In a WSJ op-ed Jeb Bush proposes dropping income tax rates back to 1987 levels. He implies that he would also make hedgies treat their carried interest (their share of the fund's gains) as regular income. And, yes, Jeb would end the taxation of private wealth transfers. No death tax.
How much influence will Jeb's ideas have on the tax reform effort expected in 2017?
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2 comments:
I like Jeb's plan, it has the virtue of having been proven successful. He should also follow the 1987 plan and eliminate the capital gains tax preference.
In order to "pay for" these tax cuts, Jeb ought to eliminate IRC Section 501, eliminating all tax-exempt entities. Everyone should be in the tax tent--especially those multi-billion endowment funds.
The WSJ editorial page waxes enthusiastic today. They only regret retaining the charitable deduction, and I agree with them.
But Jeb is such a low energy candidate that having the best tax proposal isn't going to make much difference.
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