• Rick Perry Tries to Win Over Middle Class with Millionaire Tax Cut

    I guess everything really is bigger in Texas — even arbitrary numbers masquerading as tax policy. After Herman Cain surged in the polls with his catchy 9-9-9 pizza deal tax plan, fellow candidate Rick Perry decided to get one of them fancy tax thingies for himself, but with Texas-sized numbers.

    At a campaign stop in South Carolina today, Perry took a break from questioning the President's birth certificate to unveil his new Barbara Walters-inspired  "20-20" economic plan

    Against the backdrop of a plastics factory, Gov. Rick Perry held up a postcard-size form to illustrate the simplicity of his new flat-tax based economic plan.

    The code that Perry is proposing would feature a 20% personal income and corporate tax, the elimination of Social Security and capital gains taxes, and the preservation of popular deductions for mortgage interest and charitable giving.

    Presumably the "20-20" plan was named after the hindsight that shows what a terrible idea it is. Actually, the official title of Perry's agenda is "Cut, Balance and Grow." But, as Think Progress notes, like most flat-tax schemes, the only thing that will grow under Perry's plan are bankers' yachts…

    Perry’s plan would give the rich a huge tax cut, since it drops their rate from 35 percent to 20 percent and exempts their investment income from taxation at all. When CNBC’s John Harwood asked Perry today why — in an era of massive income inequality — the rich should be given a tax break worth "hundreds of thousands, maybe even millions of dollars," Perry replied, "but I don’t care about that."

    Well, at least he's being honest. Just imagine if all the Republicans were as candid as Perry. Newt Gingrich and Herman Cain would announce that they're just running for a Fox News time slot, Mitt Romney would open up to voters and show us his circuit boards, and Michele Bachmann would finally admit that she's just an elaborate hoax.

    Photo by Kayana Szymczak/Getty Images News/Getty Images

    Tags: Herman Cain, Primaries, Republicans, Rick Perry, Taxes


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