Presidential candidate Fred Thompson issued a tax plan that would give taxpayers the option of choosing a simplified flat tax.
Under Thompson's plan, the simplified flat tax would provide two tax rates: 10 percent for joint filers with incomes of up to $100,000 ($50,000 for singles) and 25 percent for incomes above that amount. The standard deduction would double to $25,000 for joint filers and $12,500 for singles. The personal exemption would increase to $3,500. Capital gains and dividends would be taxed at today's 15 percent rate. There would be no other tax credits or deductions.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access