Jeb Bush Debuts Tax Overhaul in North Carolina

Republican presidential candidate Jeb Bush called for overhauling the nation's tax system — in an attempt to achieve 4 percent economic growth — when he debuted a tax plan as part of a larger economic policy speech Wednesday in North Carolina.

Bush said he would reduce individual tax brackets from seven to three, at 28 percent, 25 percent and 10 percent in an attempt to simplify the system.

“My plan for the entire economy will create a true revival of the private sector and 19 million new jobs,” he said.

The former Florida governor also called for eliminating the marriage penalty, the death tax and the Alternative Minimum Tax, while expanding the Earned Income Tax Credit.

Bush's proposal includes eliminating loopholes that he says benefit the wealthy. His plan would cap deductions and classify noninvestment income so that the capital-gains tax rate cannot be used on market gains.

The corporate tax rate would also fall from 35 percent to 20 percent in a move he says would keep American companies from moving overseas.

"I reject the pessimism of the left that thins that we just have to get used to slow economic growth and become more dependent on government, I hope you reject that as well," Bush said.

This August 11, 2015 file photo shows Republican presidential hopeful and former Florida Gov. Jeb Bush as he delivers a foreign policy address at the Ronald Reagan Presidential Library in Simi Valley, California. DAVID MCNEW / AFP - Getty Images

Bush also laid out a one-time tax on overseas corporate profits of 8.75 percent payable over 10 years and eliminates most corporate deductions while allowing businesses to "fully and immediately" deduct new capital investments.

"My plan works whether you’re on Main Street or Wall Street, no special favors, no special breaks," Bush said while citing his record as governor as proof of his plan’s viability.

Wednesday's unveiling comes as Bush has begun regularly hitting rival Donald Trump on taxes among other issues as part of a larger critique of the billionaire businessman's conservative credentials.

"It wasn't that long ago that he was for and continues to and hasn't denied I don't think that he's for a tax on assets," Bush said of Trump last month in New Hampshire.

The governor previewed his plan earlier in the day in an op-Ed for The Wall Street Journal in which he wrote that the highest tax bracket would return to the level of President Reagan’s 1986 reform – a move he praised further during his remarks, saying, “It worked before, and it can work again now.”

Bush has regularly said his basic notion is to make the tax system an economic driver for the nation and has previously set a goal for four percent economic growth and often touts that idea on the trail and says his tax plan in addition to other reforms in areas like immigration and education will make that growth possible.

"I do not for one moment accept the supposed 'new normal' of anemic 2 percent growth," Bush said in a speech to the National Urban League in July — and often repeats on the campaign trail.

The governor has declined to sign Grover Norquist's anti-tax pledge as many of his Republican rivals have done, saying he "does not sign pledges," instead pointing to his record while in office where he says he cut taxes every year and returned $19 billion to Floridians.

In previewing next week’s debate where he will face his rivals again, Bush said, “When I go on that stage next week in California for the CNN debate, there's no one that compares of the record of accomplishment as a conservative, reform minded government and I’m proud of that.”

Bush will next take his tax plan roll out to New Hampshire where he will hold events Thursday and Friday, according to his campaign.