Jeb Bush Economic Platform: Tax Reforms With 19 Million New Jobs, 4 Percent Growth
Republican presidential candidate Jeb Bush disclosed his economic policy plan, attacking Democratic presidential front-runner Hillary Clinton for accepting the "new normal." According to the former Florida governor, the "new normal" is flat wages, slow growth and lack of full-time jobs.
"Hillary Clinton doesn't believe that we can grow faster than two percent, because she doesn't believe in your ability to rise to the challenge," said Bush from a North Carolina manufacturer. "This is a debate I welcome, because the difference between the Democrats' new normal, and my vision for high, sustained economic growth is pretty simple to state. The new normal is more businesses going under than starting up, which is where we are right now."
Bush said his plan is the "true revival" for the private sector and create 19 million new jobs, especially those who live paycheck to paycheck without a raise. He said his plan will produce 4-percent growth, which is a pace that will boost Americans compared to the current 2 percent.
Bush wants to reform the current tax code. According to the GOP presidential candidate, the current plan makes it too easy for people to borrow than build. Referencing his time as Florida governor, Bush stated he cut taxes ever year during his term -- totaling $19 million, created 1.3 million new jobs and the Sunshine State's economy grew by 4.4 percent.
His plan to Congress calls for reducing the tax brackets from seven to three: 10 percent, 25 percent and 28 percent, the latter being a rate enacted by President Ronald Reagan. Bush wants to cease the Alternative Minimum Tax, expand and reform Earned Income Tax Credit, eliminate the marriage penalty and "death tax" and cut capital gains tax to 20 percent.
"Under my plan tax bills will be going down, but those earning $200,000 or more will bear a greater share of our income tax burden than they do today," said Bush, in his prepared remarks. "So the top 5 percent will bear a greater share. And the top 10 percent as well."
According to Bush, a family of four with an income less than $40,000 won't pay income taxes.
The Democratic National Committee (DNC) pounced at Bush' economic plan as another approach benefitting corporations and the wealth.
"What's Jeb's plan? More massive tax cuts for the wealthy and corporations, all while exploding the deficit or shifting the burden onto the middle class -- an even more extreme plan than his brother's," DNC National Press Secretary Holly Shulman.
"Just as he did in Florida, Bush is embracing a disastrous economic agenda that benefits himself, and those like himself, while leaving the middle class out to dry. Our country simply can't afford more trickle down Bush economics," added Shulman.
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