January 11th, 2008
10:30 AM ET
10 years ago

Giuliani pledges largest tax cut in U.S. history

[cnn-photo-caption image= http://i.l.cnn.net/cnn/2008/images/01/11/art.giulianiad.cnn.jpg caption="Giuliani is up with a new ad in Florida."](CNN) - Rudy Giuliani has launched a new ad in which the Republican presidential candidate pledges that his first priority as president will be a proposal for the largest tax cut in U.S. history ­ one which would dwarf successful cuts by both President Reagan and President George W. Bush.

In the 30-second spot, 'First Day,' the announcer tells viewers that "On his first day in office, Rudy Giuliani will send Congress the largest tax cut in American history."

Adds Giuliani: "I would lower taxes as President of the United States because it¹s not just an ideology or, or a theory for me. I made it work. I had results."

"Rudy's delivered more tax relief than the other Republicans combined. And now has a plan to cut taxes by trillions of dollars," says the narrator.

Giuliani concludes: "I'm the one who, who's lowered taxes, and lowered spending, and actually gotten it done where it was more difficult to do it than even in Washington, DC."

Giuliani's multi-trillion dollar proposal, unveiled in a speech earlier this week, would reduce the capital gains tax from 15 percent to 10 percent, preserve President Bush's 2001 and 2003 tax cuts, lower the corporate tax rate from 35 percent to 25 percent, permanently eliminate the estate tax, and give taxpayers the option of choosing a simplified tax form with three tax brackets with a maximum bracket of 30 percent. It would also index the alternative minimum tax to inflation - and eventually repeal it entirely.

The new ad will air in Florida, and nationwide.

- CNN's Rebecca Sinderbrand


Filed under: Rudy Giuliani
soundoff (110 Responses)
  1. Walt, Belton, TX

    Sorry, Rudy. You're still a loser trying to ride a false sense of accomplishment while watching what was going on in New York.

    January 11, 2008 12:00 pm at 12:00 pm |
  2. Ken in RI

    Let's see... taking care of multi-millionaires? Check. Taking care of the heirs of multimillionaires? Check. Taking care of big oil, big pharma, any and all large corportaions? Check, check and check. Taking care of the working poor and the middle class?

    Oops.

    January 11, 2008 12:04 pm at 12:04 pm |
  3. Wayne, Greenville TX

    Now fully desperate, Rudy is trying to buy votes.

    He's pathetic. And so is anyone who supports this clown.

    January 11, 2008 12:04 pm at 12:04 pm |
  4. austin, tx

    oh dear...what....i'm just at a loss of words.

    January 11, 2008 12:04 pm at 12:04 pm |
  5. Jack K.

    I'm more interested in knowing greater details about how he expects to pay for the tax cuts.

    Why a 10% cut on corporations–who already are pretty much not pay "any taxes".

    What government programs and services will remain unfunded or be scrapped to accommodate the reduction in government revenue?

    What portion of "his" budget would be spent on Defense Spending?

    Beware–this guys desire to win–is clouding his reality.

    January 11, 2008 12:05 pm at 12:05 pm |
  6. Randy

    And leave nothing to pay off the deficit GWB created. Good thinking! Typical Republican thinking!
    The Republican version of the "American Dream" is to borrow 10 times more than you could ever hope to pay off in your lifetime. Let the next guy (your kids) pay for the debt you created!
    Do I hear a "Countrywide is on Your Side!"

    January 11, 2008 12:06 pm at 12:06 pm |
  7. Jason

    Read his lips, folks.

    January 11, 2008 12:09 pm at 12:09 pm |
  8. orange

    He has now resorted to trying to buy votes. How pathetic.

    January 11, 2008 12:10 pm at 12:10 pm |
  9. Wallace, Chicago IL

    HA!

    This is what baffles me about Republicans (I'm an independent). They talk about "small government" and "fiscal conservatism". However, they also talk about having a huge military...

    I don't like to be taxed, just like everyone else, BUT, Rudy, how do you plan on paying for healthcare and the needs of America AND a war that has already cost us trillions if you want to cut everyone's taxes, including the same corporations who send our jobs overseas?

    Oh, nevermind I know the answer. We'll just keep borrowing the money from China and eventually bankrupt our government–especially if China decides to call the loans one day.

    AMAZING. Do people really believe this stuff? Rudy, you should have put 9/11 in the commercial somewhere. That would have made this a tiny bit more believable.

    Geez.

    January 11, 2008 12:12 pm at 12:12 pm |
  10. Randy

    Rudi your dillusional hero days of 911 are over and so is your bid for the White House. Face reality and withdraw from the presidential race.

    January 11, 2008 12:20 pm at 12:20 pm |
  11. Felix

    So I suppose he will reduce spending to balance the budget. Not!

    Stick to 9/11 Rudy! You have less explaining to do that way!

    January 11, 2008 12:20 pm at 12:20 pm |
  12. jw, canadian,ok

    Sorry Rudy, it's too late for tax cuts, just getting out of Iraq will save a trillion dollars a year. But, Exxon will like your idea.

    January 11, 2008 12:22 pm at 12:22 pm |
  13. Joe, Mobile, AL

    I like the idea of a tax cut. But he is not helping me any.

    I think we should increase the capital gains tax from 15 percent to 25 percent, put a 10% sales tax on all investment transactions, increase the sales tax on all luxury items, stop foreign investment in US Government securities, leave the corporate tax rate at 35 percent and eliminate income taxes for middle and lower incomes by getting rid of govenment waste.

