Tax Plans like Rick Perry’s Proposed Flat Tax and Herman Cain’s 9-9-9 Plan Becoming Central Focus for the next Election

After the boost the 9-9-9 flat tax plan gave to Herman Cain’s run for the presidency, its really no surprise the Rick Perry is now making a 20% flat tax option the primary focus of his election campaign efforts.

Perry has been polling a distant third in many polls behind Cain and Romney, who have both been trading the lead. It was Cain’s proposal of a flat 9 percent national sales tax, a 9 percent flat tax on income, and a 9% tax for corporations, which propelled him from near the bottom of the pack, among GOP hopefuls, well into the spotlight.

Now, with the primary elections approaching, Rick Perry has announced his flat tax proposal. Perry’s plan, developed with input from Steve Forbes, would give Americans the option of filing taxes the way they do currently, or use a much simpler filing process which applies a flat 20% tax on personal income.

For those earning less than $500,000 per year, the standard deduction would be increased to $12,500. Perry also calls for and end to the ‘death tax’ which taxes estates after a person dies – money which was already taxed once, plus an elimination of taxes on Social Security benefits.

For corporations, the 20 percent tax would also apply. Additionally, Perry’s plan calls for the elimination of taxes on dividends and capital gains. The hop is that by to freeing up money, the corporations will have more capital to reinvest and expand, and hire more people.