![]() ![]() Mortgage interest deductions, a sacred cow for homeowners, charitable contributions and state and local taxes deductions would be preserved. ![]() Tax think tanks are crunching the numbers over the next few days to evaluate its impact on income groups and tax revenues.įor those choosing the flat tax, Perry’s plan would more than double the standard deduction for individuals, to $12,500 from $5,950 for tax year 2012, retaining up to three individual deductions. Opinions on its benefits vary widely, largely influenced by the political perspective of the commentator on the appropriate role of tax policy to forward economic and social goals. His idea is to stimulate business and individual investment to boost economic growth. In sum, tax experts say the Texas governor’s plan would reward investment and savings over wage income, while avoiding many of the flat tax flaws that have doomed previous, one-size-fits-all tax plans. companies on a par with some of their top international global competitors. Low- to middle-income households would either see no change in their tax bill or a tax cut, as they would have the option of using the 20 percent flat-tax calculator or filing under regular tax rates while taking certain deductions.įor corporations, the current 35 percent tax rate would be slashed to the lowest level since 1939, putting U.S. While analysis of the Perry plan is still emerging, early reviews from liberals say it is a gift to the rich that will worsen the budget deficit, while conservatives say it will benefit business, investment and spur economic growth. WASHINGTON (Reuters) - Republican presidential candidate Rick Perry’s plan for a 20 percent top individual income tax rate would be the lowest U.S.
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