Welcome to Thunderdome

A tax reform proposal floated Wednesday by two senators, including one who may run for president, would eliminate almost all special tax breaks while ensuring that large and small businesses pay the same tax rate.

Sen. Marco Rubio, R-Fla., and Sen. Mike Lee, R-Utah, introduced a plan that would establish two individual tax rates — 15% for incomes up to $75,000 and 35% for earnings above that level — and would eliminate all tax deductions except those for mortgage interest and charitable giving.

The plan also would end the estate tax and taxation of capital gains and dividends. On the corporate side of the tax ledger, it would consolidate all business taxes into a 25% rate, a ceiling that also would apply to businesses that pay taxes through their owner's personal income tax return.

The plan also would end the estate tax and taxation of capital gains and dividends.

TPRJones wrote:

The plan also would end the estate tax and taxation of capital gains and dividends.

Not a chance it'll pass, and if it did Obama would veto it. This will be perceived as making the uber-rich immune from taxation.