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Friday, July 20, 2018

Republican presidential candidate Texas Governor Rick Perry released a 20 percent flat tax plan — he called it “Cut, Balance, And Grow” — on Tuesday that if enacted would provide massive windfalls for the wealthiest Americans, privatize and shrink entitlement programs, all while gutting federal revenues and thus paving the way for more cuts to social programs.

Speaking to conservative primary voters in Gray Court, S.C., Perry cast his as a bold and unconventional approach that would shake up the status quo and grow the economy. And to be sure, the proposal, which includes raising the retirement age for Social Security and big cuts to Medicare, would arrive with a bang on Capitol Hill, where a Social Security privatization scheme like the one he offers was rejected when George W. Bush offered it to a Republican Congress in 2005.