When Herman Cain proposed his 9-9-9 plan, many conservatives became energized, despite their misgivings with the fine print of the plan.  It wasn’t so much the details of the proposal that excited the base, as most conservatives intuitively recoiled from a consumption tax; it was the boldness of the plan that resonated with them.  Cain’s 9-9-9 brought some excitement to a race that was defined by a frontrunner who offered 160 pages of banal fluff.  Nevertheless, his plan was too flawed to be utilized as a viable rallying cry in the general election.  Perry appears to have proposed both a viable and bold economic plan, albeit with some inevitable flaws.

Here is a synopsis of all of the major components.

Tax Plan

The centerpiece of the plan is a flat individual income tax of 20%.  This would serve as a vehicle for massive economic growth, as it offers a huge tax cut for job-creators who currently pay as much as 35%.  However, unlike the traditional Steve Forbes flat tax, this proposal would keep the deductions for mortgage interest, charitable contributions, and state and local taxes for those earning less than $500,000 (over 99% of taxpayers).  It would also offer a standard deduction of $12,500 per household members.  Consequently, a family of four earning $50,000 would have a zero tax liability.  Update: Phillip Klein reports that the employer tax exclusion for healthcare would remain until Obamacare is repealed.

Moreover, the entire system would preserve the option to remain under the current tax code.  As such, the 47% who have zero tax liability and the 29% who have a positive tax liability (as a result of the EITC and Additional Child Tax Credit), would have no incentive to move to the flat tax.  Accordingly, there would be two shortcomings to this plan:

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