Thompson outlines tax proposal

Nov. 25, 2007 at 7:36 PM
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WASHINGTON, Nov. 25 (UPI) -- Republican Fred Thompson said Sunday if he is elected U.S. president he would fight attempts to roll back tax cuts and would push for an optional tax plan.

Speaking on "Fox News Sunday," Thompson -- an actor, lobbyist and former Tennessee senator -- said he wants to maintain the 2001 and 2003 tax cuts, eliminate the estate tax and reduce the corporate tax rate.

"We have the second-highest corporate tax rate among our competing partners," Thompson said. "It's hurting us competitively. We're probably losing revenue from it."

Thompson said he would like to see passage of a House Republican proposal that would allow taxpayers the option of continuing to file as they do now or try a new system that would only have two rates with no exemptions, other than the personal exemption, and no deductions.

"So give that a try and it would be a major move toward tax reform, which I think is greatly needed," he said.

He rejected contentions his plan would result in a 10 percent drop in total tax revenues.

Thompson also said he wants to see a move toward personal savings accounts and indexing initial Social Security benefits to inflation rather than wages.

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