Presidential hopeful Rudolph Giuliani outlined a plan to reform the Tax Code and cut taxes.
The former New York City mayor plans to simplify the Tax Code by introducing the Fair and Simple Tax form. The FAST form would give taxpayers the option of filling out their taxes on a single page and cut the number of tax brackets in half. The form would preserve deductions for mortgage interest, charity, state and local taxes, the child tax credit, the personal exemption, and the new health care exclusion.
"At a time when many Americans are worried about the economy, now is the right time to cut taxes so we can put America back on a pro-growth path towards future prosperity," he said in a statement.
Giuliani's plan cuts the corporate tax rate from 35 to 25 percent. In addition, he proposes eliminating the estate tax, cutting the capital gains tax from 15 to 10 percent, indexing the alternative minimum tax for inflation and eventually eliminating the AMT altogether.
Giuliani's proposal eliminates what his campaign refers to as the "double-taxation" of personal saving accounts. His plan also reinstates the research and development tax credit and makes the current Bush tax cuts permanent.
