Perry’s plan would call for a 20% flat tax for individuals, a 20% corporate tax rate, a 5.25% tax rate on overseas profits and would cap spending at 18% of GDP.
"Taxes are too high, too complex, and too riddled with special interest loopholes," his plan is so simple that Americans will be able to "file their taxes on a postcard," Perry wrote in the Wall Street Journal.
In reference to Mitt Romney’s plans to jumpstart the economy Perry said,"Others simply offer microwaved plans with warmed-over reforms based on current ingredients. Americans, however, aren't searching for a reshuffling of the status quo, which simply empowers the entrenched interests. This is a change election, and I offer a plan that changes the way Washington does business."
Critics of Perry’s 20% plan say that the top 1% would be paying less than they are now.
Along with the flat tax, in order for Perry’s plan to succeed, Americans must be willing to raise the age to receive Social Security and Medicaid benefits, and those in higher income levels must agree to either receive less in benefits or none at all.
Perry is determined to raise his percentage in the GOP poles, where he took a big hit during an early debate when he defended his approval of offering the children of illegal immigrants a break on college tuition in Texas.
Perry has been going after the jugular with Mitt Romney; going head to head with him during debates, and pointing out Romney’s ‘flip-flopping’ in the media.
Will Perry’s 20/20 plan hold any water during the next debate on November 9th?
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