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The Bush Growth Plan
Keywords:
The Tax Plan of Jeb Bush, with the help of advisors Martin Feldstein and Kevin Warsh, lowers the top personal tax rate from 40% (including surcharges) to 28%, and reduces the corporate tax rate from 30% to 20%. The plan is designed to jumpstart the economy for higher growth by increasing business investment and incentives. Businesses are allowed to deduct 100% of new investment immediately. The idea is to increase capital investment so that benefits also go to workers in higher wages. The Bush economic advisors see 50% of the corporate tax burden as affecting workers wages- average compensation would go up by $2750 a year by 2020 and $6200 by 2025 in 2015 dollars. Companies can pay a one time 8.75% tax on money earned and held overseas, paid over 10 years- about $2.1 trillion of this income held overseas can be added to the pool available for business investment. As proposed earlier by Feldstein the itemized deductions including mortgage interest can be taken only upto 2% of adjusted gross income, suggestions during the reform effort not taken up by Obama. To reduce the excessive use of leverage in business decisions the field is levelled for use of debt and equity by removing the deduction for business interest expense. This editorial says that by putting in the details, which political leaders tend to leave vague on specific figures, Jeb Bush and his advisors have taken a crucial step forward. This it says, shifts the debate from current shallow posturing to how America can lay the groundwork for the kind of growth needed to help increase wages, increase economic growth to higher levels, and preserve America's position in the world.
2016 U.S. presidential candidate Jeb Bush's Tax Plan
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Jeb Bush's focus on declining social and education mobility in the the U.S. in his address to the 2013 CPAC conference
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Jeb Bush talks about the lower social and education mobility in the U.S. in 2013 compared to any time since the end of World War II.
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Republican U.S. presidential candidate Jeb Bush's campaigning style- a sharp contrast to a cautious Hillary Clinton
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Jeb Bush Tax Plan Makes Forays Into Populism
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A debate on upward economic mobility after wage stagnation under Republican and Democratic presidents 2002-2015
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Hillary Clinton, Jeb Bush and Rick Perry present different proposals to address the lack of upward mobility in the U.S. since 2002, under Republican and Democratic administrations. This could be the reason for the popularity of fringe candidates in both parties Bernie Sanders and Donald Trump, with increasing public discontent with mainstream politicians.
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Jeb Bush Tax Plan Makes Forays Into Populism
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The campaign theme for higher growth in the Hillary Clinton and Jeb Bush campaigns
06/17/2015
Hillary Clinton says in her opening campaign speech at Roosevelt Island that higher growth and fairness go together. Jeb Bush says a 4% growth rate is achievable. Galston says America needs to increase the labor force participation rate, family friendly policies by business to increase the number of women in the labor force, increase the proportion of the elderly in the work force, and bring more people into the work force to increase growth.
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Hillary Got It Right About Growth
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Jeb Bush’s new tax plan could cost $3.4 trillion over next decade - The Washington Post
Washington Post 09/10/2015
Wall Street Journal 09/10/2015
Jeb Bush Tax Plan Makes Forays Into Populism
New York Times 09/09/2015
2016 U.S. presidential candidate Jeb Bush's Tax Plan that spells out details, and takes a shot at 4% growth for restoring lost social and economic mobility in the U.S.
09/09/2015
The efforts to wrestle with the deficit in 2011-2012 led to a vigorous debate on changing the tax code, yet political leaders failed to take up new ideas or spell out the details. Jeb Bush, with advisors Martin Feldstein and Kevin Warsh, takes the unconventional approach of putting in the details, and taking up ideas such as the idea of limiting itemized deductions to 2% of adjusted gross income proposed by Feldstein in that debate. On the $2.1 trillion in income held overseas by U.S. companies Bush proposes 8.75% tax paid over 10 years. On business investment he proposes capital investment be allowed to be deducted in full immediately. It is based on the idea that business investment can drive a vigorous recovery, that workers bear 50% of the burden of higer taxes through sluggish wage growth. It levels the playing field for debt and equity capital, removing "carried interest" provision, as a lesson from the excessive leverage taken by financial institutions in the past.
Linked Articles
Wall Street Journal 09/10/2015
Jeb Bush Tax Plan Makes Forays Into Populism
New York Times 09/09/2015
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