(Editor's Note: Thompson dropped out of the presidential race for the Republican nomination on Jan. 22, 2008, after coming in a distant third in the South Carolina Republican primary on Jan. 19, 2008. See a statement on his campaign Web site.)
Thompson says the U.S. tax code is in need of reform so that it based on simplicity, fairness and growth. He says the Internal Revenue Service should be dissolved and a new U.S. tax code should be written that gets the government out of the pocketbooks of the citizens, while enhancing U.S. competitiveness. His plan calls for permanently extending the 2001 and 2003 tax cuts, which are subject to expire in 2010. He also wants to reduce individual income tax rates to save every tax-paying family at least $500 and he wants to preserve the $1,000 child tax credit. His plan also includes repealing the death (estate) tax, repealing the alternative minimum tax, reducing the corporate tax rate, permanently extending small business expensing and updating the simplifying the depreciation tables. His plan would also give each taxpayer the choice of paying a simple flat tax or paying income taxes under the current tax code.
Thompson's campaign Web site: Read more about Thompson's plan for tax relief and new economic growth.
Tax Policy Center: See the non-partisan center's analysis of Thompson's plan.
YouTube video: The Des Moines Register talks to Thompson about tax code reform.
— Las Vegas Sun new media managing editor Dave Toplikar compiled this report.