Create a business tax rate of 15 percent for all sizes of businesses; the current corporate rate is 33 percent.
Develop three individual tax brackets of 10, 25 and 35 percent. Currently, there are seven individual tax rates with a maximum rate of 39 percent. Sole-proprietors and pass-through businesses (partnerships and Sub S corporations) currently pay taxes at individual rates.
Double the standard deduction for individuals to $24,000 per couple, meaning couples earning $24,000 or less would owe no tax. All personal deductions would be eliminated, except for the home mortgage deduction and the charitable deduction.
Maintain the top capital gains tax at 20 percent. The 3.8 percent surtax on investment income would be eliminated...more