Giuliani takes tax policy to Capitol Hill

Posted: Wednesday, January 23, 2008 4:57 PM by Domenico Montanaro

From NBC/NJ's Matthew Berger
ESTERO, Fla. -- Giuliani is taking his tax policy to Congress, with the help of some supporters and other friends on Capitol Hill.

Rep. David Dreier and Sen. Kit Bond, along with a group of other lawmakers, will introduce the tax plan Giuliani has been advocating today in Congress. The group even includes a couple of lawmakers who haven’t backed Giuliani -- Reps. Eric Cantor and Wally Herger.

The plan would simplify tax filing to give a standard income-based tax liability -- 10 percent for people making less than $40,000; 15 percent for incomes between $40,000 and $150,000 and 30 percent for higher incomes. Giuliani has said this system would allow tax filing to be completed on one piece of paper.

It would also repeal the estate tax and reduce the corporate tax by 25 percent, as well as other tax reductions he has been advocating since the New Hampshire primary. The health care deductions Giuliani has stressed are also included.

While it is highly unlikely the legislation will pass Congress this year, it is a unique way to give Giuliani’s tax plan new exposure. It also increases emphasis on economic issues for a candidate that many believed is strongest on terrorism and national security.

The lawmakers are expected to hold a press conference on the bill at 1:30 pm in Washington.

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Comments

I see - so instead of the normal bracketing that we do, would this bracket system mean a guy making 39K brings home way more than someone making 41K?

Kevin, SF, CA (Sent Wednesday, January 23, 2008 5:11 PM)

OK. Tax simplification. Lower marginal rates. We all applaude the effort. But what about the projected 10-year, $6 trillion loss to the Treasury, just at the time I'll be retiring? Don't we need to project more revenue than less. Most who have reviewed this Plan believe that this lost revenue will not be made-up by increased economic activity. Moreover, the Plan envisions a 3%-5% reduction in federal spending - ala Reaganomics. If Reagan couldn't get Congress to cut spending along with cutting taxes, I doubt Mr. Guliani could do any better. This year will be tough-enough for Republicans. Why make it worse by promoting an unrealistically optimistic tax plan? Oh, and I could actually support Rudy Guliani for President.

Mel, La Crosse, Wisconsin (Sent Wednesday, January 23, 2008 5:27 PM)

Giuliani, is all washed up and out of his mind, he wants to take more money from the people that already are in a 50/50 tax bracket because of inflation, and government spending. Our dollar is worth about 35 cents and he wants us to give 20% more of something that we DON'T HAVE.

Vic Bailey, Auburn, Ga. (Sent Wednesday, January 23, 2008 5:30 PM)

Vic Bailey, Auburn, Ga. (Sent Wednesday, January 23, 2008 5:42 PM)

I guess we will be borrowing more money for the war from the Chinese, isn't it already 15% at that rate who is getting their taxs cut? HMMMMMMM. It would be nice to simplify, but who benifits from this?

John Alexander (Sent Wednesday, January 23, 2008 5:52 PM)

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