Washington (Jan. 6, 2004) -- Democratic presidential hopeful and retired General Wesley Clark unveiled a simplified tax plan where the heaviest burden will be shouldered by the wealthy.
"My tax reform plan is simple," Clark said in a speech here. “Those who make the most should pay more. Those who make the least should pay less."
Under the plan unveiled by Clark, families of four making less than $50,000 annually would not pay any income tax, while families making under $100,000 would get a tax cut.
Clark said he would repeal President Bush's tax cuts for those making more than $200,000 a year and elevate the rates on those persons making above $1 million, an additional 5 percent.
Clark said that under the administration of President Bush, working families have seen their income fall by roughly $1,500 per year, Whereas under President Clinton that same demographic saw its annual income rise over $7,000.
Clark said he would also enact a change whereupon a simple three-line form would determine whether the filer would have to pay income taxes.
-- WebCPA staff
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