Republican Jeb Bush to propose personal, corporate tax cuts

Reuters News
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Posted: Sep 08, 2015 7:55 PM

By Steve Holland

WASHINGTON (Reuters) - Republican presidential candidate Jeb Bush is proposing broad tax cuts for individuals and corporations as part of a plan to trigger stronger U.S. economic growth if he is elected in November 2016.

Bush laid out key elements of his tax overhaul in an opinion article posted on Tuesday for the Wall Street Journal, a day before he gives a speech outlining his plan in North Carolina.

The former Florida governor would cut the corporate tax rate to 20 percent from 35 percent. He would reduce the number of individual tax brackets to three from seven, with a high rate of 28 percent and then down to 25 percent and 10 percent.

In a move to encourage U.S. companies to bring home an estimated $2 trillion in overseas profits, he would assess a one-time tax of 8.75 percent on these profits payable over 10 years.

(Reporting by Steve Holland; Editing by Peter Cooney)