GOP presidential candidate Jeb Bush is unveiling a simplified tax code with only three tax brackets that he says he will introduce to Congress if elected.
Bush's plan, which he wrote about on The Wall Street Journal's website
Tuesday, would cut the seven current tax brackets to these three: 28 percent, 25 percent and 10 percent.
The plan, which he's dubbed the Reform and Growth Act of 2017, has three major goals:
- Lowering taxes and making the tax code "simple, fair and clear."
- Eliminating the "convoluted, lobbyist-created loopholes" in the code.
- Cutting the corporate tax rate from 35 percent, which is the highest in the industrial world, to 20 percent.
Among Bush's other claims for his plan:
- Fifteen million Americans will no longer bear any income-tax liability.
- The standard deduction of two-thirds of all filers will be doubled.
- The marriage penalty is eliminated.
- The Earned Income Tax Credit is expanded.
- The "death tax" is ended.
- The Alternative Minimum Tax is ended.
- Charitable contributions are capped for the wealthy.
- Corporate "inversions" will end.
Bush said he knows cutting taxes will improve the economy because it worked when he did it as governor of Florida.
"The state's economy took off, growing at an average rate of 4.4%, he wrote. "Households saw bigger paychecks as median incomes rose by an average of $1,300."
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