Presidential candidate Rick Perry of Texas unveiled a plan on Tuesday to scrap the graduated income tax and replace it with a 20 percent flat rate while granting a major tax cut for the wealthy by throwing out rates as high as 35 percent and eliminating estate and investment taxes. Mr. Perry said his proposal would also offer benefits to middle-class Americans by giving a $12,500 deduction for every member of a household while preserving exemptions for state and local taxes, mortgage interest and charitable contributions for anyone making less than $500,000. He said anyone could still file under the current code, and he also pledged to lower the corporate tax rate to 20 percent, from 35 percent. “Taxes will be cut on all income groups in America,” said Mr. Perry, “The net benefit will be more money in Americans’ pockets, with greater investment in the private economy instead of the federal government.”
Sources: CNN and Washington Post
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