Giuliani Tax Plan Roundup

Giuiliani unveiled further details of his tax refrom plan today. Here is a quick summary

• Make the 2001 and 2003 Bush tax cuts (which will otherwise expire, i.e. taxes will increase without a vote) permanent
• Eliminate the estate (death) tax (which under current law will be 0% in 2010 but be reinstated in 2011, just so you know when to die)
• Create three tax rates 10% (under $40,000), 15% (under $150,000), and 30%.
• Offer a one-page FAST tax form
• Cut the corporate tax rate from 35% to 25%
• Lower the capital gains tax from 15% to 10%
• Index the AMT (and eventually eliminate)
• Reinstate the research and development tax credit
• Establish tax-free savings accounts
• Implment a heath care tax exclusion for those who don't receive employer provided insurance

Read the News Release and check out the one-page form here.

The plan is already getting high praise from Americans for Tax Reform, National Taxpayers Union, Robert Bluey, the Tax Foundation, and the Club for Growth.

Time Magazine's Justin Fox notes the difference between Rudy's plan and "FairTax", is that Rudy will have to cut federal spending, whereas Huckabee will be able to increase federal spending under a FairTax (which is what he wants to do). No disagreement here - except for the obvious fact that I don't think increasing federal spending should be the platform of the Republican nominee.