Jeb Bush Unveils Simplified Tax Plan

By Business Leaders FOXBusiness



Republican presidential candidate Jeb Bush wants to overhaul the tax code. On Wednesday, Gov. Bush unveiled his simplified plan in an op-ed for the Wall Street Journal.

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“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,” Bush wrote.

He says he wants to cut both individual and corporate tax rates.

For individual rates he proposes cutting the seven brackets down to just three: 28%, 25% and 10%. Bush says with his plan approximately 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,” said Bush.

The GOP presidential hopeful says his proposal will eliminate the marriage penalty and death tax plus expands the earned income tax credit.

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He didn’t stop there; Bush says cutting the corporate rate from 35% to 20% will prevent American companies from exporting jobs. He says he is confident this tax plan will work because he used a similar model in the past.

”As governor of Florida, I cut taxes every single year—returning a total of $19 billion to Floridians," said Gov. Bush. "The state’s economy took off, growing at an average rate of 4.4%. Households saw bigger paychecks as median incomes rose by an average of $1,300. Florida’s pro-growth climate created 1.3 million new jobs.”

On Wednesday he shared his plan with workers and supporters at Morris & Associates, a manufacturing company in Garner, N.C.  Bush said the economy needs a jump start and the current system is "a disaster."

“It punishes people for doing things we should encourage and rewards people for doing things that may not be so good," he said. "It taxes paychecks hard but gives companies a write-off for debt. The current tax code makes it easier to borrow than to build. I believe it’s time we build for the future, not borrow from it."

Bush says his proposal benefits everyone across the board.

"My plan works whether you're on Main Street or Wall Street," he said. "No special favors. No special breaks."

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