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Giuliani Takes Tax Plan to Congress
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ShareJanuary 23, 2008 6:30 PM
ABC News' Jan Simmonds Reports: In an attempt to push his tax plan into immediate action, Rudy Giuliani announced today that a congressional delegation has taken up his proposal and will introduce
it as a bill in both houses of congress.
Giuliani said his plan would be "exactly the right kind of stimulus for our economy right now."
"It would be a positive one, an optimistic one. It would paint a picture that America is growing," the former New York City Mayor added. "I do think however it should be combined with some significant programs for reducing civilian government spending."
The bill, entitled the Fair and Simple Tax Act (FAST Act) has several Republican House members as its co-sponsors including Rep. David Dreier, R-Calif., Republican Whip Roy Blunt, R-Mo., and Republican Chief Deputy Whip Eric Cantor; the Senate version of the bill is being introduced by Senator Kit Bond, R-Mo.
Among the steps the current version of the FAST Act takes is the creation of an optional single page Tax Form that, among other things, cuts down the number of tax brackets to three from the current six.
FAST would also eliminate the death tax, adjust Alternative Minimum Tax for inflation, reduce the capital gains rate from 15 to 10 percent and reduce the corporate income tax rate from 35 to 25 percent.
When asked what Giuliani would do to help the bill get approved by congress he said he would be guided by the congressional delegation for how he can assist.
"A lot of it are my ideas, they may have some ideas of their own. It's really their legislation," Giuliani said. "I would kind of say I sparked it. That my ideas are the core of it. But they may have ideas of their own. They may have strategies of their own about how to get this done."
The campaign is hoping that a mix of his tax plan and his support of the National Catastrophe Fund will help push him to a win in Florida.
Speaking at his last event of the day in Fort Myers, Giuliani touted his chances there.
"We're gonna surprise everyone and we're gonna win big," he said. "Florida is gonna catapult us to the nomination."
January 23, 2008 in Giuliani, Rudy, Vote 2008: Republicans | Permalink | User Comments (2)
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First, shame (make that SHAME!) on ABC for referring to the estate tax as the "death tax." There is no "death tax" in the US and there never has been. Such Orwellian abuse of the language is at least partly responsible for the fact that the average tax payer believes that the estate tax will apply to them when in fact it only applies to estates valued at millions of dollars, represents a tax paid by the heirs and also represents tax paid largely on capital gains from real estate, stocks and bonds on which no tax has been paid and which would be taxed if sold during the lifetime of the person(s) who left the estate.
Second, haven't we had quite enough shifting of the tax burden to the lower and middle classes? Reductions in capital gains taxes benefit the best off among us and do little or nothing to help the masses.
Third, how about news organizations calling these people on their own Orwellian BS. Fair and Simple? No. More like "standard Republican con game" tax act. I guess SRCG just doesn't have the same ring as "FAST"...
Posted by: Roman Berry | Jan 23, 2008 7:01:37 PM
If you want to end the transfer of wealth from the poor to the rich... End the Federal Reserve's right to print money. And devaluing the dollar. Has common sense become too radical these days? Otherwise nothing changes. And our wealth will continue to evaporate every time the Fed prints more money, and encourages more borrowing with the falling interest rates.
Posted by: ick! | Jan 23, 2008 7:34:10 PM
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