The first priority for the government of the United States should be to provide security for its people. That security includes removing uncertainty and making sure that the economic future of the country is assured through better deals, smarter trade agreements and tax policies that unburden the middle class and unleash the private sector.
My approach to tax policy will do just what needs to be done. For all Americans, the uncertainty and complexity of a tax code written for special interests and the very rich will be removed and a clear future will be available for all. My tax plan has several goals. Let me make it clear that this set of policies takes dead aim at eliminating deductions and loopholes available to special interests and the wealthy, as well as those deductions made redundant or unnecessary by the much-lower rates every person or business will be paying.
In particular, I am proposing ending the current treatment of carried interest for hedge funds and other speculative partnerships that do not grow businesses or create jobs.
The first goal of the plan will be to provide tax relief. If you are a single person making less than $25,000 or married or filing jointly and earning less than $50,000, you will not owe any income tax. This will remove some 75 million households from the income-tax rolls.
More: www.wsj.com
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