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Thompson's Tax Plan Would Offer Flat Tax option
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ShareNovember 25, 2007 4:03 PM
ABC News' Christine Byun Reports: GOP presidential hopeful Fred Thompson released a seven-point tax proposal on Sunday, which includes giving taxpayers the option of paying a "flat tax" instead of the current system.
The alternative would be based on two rates: 10 percent for joint filers with incomes of up to $100,000 ($50,000 for singles) and 25 percent for those with incomes that exceed that. His plan also includes making President Bush’s tax cuts permanent, which are due to expire at the end of 2010. Thompson argues the tax cuts promoted "growth despite the war on terror." He also wants to repeal both the death tax and alternative minimum tax.
"My plan allows Americans to have greater control of their own money," the former Tennessee senator said in a statement.
In terms of businesses, Thompson plans to lower the corporate tax rate to "no more than 27 percent," which he hopes will drive up the country’s international competitiveness. His proposal also entails "permanently" extending small business expensing and updating depreciation schedules to match technology.
In a Sunday morning talkshow interview, Thompson was asked how he would cut federal spending to make up for the revenue loss from his proposed tax cuts, the candidate touted his social security plan as saving trillions of government dollars.
"In the long run, the government would come out ahead, a person would have a nest egg at the end of his retirement time," Thompson said on Fox News, of his social security plan which includes government matching funds and indexing benefits to inflation. "It will save the government 4.7 trillion dollars at the end of the day … the spending is going to have to be addressed on the basis of our entitlement difficulties."
November 25, 2007 in Thompson, Fred | Permalink | User Comments (2)
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the flat tax option might be something to look at even if it has to be tweeked a little. to fix social security just raise the tax from 7.65% to 8% and dont cap the amount at 95,000. make it unlimited. dont start penalizing people because they are under 58 years old. leave the stock market for the 401 and 403 plans not social security. thanks for your time
Posted by: bill duford | Nov 26, 2007 6:14:36 PM
What Thompson as well as everyone else needs to do regarding tax is to back the FAIR TAX ACT of 2007. This is a very well thought out proposal now endorsed by more than 60 Congressmen and four of the presidential candidates as well as many prominent economists.
Posted by: gc | Nov 27, 2007 4:36:21 AM
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