I have one big point to make before I leave you with this long, long graph depicting average federal tax change (the Y-axis) by cash income level (the X-axis): This graph shouldn't be a surprise to anybody, including Perry. He and Herman Cain have both proposed flat-ish taxes that exempt investment income from taxation. The inevitable result of this decision is a huge tax break for the wealthy. If you think they've earned it, you're welcome to make the argument. Just know that a $500,000 tax cut for millionaires isn't a bug of Perry or Cain's tax plan. It is the plan.
***The idea for this graph is shamelessly lifted from the Center on Budget and Policy Priorities, via Jared Bernstein, who produced a similar look at Herman Cain's 9-9-9 tax reform plan. Do note: This following graph includes tax increases on the bottom 20 percent that would be alleviated under Cain's modified plan.
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