Rudy Giuliani Unveils His Tax Plan
Cross Posted from the FullosseousFlap's Dental Blog
Mayor Rudy Giuliani sat down with the Fox Business Network’s Neil Cavuto and talked about his plan for the biggest tax cut in American history. In addition to cutting the capital gains from 15% to 10% and slashing the corporate tax from 35% to 25%, Rudy said that his plan would provide much needed tax relief for individuals across all income levels.
Again, some of the specifics:
- Make permanent the bush tax cuts NOW…not in 2010
- Permanently index the alternative minimum tax (AMT) and then eliminate it when practical (no timetable)
- Get rid of the Death Tax
- Lower the capitol gains and dividend rate to 10% and index to inflation. (Here is where he could go further and actually eliminate the capitol gains tax)
- Lower corporate tax rate from 35% to 25%
- Trio of tax free savings accounts – Roth style – available to ALL income classes
- Tax simplication strategy – one page tax return
- Three rates – 10% (40k), 15% (150k), and 30% (150k )
Even more details of the Plan are here.
Pat Toomey of the Club for Growth has praised the plan:
“Giuliani’s tax cut plan will encourage capital formation, and capital is the key driver of productivity, higher wages, and a better standard of living for all Americans,” Mr. Toomey continued. “He does that by not only lowering the capital gains and dividends rates, but also by indexing capital gains to inflation. Also, the Mayor’s plan dramatically lowers marginal tax rates at the personal and corporate level, which will encourage a significant burst of economic activity and growth.”
“The current U.S. tax code is a monstrosity of inefficiency and deterrence, with some of the highest corporate tax rates in the developed world and a tax code that totals more than 66,000 pages. Mayor Giuliani’s tax cut proposal today would dramatically move the American tax code and economy in the right direction. This is exactly the kind of plan economic conservatives should embrace.”
And, what Flap likes are the lowering of the marginal rates and the optional filing of the FAST (Fair and Simple Tax) form. If your taxes are lower using the conventional 1040 then you have the option every year to choose the method of filing that is the best and lowest for you.
Steve Forbes comments on the tax plan in the following video: