Revenue and Distributional Effects of the Individual Income and Estate Tax Provisions of Senator Thompson’s Plan for Tax Relief and Economic Growth

Written by: Leonard E. Burman, Greg Leiserson, and Jeffrey Rohaly[1] Republican Presidential Candidate Fred Thompson announced a tax reform plan that permanently extends the 2001–2006 individual income tax cuts; permanently repeals the federal estate tax; repeals the individual alternative minimum tax (AMT) at an unspecified future date while indexing the AMT exemption for inflation until that time; lowers the corporate tax rate to no more than 27 percent; permanently extends…