Republican presidential hopeful Jeb Bush laid out his plan to simplify the tax code and grow the economy by 4 percent in a Wall Street Journal op-ed Tuesday.
The former Florida governor wants to eliminate four of the seven tax brackets; the three personal income rates would be set at 10 percent, 25 percent and 28 percent.
The corporate rate, which is currently 35 percent, would be cut down to 20 percent along with capital gains taxes. Despite the 15 percent cut, not all of Wall Street is thrilled with Bush’s proposal.
In the plan, not unlike opponent Donald Trump’s proposal, a loophole allowing private equity and hedge fund managers to tax dividends at the lower capital gains rate would be closed.
“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,” he wrote on carried interest. “And while we’re doing that, we will treat all noninvestment income the same, so unless you stake capital in an investment, you won’t be able to claim the capital-gains tax rate on your market gains.”
During an appearance on Squawk Box Wednesday morning, Bush said America needs to reinvest in its own country if it wants to see growth.
“We’re not investing in our own country. People are stuck in the middle and the poverty level has increased during this time of great transfer of payments to people in poverty,” he said. “We need to move to a completely different direction.”
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