Perry Tax Plan Loses $1T: Report

Rick Perry’s proposed tax plan sure does cut something: the nation’s revenue. In a report released by the Tax Policy Center, a non-partisan agency, the GOP candidate’s plan was estimated to cost $995 billion in foregone federal revenue in 2015. The plan not only cuts revenue by 27 percent, but the after-tax pay of the top 0.1 percent would rise 37 percent in 2015, while the bottom 20 percent would only rise 0.6 percent. An official from the Perry camp said that all income groups would be “better off” with his proposal.