Posted by Tina
Jeb Bush has fallen in the polls of late. His campaign needs a jump start. Will his tax plan, released today, make him more attractive in the contest? I know the business world would welcome these changes…But are the American people willing to take a risk that these ideas will work for them? I certainly hope so after the last seven years of job and wage stagnation.
National Review posits that Bush’s plan “focuses on alleviating the current economic maladies of anemic GDP growth, stagnant middle-income wages, and rising income inequality.” Highlights from the Bush plan taken from the NR article:
Cut the U.S. corporate-tax rate from 35 percent to 20 percent
Keep the current 20 percent capital-gains tax rate and remove the 3.8 percent surcharge imposed by the ACA (Obamacare).
Change U.S. corporations from worldwide taxation to territorial taxation. Corporations would only pay US taxes on their domestic income – offers further incentive to keep jobs and pay taxes in the U.S.
Encourage real, long-term investment over excessive debt-financing and accounting manipulation by fundamentally changing how business income is taxed – remove the tax deduction for interest payments and exempt companies from paying taxes on major capital expenditures such as buying property and equipment.
I don’t know what other ideas Bush may have for Americans but I do know that this offers them exactly what they need in the immediate future…an economic boost and JOBS! It worth considering as we look at the candidates.
Source article and opinion at: National Review.