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Insights: The Perry Economic Plan: Getting on Board the Flat Tax Train
- The Perry Economic plan includes a 20% flat rate on personal and corporate income, an 18% of GDP cap on spending, and significant regulatory and entitlement reform.
- The Perry plan is somewhere between Romney’s cuts to a 25% tax rate and Cain’s to 9%.
- The flat tax/lower tax rate train is gathering traction. Obama will probably get on board sometime early next year and call for reductions along the lines of Romney, with a new top 25% top tax rate paid for by loophole closings.
- So 2013 may be a replay of 1986 when tax reform cut the top marginal tax rate to 28%. But it did not stay low for long.