Perry Releases Details of His Flat Tax Plan
Just a day before delivering a speech on his proposal for a flat income tax and plan to balance the federal budget, Gov. Rick Perry has released details in an Op-Ed in the Wall Street Journal.
You could read the piece for yourself, but it's getting late, so here are some bullet points to digest before you rest your weary head:
- Taxpayers would have a choice between a new flat tax rate of 20 percent or their current income tax rate
- The flat tax would preserve mortgage interest, charitable and state and local tax exemptions
- The plan lowers the corporate tax rate to 20 percent
- It sets the goal of a balanced budget by 2020
- Plan would cap federal spending at 18 percent of GDP
- The proposal bans earmarks
- Federal civilian hiring and salaries would be frozen until the budget is balanced
Tune into KUT 90.5 FM on your way to work tomorrow morning for a story on the balanced budget portion of this plan. And we'll have full coverage of Gov. Perry's tax and budget speech in Greenville, SC on Tuesday afternoon during All Things Considered and Wednesday during Morning Edition.