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Perry's Got The Babe's Promise

Babe Ruth Called Shot.jpgBut is there any chance he can deliver?

Perry just hit the WSJ op-ed page with an all-things-to-all-conservatives economic plan. "Cut, Balance and Grow," promises "to scrap the current tax code, lower and simplify tax rates, cut spending and balance the federal budget, reform entitlements, and grow jobs and economic opportunity."

Well that should be easy enough.

Perry is pointing high into center field (or, in this particular simile, right field). Here are a few details:

Taxes

  • Individuals: Optional 20% flat tax rate or keep current tax rate (with $12,500 standard deduction). No death tax. No tax on Social Security benefits. No dividend or capital gains tax.
  • Corporations: 20% tax rate (down from 35%). 5.25% tax rate for repatriation. "Territorial tax system" which only taxes in-country income.

Spending

  • Balance the budget by 2020. Pass Balanced Budget Amendment. Cap federal spending at 18% of GDP. Freezes federal civilian hiring and salaries. Repeal ObamaCare, Dodd-Frank and Section 404 of Sarbanes-Oxley. Allowing personal retirement accounts.

Perry is, of course, vying for the right-pole position, with it's spectacular view of the Tea Party Express. He needs energy and is diving to the right (although all of his suggestions are entirely sensible - and perhaps entirely necessary). Whether they are at all plausible absent a miracle in the Senate is another matter altogether - and a question Perry should be asked by the press. In the inevitable failure to pass so ambitious a package, where would he focus? 

For the actual liberal media response, read the NY Times' Q&A with Perry. It reveals the liberal obsession with "tax cuts for the rich," or "income inequality." Watch for the media to make their class-warfare obsession the principal talking point against the GOP candidate.

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