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FOX News Contributor Monica Crowley discusses the proposed tax-reform plans by the 2012 GOP presidential candidates.
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While the follow the money out air borne the battle of the jobs plan is on the tax plans Rick -- 20/20 verses from -- 999.
In I've been talking to the terminator all year about jobs and tax reform -- Fair taxes ideally where this country ought to be.
But if I were president and some -- brought me legislation for a single rate flat tax -- -- in a heartbeat.
And in his new book this is Herman Kane he's kind -- not to mention me by name referring to my suggestion to encourage companies to repatriate foreign profits mister -- says quote.
It's -- estimated that as much as three trillion could come back according to our point of Fox Business thank you mr.
Kane.
-- one class act.
Joining us now is Fox News contributor Monica Crowley.
Monica and I need to know this was in the book to have the coveted book here I added you know -- -- out one -- -- -- -- one of our great fans join -- emails me last thanks all of you must know despite -- couple books out a couple of -- -- your -- had no idea.
But in fact let's talk about the the different tax plans out there we have -- -- he's talking 999.
With the repatriation.
Newt Gingrich has a plan who it's some literate Perry's plan.
Where is Rick Perry comes in 20% corporate profits 20%.
Personal income profits.
-- comes out -- -- a little bit so everyone seems to be interest at least on the right and it tax reform -- we can have tax reform we are.
Well I hope we're gonna have tax reform and the reason why Herman -- Rick Perry Newt Gingrich -- the others who have put forward.
Very bold.
Tax proposals like this the reason it's getting so much attention in recent it's getting traction.
And conservatives independents in a lot of Democrats recognize the need for series tax reform in this country.
It's because it's all focused on pro growth.
And here's why that's important Eric.
Because for the last couple of years and especially the last two and a half years of the Obama administration.
We've been focused on the need for serious austerity measures right cutting spending because spending has gotten so out of control it's now upwards of 25% of GDP.
So the conversation has really been about how do we bring in government -- -- we cut spending.
What these guys have done in putting out these various tax reform proposals -- say.
Women that's only half of the equation the other half of the equation it's getting this country moving again pro growth policies in you know what when you cut spending.
And you reduce marginal tax rates -- -- radical reform of the kind these guys are talking about you're gonna get so much more revenue coming into the treasury.
That you're going to see growth like you've never seen.
Let let's take a listen to the Perry and McCain plan this is does He -- guys stimulus.
Quality.
Visit William about Herman's.
Land this doesn't have a vat tax a value added tax and didn't have.
A national sales tax mean that's the biggest difference right there.
Americans do not trust Washington DC to have a new form of tax.
We think that I mean that the fair tax something we talked about quite a bit now that is a value added tax is a consumer tax consumption tax but He eliminates.
The personal income tax.
-- planned I love the idea of reforming tax but.
It gives you both little of both the people -- -- understand that even though you get both you price it.
Did the agri it is less than what you -- Now I love Herman -- respective so much she's a consummate gentleman he's a brilliant guy and I think what he's he's advanced here with 999.
Absolutely necessary to get the conversation started on tax reform.
The problem is and I you're alluding to this is that when you give the federal government and other revenue stream.
They never would keep the 2999 -- -- -- couple of issues here first of all what the revenue stream.
What the congress keep it at 9% or would -- -- the way it's gone up in Europe with the fat tax for example.
Part of this is.
What -- stick to 999 across the board.
Congress has to pass it that way but -- -- stay that way over time you know and -- -- -- -- 10101011.
Alive or Ireland.
You know morning Joseph trash Herman -- for this I've -- Al Sharpton -- -- -- came to this but the reality is.
They can move tax rates now they want to taken G it just is much work to -- -- -- 999 as it would to move the 35% top income bracket is.
Oh sure -- up that -- -- doesn't involve class warfare.
That's your tripping yourself on.
-- -- very interesting and I think very equitable in a lot of ways but again you know you've got a ravenous federal government.
And as represented by members of congress and so getting 999 put in place -- nine on -- and then kept is 999 is a whole different set of challenge.
On going have to leave it there we should note that Rick Perry's plan also has a spending aspect to -- -- this is you can't the government can't exceed 18% and that is so critical because the conversation has generally been about 20/20 1% of GDP -- saying no wait let's get it down to eighteen and in fact that much wherever possible 24% of GDP right now gotta -- you ought to Crowley for joining us.
