Friday, September 11, 2015

Jeb Bush’s tax plan is great for Jeb Bush

By Catherine Rampell Opinion writer September 10 at 6:52 PM, WashPost

As others have pointed out, Jeb Bush’s tax plan axes taxes for pretty much everyone, but especially for really, really rich people.

Including, coincidentally, Jeb Bush.

The Republican presidential candidate would make out like a bandit under his own plan. According to my quick-and-dirty, back-of-the-envelope calculations based on Bush’s 2013 tax return, his liability for that year would have fallen by about $800,000, or about a quarter of what he paid Uncle Sam.

Here’s how I got that number. Bush’s adjusted gross income (A.G.I.) — all the money he received from wages, investments, etc., less the deductible part of his self-employment tax — was $7,274,764.

From that, he can subtract personal exemptions, for himself and his wife, totaling $8,000. Under the current system, he is considered too rich to take these exemptions, but his plan would allow him to do so.

(More here.)

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