GOOD: Mike Lee & Marco Rubio Lay Out Ambitious Tax Reform Plan. “The plan, in its outline, would dramatically simplify the U.S. tax code. On the individual side, it would institute just two brackets, setting up a 15 percent tax rate for up for people earning up to $75,000 or married couples making up to $150,000, and a 35 percent top rate for everyone above that line. The current top rate is 39.6 percent. Gone would be taxes on capital gains and dividends, as well as estates. It would also create a new $2,500 child tax credit, applicable to payroll tax liabilities as well as for the income tax. The senators justify that credit on the grounds that the current tax code creates an unfair bias against parents who raising children who will pay for government programs supporting retirement and old age healthcare benefits. Otherwise, the plan would reduce deductions, sparing only mortgage interest and charitable contribution deductions.”
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