Thompson Proposes Tax Choice
Posted on November 26th, 2007 in
Election08,
Republicans
I knew there was a reason I liked Fred. I’ve always said the government should be able to function on a 10% tax. If God can run his Kingdom on a 10% tithe, then the government should be able to get along with less. Government is not god.
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WASHINGTON (AP) — Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.
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Key aspects of Thompson’s tax proposal:
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–The choice of filing under the current system or a flat tax rate of 10 percent for joint filers with an income of up to $100,000 — $50,000 for single taxpayers; and 25 percent on income above these amounts.
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The standard deduction would be more than doubled to $25,000 for joint filers and $12,500 for singles. The personal exemption would be increased to $3,500. A family of four would be exempt from income tax on the first $39,000. The simplified code would contain no other tax credits or deductions, and retain the 15 percent tax rate on capital gains and dividends.
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