During an interview with the FOX Business Network’s Maria Bartiromo, Republican Presidential candidate Jeb Bush outlined his tax plan to create jobs and economic growth.
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“We have to fix our convoluted tax code that has all sorts of carve outs and deductions and credits but what need to do is eliminate all that as much as possible. Lower rates as far as possible. A 20 percent corporate tax rate, full expensing of all capital investing -- that would create high-wage jobs. It’s not just creating jobs”, said Bush adding that while the Obama Administration has created jobs, many of those have been low-income jobs. “We need to have higher disposable income and dramatic reform of our tax code is the first step,” he said.
Bush is also promising tax cuts for all.
“We lower rates to 28%... we put a cap on the deductions which higher income Americans take advantage of more than anybody else. Under our plan people in the one percent, the 10 percent the top 20 percent pay proportionally a little bit more. Everybody gets a tax cut though which is the important thing. If you’re making 40 grand with a family of four you pay no income tax under this plan. People that looked at this, conservatives at least, suggest that it could create a minimum of 50 basis points, a half a percentage point of growth over the next ten years per year. That’s the kind of approach we need. This shouldn’t be about high income or low income. It should be about high growth so that people can rise up again.”