    Help the middle class for a change.

    January 11, 2008 12:23 pm at 12:23 pm |
  14. Wallace, Chicago IL

    Ken in RI

    Great comment! Priceless. LMAO 🙂
    -----------------
    January 11, 2008 12:04 pm ET

    Let's see… taking care of multi-millionaires? Check. Taking care of the heirs of multimillionaires? Check. Taking care of big oil, big pharma, any and all large corportaions? Check, check and check. Taking care of the working poor and the middle class?

    Oops.

    January 11, 2008 12:27 pm at 12:27 pm |
  15. CWSC

    Come on Rudy, we (and our children, and their children) will have to pay back the China for Bush's multi-trillion dollar debt somehow?

    January 11, 2008 12:27 pm at 12:27 pm |
  16. Josh (NC)

    The problem, Rudy, is that this is a silly proposition. The congress would NEVER approve a cut like that.

    January 11, 2008 12:28 pm at 12:28 pm |
  17. CWSC

    Come on Rudy, we (and our children, and their children) will have to pay China back for Bush's multi-trillion dollar debt somehow?

    January 11, 2008 12:29 pm at 12:29 pm |
  18. Ron Paul Supporter

    Ron Paul wants to end the Income Tax... wouldn't THAT be the largest tax cut in US History?
    Wallace, Chicago IL – Check out Ron Paul. He's for real – he's for small government and he's a true fiscal conservative. He doesn't want the government to pay for healthcare OR the war OR borrow money from China.

    January 11, 2008 12:31 pm at 12:31 pm |
  19. Cat, Costa Mesa, CA

    In theory this would be perfect, but in reality? Well...its just goes to show what people will say or do to get elected.

    Rudy talks about cutting taxes more than all other republican canidates combined. Well, duh you were mayor of a city! Not to mention, a high income city! Try running a state! A Country? This smal mindedness just proves he is in now wway ready to run our country! Im for low taxes and all, but these are all just pipe dreams.

    I wonder if he's taking a lesson from the democrats here. "I will PROPOSE to raise minimum wage (that way people will like me, even though I KNOW it fiscally irresponsible and will INCREASE unemployment and inflation), and when it gets rejected, I won't be the bad guy!!" How is Rudy any different than this?

    January 11, 2008 12:33 pm at 12:33 pm |
  20. CD

    I'm all about cutting taxes, but where are his reductions in spending? First, he'll pay for healthcare by getting the government out of healthcare (at least he should). Second, he'll pay for the war by getting out of it and bringing most troops elsewhere in the world home (at least he should). He'll pay for increasing border security by putting the newly brought home troops on the border (at least he should). He'll cover Social Security by ending it for those born after 1980 and reallocating some of the new surplus from not being at war into the Social Security to cover any short comings from getting people out of the government retirement plan (wake up you earn more in CDs even with inflation than you do in Social Security). Cutting government and removing government from people's lives is how you have a eliminate the deficit.

    January 11, 2008 12:34 pm at 12:34 pm |
  21. chris

    This guy is a weasel of the worst kind. In looking at the depressed state of our economy after a Republican presidency of tax cuts and fiscal irresponsibility, how can he even make a case that this approach works? It has proven NOT to work via Mr. Bush. Some people will say anything to vie for the votes of the uninformed. It's refreshing to know that Giuliani is behind in the polls. Lets hope no one else gets tricked by his pie-in-the-sky economic hallucinations and re-enactments of 9-11.

    January 11, 2008 12:39 pm at 12:39 pm |
  22. Erik Melton

    That seals the deal for me. There is no way I could possibly vote for Rudy now. With record deficits already threatening the lives of our children and grandchildren do we really need the largest tax cut in history. Who really benefits from lowering capital gains taxes? It's certainly not the middle class. It's certainly not the poor. Maybe Rudy can just eliminate all taxes paid by mutual fund managers and the ultra rich. When you've got guys like Warren Buffett stating that he pays less taxes than his secretary there is something very wrong in this country. How about instead of massive tax cuts we try to fix aging infrastructure, make college more affordable and fix social security.

    January 11, 2008 12:41 pm at 12:41 pm |
  23. Art

    Well done Rudy! You turned around NYC and you can lead the nation too. You're not buying votes any more than candidates proposing support programs to various groups – only difference – you'll let me decide how to spend that money!

    January 11, 2008 12:43 pm at 12:43 pm |
  24. Bill, New York, NY

    Rudy wasn't happy with just destroying the middle class in New York City, now he wants to do the same for America. These are more of the same corporate welfare schemes that he perpetrated on NYC. Why should the rich not be contributing to social security and not paying a fair tax rate? Of course he wants oil companies and drug companies to benefit from his administration, they are his clients at Giuliani Partners and they have made him a multimillionaire. As for leaving massive debt to his children - well, they don't like him or talk to him now, so why should he care?

    January 11, 2008 12:43 pm at 12:43 pm |
  25. Tim T.

    In another Giulian story below it states "...top staff members of Rudy Giuliani's presidential campaign were asked to work without pay for the month of January, and perhaps longer,..." Is this what he expects if Prez, to cut taxes and then have people work for free because there are no revenues to pay them? And, he's all for tax cuts, but how will he (or Bush) pay for the endless wars they harp on about? There is more to life than tax cuts. But if the electorate is not savvy enough to see beyond those two words, then these snake-oil politicians will continue to deceive us.

    January 11, 2008 12:43 pm at 12:43 pm |
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