Republican presidential hopeful Jeb Bush has proposed a tax plan that calls for reducing corporate and individual tax rates over the next decade. The Bush tax plan also calls for leaving many of the current exclusions, deductions, and tax credits in place. These can include tax breaks for things like municipal bonds, health care expenses, life insurance, home sales, and child care. Bush’s tax plan also calls for eliminating the deduction for state and local taxes and limiting the mortgage interest deduction. The Tax Foundation and many economists estimate that Bush’s tax plan will reduce federal revenues by up to $3 trillion over the next decade. The Bush plan also calls for getting rid of the estate tax (often referred to as the ‘death tax’ by critics). Over the course of this election voters will be able to choose from a wide variety of tax plans by candidates with different ideologies.
See Richard Rubin, Bush tax plan leaves some of the biggest breaks untouched, Chicago Tribune, September 10, 2015.
