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Giuliani Offers FAST Form

By Dave Giza     Jan 24, 2008 in Politics
Rudy Giuliani proposes the FAST Form which is supposed to make the federal income tax form fairer and simpler as the name implies. Highlights include it being only one page long with three rates: 10, 15 and 30 percent.
Former New York City Mayor Rudy Giuliani offers the FAST (Fair and Simple Tax) Form hoping that this will boost his sagging presidential campaign. Provisions of this plan include it being only one page in length with three tax rates: 10, 15 and 30 percent. Popular deductions for state and local taxes, charitable contributions and child tax credits will be part of the form too.
Taxpayers will have the choice of using the current forms. It isn't mandatory that you use the FAST Form. They can choose each year which tax form will best suit them. However, there are advantages for using the FAST Form: ''A family of four earning $80,000 per year could see their estimated federal income tax burden reduced by $2,207-24%. A single person earning $35,000-who pays approximately 10% using the 1040 Form-will save 13%.'' This plan was introduced yesterday in the House by fiscal conservatives Reps. David Dreier and Roy Blunt and in the Senate by Missouri Republican Christopher Bond.
The Bush tax cuts are due to expire in 2010 and Giuliani plans to extend them permanently. Other proposals include cutting the corporate income tax rate from 35 percent to 25 percent. It's designed to help American businesses compete better in the global economy as well as create American jobs.
Giuliani's comprehensive tax program entails the reinstation of the Research and Development Tax Credit which helps American businesses create new products and improve on existing ones. The Democrats in Congress haven't renewed this important tax aid for businesses. Other important aspects of Giuliani's program include the revocation of the death tax which forces many relatives of recently deceased farm and business owners to sell in order to pay the tax collector.
Other highlights include cutting the capital gains tax from 15 percent to 10 percent. This aids in igniting the fires of private investment in businesses. He also plans to index the Alternative Minimum Tax for inflation.
Other tax reforms include a trio of tax-free savings initiatives designed to help the middle class save: a retirement savings account, a regular-purpose lifetime savings account and a lifetime skills account for education and job training. They would be available to all Americans irrespective of income level. They would also be engineered as Roth-style accounts which means that they would be funded with after tax income and subject to no taxes upon withdrawal.
''The retirement savings account and the lifetime savings account would have $5,000 annual limits per individual, and the lifetime skills account would have a $1,000 annual limit with an available employer match.'' Giuliani also envisions a tax-free health savings account up to $15,000 annually for families and $7,500 for individuals.
More about Rudy giuliani, Fast form, Tax cuts