Morris & Associates, which cools products ranging from poultry to nuclear power plants, would benefit immensely from Bush’s tax plan, Bush told attendees.
“My plan will make it easier for a business ... to buy more equipment, hire more workers and increase wages,” he said. “Precisely what you all deserve, and precisely what it takes to grow our economy.”
Bush’s plan focuses mainly on supply-side economics, said Mitch Kokai, a policy analyst for the right-leaning John Locke Foundation.
“The key piece of what you get out of Jeb Bush’s plan is he’s telling people who support supply-side tax cuts to boost economic growth is ‘hey, I’m on board with you,’” he said.
Ben Casselman, chief economics writer for the polling analysis group FiveThirtyEight, summarized in an article that the plan would include reducing the number of income tax brackets — meaning there will only be three levels of income tax compared with the current seven.
He also said the plan would expand the earned income tax credit, a tax credit aimed at providing tax relief to the working poor, and cut corporate taxes.
Bush’s tax policy is part of the plan he proposed to increase U.S. gross domestic product growth — which places a numerical figure on economic growth.
“At 2 percent, we stay where we are, with millions on the sidelines falling behind,” Bush said. “At 4 percent, we grow at a pace that lifts up everybody, and there is no excuse for not trying.”
