Campaign for America's Future 10/25/11
Rick Perry: Standing Tall For The 1%

Rick Perry’s Plan for the 1%

Today, Rick Perry released his "Cut, Balance and Grow" economic plan.

From his initial press release, this is clearly a plan designed for the wealthiest Americans.

Perry would eliminate the estate tax that applies only to the wealthiest multimillion dollar estates. He would offer a choice between a quasi-flat tax of 20% (with deductions for mortgages, charities and state and local taxes) or the current code, essentially providing upper income taxpayers with a choice on how best to get a massive tax break. If Warren Buffett wants to insure billionaires never pay lower tax rates than their secretaries, Perry wants to guarantee they will never pay higher rates.

He’d allow multinationals to return the trillion dollars in profits that they have closeted abroad at a 5% tax rate, a truly shameless corporate giveaway. He’d lower corporate taxes to 20% immediately, while “phasing out” corporate loopholes – good luck with that.

Then he would blow a hole in Social Security, providing young workers with a choice for private accounts. Since under the current plan, young workers pay for the benefits their parents’ generation receives, this would starve Social Security of significant income just when the boomers are retiring. He does not say how he would replace what is likely to be a trillion dollar shortfall over the next 30 years.