TaxCorporate TaxGiuliani proposes biggest tax cut in US history

Giuliani proposes biggest tax cut in US history

Reducing spending at federal agencies as well as staff reductions are likely to feature as part of plans to pay for tax cuts

Former New York mayor and Republican presidential candidate
Rudy Giuliani has proposed an overhaul of the US tax
system which would reduce CGT and corporate tax rates and allow Americans to
file a one-page return.

Under the plans, the corporate tax rate would be reduced to 25% from its
current 35% and CGT to 10% from its current 15%.

The plans would effectively make president George Bush’s periodic tax cuts,
which are set to expire in 2010, permanent.

‘It would be the biggest tax cut in history,’ Giuliani told Bloomberg TV.

Giuliani said he would explain how he would pay for the cuts in coming weeks
but suggestions of reducing spending at federal agencies as well as staff
reductions are likely to feature,
Bloomberg.com
reported.

‘If you bring that tax down responsibly, you’re going to make money on it
because you’re going to pick up more businesses,’ he said.

He added that he would also index capital gains for inflation, which would
further reduce CGT and he also proposed to index the alternative minimum tax for
inflation to limit its reach. The tax, created in 1969, prevents tax avoidance
of wealthy Americans.

Further reading:

Giuliani
touts cuts in taxes, spending

Giuliani
talks taxes: sweeping cuts and a single-page federal return

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

2m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson