Back of an envelope

12 December 2007 By Martin Hutchinson

The former legislator and Law and Order actor s spending plans differ little from current policy. However his tax plan would yield far less revenue than the current code, because it gives a calculation option to the taxpayer.

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Fred Thompson plans to extend the Bush tax, abolish the Alternative Minimum Tax and the Estate Tax and reduce the corporate tax rate from 35% to 27%. He also proposes an optional flat tax system with just two brackets, 10% up to $100,000 for a married couple and 25% above that level, with a standard deduction of $25,000 for married couples and $12,500 for singles.

Thompson plans to reform social security by reducing payouts to those born after 1949, while allowing individuals to contribute 2% of their paycheque to a retirement account, which would be matched from the social security trust fund.

Thompson wants a larger military, with a full missile defence system (he would remain in Iraq). He would reduce Federal mandates in education. He favours both agriculture and ethanol subsidies.

With reporting by Elizabeth Eldridge.

Context News

Thompson wants a larger military, with a full missile defence system (he would remain in Iraq). He would reduce Federal mandates in education. He favours both agriculture and ethanol subsidies.

With reporting by Elizabeth Eldridge.

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