Friday, May 15, 2015

Chris Christie’s Tax Plan Has Lower Rates, Fewer Deductions

New Jersey Gov. Chris Christie is calling for a reduction of the top income tax rate and a narrowing of individual tax brackets from six to three, a proposal that contrasts with some other declared and likely 2016 Republican presidential candidates.
In an op-ed for The Wall Street Journal Tuesday, Mr. Christie called for the top tax rate to be reduced to 28% from its current rate hovering around 40%, and for the corporate tax rate to come down to 25% from 35%.
He also called for cap on credits and deductions that individual filers can take to help simplify the tax code.
“The tax code should be so simplified that for the majority of Americans, it should take 15 minutes to do their taxes—not days, weeks or months,” Mr. Christie wrote.
Mr. Christie stated that the plan would be “revenue-neutral” by eliminating many individual and corporate tax deductions and taking other measures that he didn’t specify. In the op-ed, the governor also said that the Affordable Care Act should define full-time work as 40 hours a week instead of 30 hours as a way to encourage employment.
Read the rest of the story HERE.

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