Tuesday, October 25, 2011

Tax Nirvana

I'm cannot claim I'm a Rick Perry fan, but his announcement today about a flat 20% tax while maintaining or expanding existing deductions is making me salivate.  He was smart to put out a sample one-page, official-looking tax form to show how easy it would be for a typical family to file their taxes. 

One thing that worries me about his plan is that he wants to eliminate the social security tax.  With so many Gen X folks having paid so much into SS, eliminating the tax would seem to hasten its demise, robbing us of benefiting from a lifetime of contributions.

In any case, this should help move the tax debate along, which is always a good thing.


BeachBum said...

If he's going to eliminate SS, then we should get back what we've put into it at this point.

I could use that cash. Put it into my savings account or 401K.

Rob said...

What a windfall that would be. Might even be able to retire early.