Fred on taxes

WASHINGTON - Republican presidential hopeful Fred Thompson proposed an income tax plan Sunday that would allow Americans to choose a simplified system with only two rates: 10 percent and 25 percent.

Thompson's proposal, announced on "Fox News Sunday," would allow filers to remain under the current, complex tax code or use the flat tax rates.

Asked whether the plan would cut too deeply into federal revenues, the former Tennessee senator and actor said experts "always overestimate the losses to the government" when taxes are cut.

"We've known for years any time we have lowered taxes and any time we've lowered tax rates, we've seen growth in the economy," Thompson said.

Thompson added that money would be saved by his Social Security reform plan. He proposed that workers younger than 58 receive smaller monthly Social Security checks than they are now promised. Individuals could contribute 2 percent of their paycheck to a personal retirement account, an amount that would be matched by the Social Security trust fund. [link]

Some solid policy speak from Fred. Hopefully this will get his campaign back on track in time for the upcoming votes. I'll vote for the Republican nominee, but I'd feel much better if that was Fred :)

tag: Fred Thompson, taxes, policy, presidential election, republican, republican primaries, Blogpower, Lord Nazh