{"id":6212,"date":"2011-10-26T00:01:53","date_gmt":"2011-10-26T07:01:53","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/2011\/10\/26\/just-another-tax-cut-for-the-rich\/"},"modified":"2011-10-26T00:01:53","modified_gmt":"2011-10-26T07:01:53","slug":"just-another-tax-cut-for-the-rich","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/10\/26\/just-another-tax-cut-for-the-rich\/","title":{"rendered":"Just Another Tax Cut for the Rich"},"content":{"rendered":"

As much as Republicans claim to want to reduce the deficit, it is easy to prove that claim a lie, because every economic plan Republicans suggest would have the exact opposite effect.  Their plans all have one thing in common.  They slash Federal receipts, greatly increasing the deficit.  Rick Perry\u2019s flat tax plan is no different.  It\u2019s just another tax cut for the rich.<\/font><\/p>\n

\n

\"26Perry\"The tax plan put forth by Republican presidential candidate Rick Perry<\/a> would mean a significant reduction in how much money the government takes in<\/strong>, an independent economic expert said Tuesday. <\/p>\n

Perry is offering taxpayers two choices – either stick with the current tax system or opt into a new system in which they pay a 20 percent flat income tax. That incentivizes those who would pay less under the current system to stick with it, and those who would pay less under the flat tax plan – largely Americans on the upper end of the income scale – to opt for the new plan. <\/p>\n

That would add up to a "substantial" decrease in revenues, says Ted Gayer, the co-director of the Economic Studies program and a Senior Fellow at the Brookings Institution.<\/p>\n

Perry has yet to lay out all the specifics of the plan, which makes it difficult to estimate its full impact. But "it’s clearly going to be a reduction in revenues, I think fairly substantial," said Gayer. Many conservative Republicans want to reduce the role of government in society in part by starving it of funds<\/strong>.<\/p>\n

In addition to allowing Americans to stick with the current tax code, Perry is maintaining a number of deductions under his flat tax plan, including deductions for home mortgage interest and donations to charity. That cuts against one of the key benefits of a flat tax plan. Proponents of a flat tax say it works because it simultaneously makes the pool of taxpayers larger and makes more kinds of income taxable by eliminating deductions, a concept referred to as "broadening the base." The broadening is diminished under Perry’s plan because many of the current deductions are kept in place\u2026 [emphasis added<\/em>] <\/p>\n<\/blockquote>\n

Inserted from <CBS<\/a>><\/p>\n

In addition Perry\u2019s plan eliminates capital gains taxes and estate taxes.  Hedge fund millionaires who now pay only 15% will pay nothing at all.  <\/font>Ed Schultz covers this item and Perry\u2019s flirtation with birtherism with Jim Moore and David Kay Johnston.<\/font><\/p>\n

<\/embed><\/object><\/font><\/p>\n

Visit msnbc.com for breaking news<\/a>, world news<\/a>, and news about the economy<\/a><\/p>\n

Of course, to make his plan revenue neutral, Republicans would be forced<\/em> to slash spending on everything but corporate welfare.<\/font><\/p>\n

The bottom line is that Republicans insist on lavishing such extreme political luxuries on the 1% that the 99% cannot afford to have them in office.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

As much as Republicans claim to want to reduce the deficit, it is easy to prove that claim a lie, because every economic plan Republicans suggest would have the exact opposite effect.  Their plans all have one thing in common.  They slash Federal receipts, greatly increasing the deficit.  Rick Perry\u2019s flat tax plan is no […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-6212","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=6212"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/6212\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=6212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=6212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=6212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}