Republican presidential candidate Rick Perry has entered the flat tax sweepstakes.
Mr. Perry is hoping his 20-20 flat tax rate will resonate as widely as Herman Cain’s “9-9-9″ tax plan, which features a 9 percent sales tax, 9 percent personal income tax, and 9 percent corporate income tax.
“This is a change election, and I offer a plan that changes the way Washington does business,â€
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But on his way to simplifying the tax code, Perry says, he wants to let Americans choose their tax rate: A taxpayer can opt for the 20 percent flat tax – with certain deductions – or stick with whatever rate he or she is currently paying. To quote a well-known ad jingle, “have it your way.”
For people who opt for the flat tax, says Perry, filing will be as simple as mailing in a postcard, saving a collective $483 billion in costs associated with complying with the federal tax code.
On the postcard is room for deductions for home-mortgage interest, charitable giving, and state and local taxes, for those making less than $500,000 a year. At the same time, the standard individual exemption would jump from $3,600 to $12,500.
That
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