Mitch Perry
Jeb Bush unveiled his tax plan last week at a poultry-cooling equipment facility in North Carolina, and his campaign team has edited footage from that event into a new ad they released on Sunday.
The plan would reduce the number of tax brackets that Americans pay into from seven to three, reducing the lowest amount that anyone would pay to 28 percent, which was the highest level when Ronald Reagan left office in 1988.
Middle-class tax rates would fall to 10 percent for families with incomes up to $89,000 and to 25 precent for incomes up to $163,800. Corporate, capital gains and dividend taxes would all fall to 20 percent, while the estate tax is eliminated. Bush also would provide immediate expensing of plant and equipment for businesses, which the Tax Foundation says is the most pro-growth tax fix to create jobs and higher incomes.
In a nod to the economic populism, he would also eliminate the advantage for private-equity and other high-dollar financial managers known as the “carried interest” loophole.
“For years, wealthy individuals have deducted a much greater share of their income than everyone else,” Bush wrote in a Wall Street Journal op-ed. “We will retain the deductibility of charitable contributions but cap the deductions used by the wealthy and Washington special interests, enabling tax-rate cuts across the board for everyone.”
Check out the video below:
