Here are some highlights we are hearing about Texas Governor Rick Perry's economic plan -- specifics to be released tomorrow:
TAXES: 20% flat tax, taxpayers can choose the flat tax option or stick with the current system; no taxes on capital gains, death or dividends; mortgage interest, charitable and state and local tax deductions are maintained (phase out, I believe, for those making $500,000 or more) ; 20% corporate rate; territorial tax system; repatriation at 5.25%.
REGULATIONS: Regulatory moratorium; full audit of all regs passed since 2008; sunsetting of all regs unless Congress renews; regulatory budgeting by the agencies (required); searchable database of all government regs; repeals ObamaCare, Dodd-Frank and Sarbanes-Oxley regs on small business.
SPENDING: Spending capped at 18% of GDP; Balanced Budget Amendment with no tax increases; ends earmarks; PAYGO for new federal programs; freeze of federal hiring for a dedicated timeframe; no more bail outs; government shut-down protection.
Also big emphasis on entitlement reforms.
More specifics, corrections and analysis tomorrow.
Karen Kerrigan, President & CEO