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Giuliani Unveils Tax Plan, Begins Florida Push
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ShareJanuary 10, 2008 7:47 AM
ABC News' Jan Simmonds Reports: An energetic and enthusiastic Rudy Giuliani campaigned in Florida on Wednesday, unveiling what his campaign is calling the “largest tax cut in the history of America,” and beginning his push to win what is becoming a something of a do or die primary set for January 29th in Florida.
After an hour delay and relocation of his speech due to a unspecified bomb threat, the former New York City Mayor walked into an airport hangar at the Melbourne International Airport where outlined the details of his plan before the press and about 50 supporters.
"Really what its ultimately all about, its about making this country a country in which we have prosperity for everyone, where people can dream their biggest dreams, where we reward success, where we don’t penalize success, and where we continue to be the leader of the world as a entrepreneurial country,” Giuliani explained.
The tax cut plan, which has multiple parts to it, begins by making the current Bush tax cuts, set to expire in 2010, permanent. Giuliani then vows to expand on President Bush’s efforts by also seeking to reduce the current six tax brackets to three. Those revised brackets would include a 10 percent tax on income up to $40,000, a 15 percent tax on income between $40,000 and $150,000, and all income over $150,000 would be taxed 30 percent.
In addition, he also would seek to reinstate the Research and Development Tax Credit, cut the corporate tax rate from 35 to 25 percent, and cut the capital gains tax from 15 to 10 percent.
As he has stated several times over the past months on the trail, the Giuliani Tax Cut Plan would include his promise to give the “death tax the death penalty.”
With a beaming Steve Forbes, a champion of the flat tax, at his side, Giuliani also unveiled his proposal to simplify the tax code.
If elected president, Giuliani vows introduce what he is calling the “Fair and Simple Tax (FAST) form”. The FAST form would allow taxpayers the option of filling out a single page tax form.
The document, which has only ten lines to fill out, would ask for taxation depending on your tax bracket as described above and allow for major deductions on mortgage interest, charity, state & local taxes, the child tax credit, the personal exemption and the Giuliani's health care exclusion proposal.
Giuliani promised that anyone would be able to fill out this form but that it also would not be required.
"I believe in giving Americans choices, giving them options,” Giuliani said. “After all it’s your money, its your choice. This form will save you a great deal of time and in most cases it will save you money."
According to Giuliani’s math, a family of four in Florida with a household income of $80,000 would save $2,207 on their federal taxes, a 24 percent decline.
Thursday Rudy Giuliani will take a one day trip outside of Florida to attend a FOX News Debate in South Carolina. But before departing the State at an evening rally in West Palm Beach with his wife Judith, at his side Giuliani urged the crowd for their support in these final 20 days before votes are cast in Florida.
"We got 20 days in which to do this, we got 20 days together to make sure that Florida counts.Florida is going to be important," Giuliani rallied his supporters.
"The democrats have boycotted Florida, so we get the next 20 days to win the primary, to have that become the springboard to winning the nomination, and then we will have laid the groundwork for what has to be done if you want to be President of the United States, you got to win Florida."
January 10, 2008 in Giuliani, Rudy, Vote 2008: Republicans | Permalink | User Comments (3)
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ok, so more tax cuts for the wealthy and corporate businesses will benefit me how. There has been no, NO corrolation between giving these breaks to businesses and having them expand domestically with new jobs or raising pay. The super rich are already paying less than 20% so reducing their taxes further will be of no benefit to the middle and loweer class. That $80K family would need to take every tax credit offered under the plan to get the savings listed. A single person who does not own a home or have a child will pay more than they pay now. Plus no deficit reduction plan from him. there is a trillion dollar war and occupation to pay for and a recession to recover from. Tax cuts aren't even a band-aid. Innovation and investment is the way. Be the country that takes the lead in getting off the oil standard.
Posted by: Louis | Jan 10, 2008 11:23:55 AM
Go Rudy Go! Tax cuts......yes!!!!
Posted by: It's GOP Me! | Jan 10, 2008 6:28:18 PM
Louis,
Businesses don't pay taxes. their customers do.
For example, taxes get raised on Big Macs. Currently, the tax is 25 cents, and now it's going to be 50 cents. McBigMac's profit on such an item is 5 cents. Still with me? So now, with the new tax, McBigMac will lose 20 cents per sandwich. They sell 10 Billion of these sandwiches a year. What do you think McBigMac will do?
a. Stop selling Big Macs
b. Keep the price the same and take a 20 cent loss on each sandwich, thus losing their shareholders $2 Billion
c. Charge more for the sandwich to cover the higher tax.
d. Raise the price of fries.
e. You tell me what they'll do.
Why is it that people who say that what happened to Bill in the Oval Office with Monica say, "It has nothing to do with me" complain about the "Super Rich" getting a tax break?
Logically speaking, if the Super Rich got a year off from taxes, what would happen to your paycheck?
How much exactly should the rich pay? Should they pull from their disposable income to pay that extra, of from income used to run their businesses, or from their employees' raises this year?
One last thing. I do know some rich people. they are that way because they worked hard, and the luck they have is because of hard work meeting with opportunity. In their businesses, guess who is the last to get paid? They are. When I go to their million dollar houses, I respect what they have done, and ask them to teach me how they did it. They always do. Another thing they tell me is that when I fail at something, there is a lesson to be learned.
Maybe you've had a bad expereince with a rich person, or maybe you listen to poor people too much. However, if I wanted to golf well, I'd listen to Tiger Woods, rather than some guy who sits on his couch watching the news.
Regarding your assessments of tax cuts, I am all with you. They aren't a band aid. the whole system is corrupt. The tax system takes your money, and makes you justify getting it back. You earn $3000/month, and the government takes about $600 of it to use. Then, in April, you have to justify why you deserve to get the money back. Try this the next time you buy a car that has a rebate attached to it:
You go into the car lot, and they tell you the car is $30,000 with a $3,000 rebate. You drive the car off the lot, and a month later, you ask for the rebate form, and on it it asks you questions like:
How many kids do you have?
Did you use this car for charity work?
Do you have a farm?
Did you use this car for church?
As you answer these questions, you find out that your rebate is $3,120, but your friend, who bought the same car got $5230 back, just because he has more kids and a garage to park it in.
The current tax system is a control freak's dream.
Repeal the 16th amendment and make the tax system truly fair.
and AMEN, BROTHER!!! Let's use hydrogen instead of oil. who cares about Saudi Arabia and Iran after that.
Posted by: Alexander Hamilton | Jan 10, 2008 6:45:18 PM
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