Fred Thompson unveiled his tax plan on Sunday.
(CNN)–GOP White House hopeful Fred Thompson released a seven point tax plan Sunday, that he says will encourage new economic growth, and move the country toward a reform of the federal tax code.
"The solutions to challenges in our economy are found in the homes and small businesses of ordinary Americans, not in the halls of Washington," Thompson said in a press release from his campaign. "My plan allows Americans to have greater control of their own money."
Among the ideas his plan calls for, Thompson would permanently extend the 2001 and 2003 tax cuts, signed into law by President Bush that are due to expire in 2010. He would also repeal the estate tax, and the Alternative Minimum Tax, while also reducing the corporate tax rate from 35 percent to no more than 27 percent, and permanently extending small business expensing.
In addition, Thompson's plan also calls for allowing a choice for American taxpayers by allowing them to decide whether they remain under the current tax code, or opting for a flat tax code. The flat tax plan would contain two tax rates: 10% for joint filers on income of up to $100,000 ($50,000 for singles) and 25% on income above those amounts.
Thompson, along with his other rivals for the GOP nomination, is scheduled to be in St. Petersburg, Florida on Wednesday night for the CNN/You Tube debate.
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- CNN Political Desk Editor Jamie Crawford