PERRY V. CAIN: TAX REFORM V. SIMPLIFICATION – LUNCH ALERT!

By Dick Morris on November 2, 2011

Dear Friend,

In this video commentary, I discuss tax reform versus tax simplification. There’s a big difference between Cain’s 9-9-9 and Perry’s flat 20% tax. One is a bold move that will stimulate massive growth. The other is an accounting reform that will make tax preparation easier. I’ll take you through it. Tune in!

Click Here to give me your thoughts and continue the discussion.

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Thanks for watching,

Dick

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Please leave a comment below - I would love to hear what you think! Thanks, Dick
le: Electric Carts and Wheel Chairs might not be important to them, if they are expensive.
c. Each Personal Account will have a Line of Credit, backed by Group Insurance to be used in case the Bread Winner is unemployed for any reason. Employers would not be responsible to pay Unemployment Insurance.
d. Each Personal Account will also have Life Savings Insurance to cover the possibility that a person might pass away, owing legitimate Medical Expenses.
d. Each Personal Account will have Group Disaster Relief Insurance that is appropriate for the geographical area in which they live. This insurance would be contingent on the person having taken necessary steps to avoid loss. Homes in 100 year Flood Prone areas would need to be put up on appropriately high stilts or be able to float within the property line. Homes in Tornado or Hurricane areas would need to be built to survive typical conditions for the area. Earth Sheltered Homes would be desirable.
e. Each Personal Account will be credited, on the first of each year, with the amount that is determined to be the tax that would be necessary for a person in Poverty to pay for essential goods and services for the year. This fits the Official Fair Tax Plan.
Note: Money used from any account will reduce the balance that is accumulating interest. So, purchases will cost more than the actual sales price; impacting the net worth of the Family or Individual. This should be an incentive for people to be “Frugal”.

4. The long awaited “Cashless / Checkless Society” would be implemented to permit the new Personal Responsibility System to operate.
a. It will be a crime to pay anything with Cash; avoiding Federal Consumption Tax. A system will be established to permit purchases from individuals, using Automated Clearing House (ACH) Transfers. Paying in cash would be considered Tax Evasion.

5. All discretionary purchases and services will be made with funds from the Family Operations and Savings Account; where all income will be deposited, directly from an individual’s Business, Employer or other Source.
a. A Family Operating Account will be in the same institution; but, funds will only be disbursed to the Product or Service Provider and for payments to any loans that might be opened in the Account Owner’s name.
b. A Medical Savings Account will be in the same institution; but, will only be available to the account owner to pay legal bills when they are eligible for reimbursement. The current system does not encourage people to limit their Medical Expenses to a reasonable level. There is a need for people to have an incentive to keep their Medical Related Costs to a minimum. A sliding scale 20% reducing to 10% out of pocket, CoPay will be required for all disbursements less than $100; 10% reducing to 1% for those between $100 and $1,000 and 1% reducing to 0% for those between $1,000 and $100,000. All Legal Medical Related Services, Procedures and Products will be eligible for payment from the Medical Savings Account. This will include Homeopathic, Chiropractic, Kineseology and Off the Shelf Medications and Dietary Supplements recommended by Licensed Practitioners.

6. The Financial Institution would handle all personal transactions and payments, at the direction of the Account Owner.
a. The appropriate percentage of a purchase would be assigned as the Individual’s Federal Tax Responsibility. This is currently estimated to be 30% added to any purchase price.
b. An appropriate percentage will be designated, based on prior basic living expenses, for Employment Insurance to use during emergencies such as loss of Employment or Business Income.
c. An appropriate percentage, considering the number and ages of Family Members, will be designated for Medical Savings and repayment of any Medical Line of Credit balance.
d. An appropriate percentage will be designated for Life Insurance, Emergency Savings and basic Retirement Income.
e. An optional percentage can be designated by the Account Owner to fund a special Retirement Account, to permit living at a more than basic life style.

