I believe the average taxpayer ends up paying 9% of their income in federal income taxes. As a group, the top earners (I'm talking top 3%-ish) pay 14-19%.
Don't confuse that with "tax rates." The richies might have a 35% tax rate - but that is on the adjusted income. Perry's plan leaves in some deductions, so there would be some math involved...
The plan does do a few good things, that ALL REPUBLICANS, and FISCAL CONSERVATIVES should focus on:
- Get rid of the Estate Tax
- Minimize the Capital Gains Tax
- Reduce the Corporate Income Tax, while getting rid of loopholes
- No taxes on Social Security
The Bottom Line: At current spending levels - the only flat tax that would balance the budget...28%. We have a spending problem, not a revenue problem.