Rudy's New Tax Plan
Matt Lewis:
As Rudy's campaign manager told me the other day in New Hampshire, Rudy Giuliani has a strategy to stay relevant between now and February 5th. Today he unveils his tax plan -- and boy what a plan it is!
Here are a few of the things Rudy's plan would do:
... 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 ).
It’s an optional tax plan. You can pick it or the current tax code. Unlike Thompson plan, you can opt in and out any year. For major deduction remain:
- Mortgage
- Charitable
- State and Local taxes
- Child tax credit
According to one economic expert I talked to: "This plan would be huge. It would be 4% of GDP. By comparison, GWB tax cut was 1.3% of GDP. Reagan’s was 1.9% of GDP."
Labels: Election 2008, Rudy Giuliani, taxes
posted by The WordSmith from Nantucket at 1/09/2008 11:29:00 AM
5 Comments:
Dang Word,
You are on a roll!
I do LOVE Rudy's Tax Plan :-)
I'm still Rudy's number 1 fan. He had me on 9/11. I wish I was more secure in his being able to get to the nomination. I think there are too many farther right than me that will deny him the vote. It's a shame.
He knows taxes, that's for sure. Someone who wants me to keep my money? What a novel idea.
Let's see if he can sell it.
I like Rudy's tax plan, sounds good to me.
The Fair Tax proposal that Huckabee is touting isn't workable. Imagine this; you go out to buy a car for 20k, your State sales tax (in PA 6%) on 20k is $1200. That now makes the car $21,200 now they go down to the line that adds the federal fairtax of (I think the Huckster said 23% but lets make it 20% for arguments sake.) That car now will cost you $26,076.00. That's $4876 in federal taxes you just added onto to the original 20k price tag. That's just on a car, imagine all the other things that you need to buy during the year and it will quickly add up to much more than you have paid if Rudy's lower income tax rate was in effect.
Thanks for this, I'm printing this off to use for the radio show and may even use the you tube clip on the air.
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