ -- he proposes to bring back the (optional) individual retirement account idea championed by Bush in 2005.


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posted by Ace at 11:23 AM

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