Well, we now know that Jeb Bush supports cutting taxes:
First, I want to lower taxes and make the tax code simple, fair and clear. It should be easy to understand and make it easy for people to fill out their own tax forms.
We will cut individual rates from seven brackets to three: 28%, 25% and 10%. At 28%, the highest tax bracket would return to where it was when President Ronald Reagan signed into law his monumental and successful 1986 tax reform.
With this reform in place, roughly 15 million Americans will no longer bear any income-tax liability. The plan nearly doubles the standard deduction now taken by roughly two-thirds of all filers. It eliminates the marriage penalty, expands the Earned Income Tax Credit, ends the death tax, retires the Alternative Minimum Tax and ends the employee’s share of the Social Security tax on earnings for workers older than 67.
Second, I want to eliminate the convoluted, lobbyist-created loopholes in the code. For years, wealthy individuals have deducted a much greater share of their income than everyone else. We will retain the deductibility of charitable contributions but cap the deductions used by the wealthy and Washington special interests, enabling tax-rate cuts across the board for everyone. And while we’re doing that, we will treat all noninvestment income the same, so unless you stake capital in an investment, you won’t be able to claim the capital-gains tax rate on your market gains.
Third, I believe that the tax code should no longer be an impediment to the nation’s competitiveness with China, Europe and the rest of the world. Liberals will tell you that we need walls and tariffs to protect U.S. businesses from international competitors. The liberals are wrong; we need tax reform. To stop American companies from moving out of the country, I will cut the corporate tax rate from 35%—the highest in the industrial world—to 20%, which is five percentage points below China’s.
We will end the practice of world-wide taxation on U.S. businesses, which fosters the insidious tactic called corporate “inversions.†This is when small overseas companies buy big U.S. companies so that both can enjoy the lowest tax rate possible, costing American jobs and revenue. And we will assess a one-time tax of 8.75%, payable over 10 years, on the more than $2 trillion in corporate profits sitting overseas.
which is hardly surprising. I’ve complained before that Republicans only know one song: cut taxes.
I wish there were more in that plan about how he plans to pay for that tax cut. Since, presumably, defense cuts are off the table it doesn’t leave much and I see only the most oblique references to eliminating tax expenditures in that op-ed.
Since people in the lower income quintiles no longer pay income taxes, any tax cut is definitionally a “tax cut for the rich” so I expect he’ll be excoriated for this plan but it’s hardly a surprise.
IMO it’s time that we stopped using the tax code as our only economic plan.
I’m in agreement with you but he is at least implying that the tax cuts will be offset by closing loopholes. I assume that’s not nearly enough but I’m curious how far could it get us?
Without details it’s hard to say. Those may be forthcoming later but I wouldn’t bet the farm on it.
What good would details do anyone? Once it gets to Congress the details would change. While I’m not in favor of Jeb! or necessarily this proposal, candidates for the Presidency should be putting forth general statements of principle instead of detailed thousands point plans.
BTW, I’d like to hear, as part of a statement of principle on this topic, that a new tax system should attempt to be revenue neutral. Let’s reform the system and see how it works before deciding on tax increases or decreases.