Thompson Unveils Detailed Tax Plan
Former Tennessee Senator and presidential candidate Fred Thompson's campaign has released a detailed tax plan that has won praise from the conservative Club for Growth:
The Club for Growth praised Senator Fred Thompson for the release of his pro-growth tax reform plan this morning on Fox News Sunday with Chris Wallace. The seven-part plan is the most comprehensive tax reform plan offered to date by a presidential candidate.The outline of Thompson's plan:
Most commendable is Thompson’s plan to expand taxpayer choice by adopting the Republican Study Committee’s recent plan, called the Taxpayer Choice Act. This plan will give American taxpayers the choice of opting into a simplified tax code that contains only two rates rather than deal with the current monstrosity known as the U.S. tax code.
“While other candidates have adopted pieces of this plan, Thompson goes a step further by offering a specific corporate tax reduction and offering taxpayers the option of a simple tax plan,” said Club for Growth President Pat Toomey. “His plan is based on the fundamental fact that lower rates and simpler rules across the board promote economic freedom and enhance economic growth. This is the kind of plan economic conservatives can rally around.”
* Permanently extend the 2001 and 2003 tax cuts
* Permanently repeal the Death Tax
* Repeal the Alternative Minimum Tax
* Reduce the corporate tax rate to no more than 27%
* Permanently extend small business expensing
* Update and simplify depreciation schedules
* Expand taxpayer choice
This is the latest in a series of "white papers" that have fleshed out Thompson's ideas on issues from social security, to reforming the military, to dealing with immigration.