7. Upon Death of an Account Owner:
a. Balances and Insurance Proceeds remaining in Life and Medical Savings Accounts would be apportioned to accounts of a person’s surviving Heirs.
b. Balances in accounts of persons with no Heirs will be accumulated as a Credit to the Federal Program and administered by the Social Security / Medical Authority, as required by truly indigent persons. These people can be identified by the fact that they have spent less than what is considered to be a poverty level of consumption. The Poor, by this definition, must be assisted by “a Case Worker”, to assure they are properly managing their lives and any possible income.
c. Each Indigent Account Owner will have an individual account that is funded by the Government and administered in the same way as the other accounts; including Federal Tax Payments for goods and services.

8. Family Farms and Family Business Owners might have special accounts to assist them to be successful in their operations.

Direct any questions about the above, to Richard A. Leonard – raltucson@cs.com

Outline as of October 25, 2011.

  • Eljachin on November 2, 2011 1:01 pm

    Mr. Morris.

    Do me a favor and make a short little video about “Dubs Goes to Washington” so we can post it around on Facebook and our websites. I could cut one of these short videos up, but I would have to get your permission and it wouldn’t be as good anyway.

    Make a quick little commercial and we will start spreading it around. If you already have one let me know where it is at!

  • rdk36532 on November 2, 2011 1:24 pm

    Perry will debate or drop out.
    Perry’s plan will not collect adequate revenues.
    Cain’s plan is regressive unless we believe that the price of a loaf of bread will immediately drop. It won’t.

  • Kenny12554 on November 2, 2011 6:41 pm

    Dick, you are ABSOLUTELY one of the most gifted men I have ever observed. With regards to Cain and the allegations of sexual harrassment against him, I believe this is a GOLDEN OPPORTUNITY for Cain (should he actually be elected) to demonstrate to the nation HOW he would (and will) deal with a crises when it arises. He is clearly in “crises mode” and now the American People have an opportunity to observe the way he manages it.

    I believe that he CLEARLY stumbled when he injected the remark about the “rock” on Perry’s property or hunting lease…or “wherever” it was. Cain (more than ALL of the other candidates) SHOULD HAVE TAKEN THE MORAL “HIGH ROAD” ON THAT SITUATION AND SIMPLY COMMENTED: “Well, for starters I wasn’t there, this is not something which concerns me or my campaign and I will simply say that I believe Gov Perry to be an honorable man and very capable politican and candidate. I wish him the best and hope he is able to quickly get this behind him for the good of our party and country. We need to be focused on FIXING this great country, and things such as this serve no purpose other than to distract our attention away from the REAL issues!”

  • Kenny12554 on November 2, 2011 11:34 pm

    Dick, do you know how to DESTROY the USA without ever firing a shot?

    1. Slowly begin taking away the manufacturing base such as the steel
    industry, auto industries, clothing, oil, space industry,

    2. Slowly begin infiltrating the country with “illegals.”

    3. Slowly begin “de-valuing” the American currency.

    4. Slowly begin LOANING MONEY to the USA until it virtually IS
    COMPLETELY UNABLE TO REPAY IT’S DEBTS.

    5. Slowly begin doing everything possible to assist getting LIBERAL
    politicians elected.

    6. Slowly begin introducing “CLASS WARFARE” into the country.
    (Divide and conquer.) (Occupy Wall Street)

    Then all of sudden, around the 2011…America will NO LONGER EXIST BECAUSE EVERYTHING HAS BEEN “MORTGAGED TO THE HILT” WITH NO ABILITY TO REPAY, NO EMPLOYMENT BASE, NO MANUFACTURING BASE, AND OUR CURRENCY IS ALL OF A SUDDEN “WORTHLESS.”

    Who needs bombs?

  • chaschl on November 7, 2011 4:43 pm

    Dick, you say you are not endorsing any candidates, but they are not getting equal time on your videos. Looks like endorsement to me! Well, to be fair, we’ve also heard from Bachmann on your videos, but I want to hear your questions posed to Gingrich and Santorum. I’m not personally interested in Romney or Paul, but I wouldn’t be against them getting equal time here.

    At least let us know that you’ve invited them all with the same fervency.

  • chaschl on November 7, 2011 4:48 pm

    Want to see a comparison of tax plans? Check out http://www.newt.org/news/lets-bump-plans-comparison-gingrich-and-perrys-flat-tax-plans

    No comparison to 9-9-9 yet, but this is a good, simple look at the plans!