Rick Perry's tax plan would raise taxes on most households, cut taxes on millionaires by hundreds of thousands of dollars, and reduce government revenue by about $600 billion in 2015, according to new analysis from the Tax Policy Center.
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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