Jeb Bush Defends Tax Breaks for Wealthy
Jeb Bush has come to the defense of tax breaks for the wealthy. Tax breaks are something that both George W. Bush Sr. and Jr. pushed for when they were president and it seems as if Jeb is looking to do the same thing.
Bush sat down for an interview with Fox Host Chris Wallace that is set to air on Sunday.
“The simple fact is 1 percent of people pay 40 percent of all the taxes,” Bush said on “Fox News Sunday.” “Of course, tax cuts for everybody is going to generate more for people that are paying a lot more. I mean that’s just the way it is.”
Bush’s proposal would see the wealthiest Americans save 11.6 percent every tax season, as compared to the middle class saving a measly 2.9 percent. In addition, Bush would receive a $3 million tax cut under his new plan.
“Look, the benefit of this goes disproportionately to the middle-class,” Bush responded, adding, “Because higher income people pay more taxes right now and proportionally, everybody will get a benefit. But proportionally, they’ll pay more in with my plan than what they pay today.”
Under Bush’s plan, tax deductions would be capped at 2 percent of gross income, with an exception for charitable donations. He’d also couple that with a sharply lower corporate tax rate. And he’d simplify the tax code by enacting three tax brackets – 10, 25 and 28 percent. And Wallace pointed to analysis that Bush’s plan would raise the deficit between $1 trillion and $3 trillion.
Bush argued the cuts would stimulate growth and said similar cuts enacted by his brother, George W. Bush, and Ronald Reagan have been underestimated by “static thinkers on the left.”
“They created a dynamic effect of high growth. And that’s what we need,” Bush said. “If people think 2 percent growth is OK, then we’ll have more people living in poverty and disposable income for the middle class will continue to decline. We have to jump-start the economy so that people can have more money to make decisions for themselves.”
Photo credit: CNBC.