Fred's Tax Plan

Fred revealed highlights of his tax plan on Fox News Sunday today (more of a review on the appearance in the next post). Here is the complete plan. The high level items are:

• Permanently Extend the 2001 and 2003 Tax Cuts
• Permanently Repeal the Death Tax
• Repeal the Alternative Minimum Tax (index until repealed)
• Reduce the Corporate Tax Rate to no more than 27%
• Permanently Extend Small Business Expensing (rather than depreciating)
• Update and Simplify Depreciation Schedules
• Expand Taxpayer Choice

This last item is very interesting in that it offers taxpayers a choice between the traditional tax plan and an alternative flatter tax plan that does not have exemptions beyond the personal exemptions. Also note that Fred has reduced the level for corporate tax rates from what he had been talking about--he had been saying 28% and now the number is 27%.