Tax Relief and New Economic Growth Plan Released
Nov 25th, 2007 by Ted Pibil
Today on Fox News Sunday, Fred releases his Tax Relief and New Economic Growth Plan.
Continuing his pattern of talking to voters about substantive issues, Fred’s Tax Plan offers a detailed blueprint for encouraging new economic growth and offers a stepping stone to fundamental tax reform.
National Review put it well:
It’s obvious why conservatives see something to like in Thompson. He has offered clear, conservative ideas on fixing Social Security, policing immigration, and expanding the military. We encourage the other candidates to follow his lead.
Fred’s tax relief plan “is based on a fundamental assumption that keeping tax rates low increases economic growth and enhances American competitiveness in the global economy. Increased economic growth will lead to higher wages and higher levels of employment in America. Equally important, lower taxes enhance the personal and economic freedom of all Americans by allowing them to keep more of their hard-earned dollars. Allowing Americans to control their own financial future has been integral to our nation’s economic success and strength since its founding, and is the key to our future.”
Here are three highlights:
- Reduce Corporate Tax Rate to No More than 27%.
- Help Small Businesses Grow and Innovate
- Expand Taxpayer Choice by allowing individuals to file a flat tax rate.
As always, let us know what you think.
UPDATE:
Rich De Graaf likes the taxpayer choice element of Fred’s plan:
Sign me up! I like it. If everyone has the option, I wonder how many will stay with the current system? ZERO! I am married with 4 kids. We would be able to make about $50,000 a year without paying a dime in taxes.
Here’s the part of the plan Rich is talking about:
The Thompson plan would give Americans greater choice about how to pay their federal taxes. This plan is based on a proposal developed by the House of Representatives Republican Study Committee that would provide taxpayers the option of remaining under the current, complex tax code or opting for a simplified, flat tax code. The simplified tax code would contain two tax rates: 10% for joint filers on income of up to $100,000 ($50,000 for singles) and 25% on income above these amounts. The standard deduction would be more than doubled to $25,000 for joint filers and $12,500 for singles. The personal exemption amount would be increased to $3,500. Therefore, a family of 4 would be exempt from income tax on the first $39,000 of income. The simplified tax code would contain no other tax credits or deductions. It would also retain the 15% tax rate on capital gains and dividends. This approach would dramatically simplify taxes for tens of millions of Americans. In addition, the larger standard deduction and personal exemption amounts will still provide significant tax relief to families with children. This proposal would serve as a stepping-stone to fundamental tax reform.
This is bold. What do you think about this?
If you like Fred’s plan tell your friends or donate to the campaign. Fred needs your support to make this plan a reality.
