Taxes+-+Thompson



Thompson says that the U.S. tax code needs to be based on simplicity, fairness and growth. He says the Internal Revenue Service should be dissolved and a new U.S. tax code should be written that gets the government out of the pocketbooks of the citizens and enhances U.S. competitiveness. His plan calls for permanently extending the 2001 and 2003 tax cuts and reducing individual income tax rates to save every tax-paying family at least $500. He also wants to preserve the $1,000 child tax credit. Other parts of his plan include; repealing the estate tax, repealing the alternative minimum tax, reducing the corporate tax rate, permanently extending small business expensing and updating the simplifying the depreciation tables.