Perry unveiled his optional 20% flat tax, which keeps the mortgage and charity deductions (thus not flat), and I’m not sure I can even comment on it with a straight face.
The idea of selecting a 20% “flat” tax or use the old 60,000 page tax system is actually more absurd than Cain’s 9-9-9 plan that was ripped off from SimCity. At its core, the 20% flat tax is just a 15 point tax cut for wealthy people.
Any family filing jointly and making less than $69,000 a year AGI will end up on the old tax regulations. So there is no actual reduction of tax code. (Median family income is in the mid-40 thousand range).
At the same time, he says he wants to cut the budget by 10%, but doesn’t really say where and what he wants to cut.
It basically blows an even bigger hole in the budget and doesn’t simplify the tax code even though he is running around calling this a “Flat Tax”.
It’s the ultimate self contained flip flop.