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hello, everyone. i m erin burnett. outfront tonight, a flat tax from presidential candidate, rick perry. it is time to pass a tax that is flat and fair and frees our employers and out people to invest and grow and prosper. he calls it flat. but the bottom line is it isn t really. the right word is sort of lumpy. here s why. a true flat tax would mean all americans start paying a flat tax of 20%. that s perry s rate on their income with no deductions. that s not how this works though. you keep your current rate or pick his new 20% rate. by allowing people to remain in their current tax bracket, americans will continue to pay different rates. there are six federal income tax rates now. perry s new plan, because we don t have a 20, will make it seven. that s lumpy. a poor flat tax doesn t allow for deductions, capital dividends, state and local taxes. we re joking a little. we all want bold ideas, and politically, you can t wake up and throw out and old system and go ....
employers and out people to invest and grow and prosper. he calls it flat. but the bottom line is it isn t really. the right word is sort of lumpy. here s why. a true flat tax would mean all americans start paying a flat tax of 20%. that s perry s rate on their income with no deductions. that s not how this works though. you keep your current rate or pick his new 20% rate. by allowing people to remain in their current tax bracket, americans will continue to pay different rates. there are six federal income tax rates now. perry s new plan, because we don t have a 20, will make it seven. that s lumpy. a poor flat tax doesn t allow for deductions, capital dividends, state and local taxes. we re joking a little. we all want bold ideas, and politically, you can t wake up and throw out and old system and go to a truly flat tax if you wanted one overnight. to tell you the truth, there is something appealing about this. the best representation in my plan is this postcard. t ....
outfront tonight, a flat tax from presidential candidate, rick perry. it is time to pass a tax that is flat and fair and frees our employers and people to invested and grow and prosper. he calls it flat. bottom line is it isn t really. the right word is sort of lumpy. here s why. a true flat tax means all americans start paying a flat tax of 20%. that s perry s rate on their income with no deductions. that s not how this works. you keep your current rate or pick his new 20% rate. by allowing people to remain in their current tax bracket, americans will continue to pay different rates. there are six federal income tax rates right now. perry s new plan because we don t have a 20 will make it seven. that s lumpy. a poor flat tax doesn t allow for deductions. capital dividends, state and local taxes. we re joking a little. we all want bold ideas and politically you can t wake up and throw out and old system and go to a truly flat tax if you wanted one overnight. to tell ....
reporter: it could continue beyond that point. here is the thing, some employers say the irs is telling them, go ahead, take larger chunks of everyone s paychecks until we get this all figured out. come january, all of us getting every american get ago paycheck will find out its much smaller megyn. megyn: what about the study that says lower income americans stand to be hardest hit if they don t get something done on capitol hill on this. reporter: there has been so much talk about the wealthy and tax cuts and how it will impact them. this is a new study out from the tax foundation, nonpart son, nonprofit group it looks at how tax policy affects all of us. they say it s a perfect storm in a bad way for the low-income people. this group is going to lose child tax credits, standard deductions, and their overall tax bill is going to go up. while top earners pay a larger tax amount, the low-income ....
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