So let’s say there were a 20 percent tax on income. A married-filing-separately taxpayer who makes around $74,000 right now pays 20 percent. So under Perry’s plan, people above that figure would be getting a tax cut. And obviously, the farther away from $74,000 you go, the larger, in real and percentage terms, your cut. And I hope the obverse has already occurred to you: yes, the lower earners would be in for sizable tax increases under the 20 percent plan. For example, a $25,000 earner would go from paying 13.3 percent to 20 percent, which is about a 35 percent increase, while our $1 million earner gets around a 46 percent decrease. And Kim Kardashian, forget about it. She’d pay a fraction of her current rates.
Rick Perry unveiled a flat tax plan of his own today. We’ve got an overview of what we know so far and a take on the plan from our Michael Tomasky (quoted above).
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