GREEN BAY, WI (WTAQ) - U.S. Senate candidate Tommy Thompson unveiled a tax reform plan Monday.
The former Republican governor and Bush health secretary said he wants to make the Bush tax cuts permanent – reduce corporate income taxes – exempt families from taxes on less than $100,000 capital gains – repeal federal taxes on Social Security benefits – and phase in a flat income tax.
Thompson has endorsed House Budget Chairman Paul Ryan’s GOP budget plan that limits federal spending to about 18 percent of the Gross Domestic Product. Thompson said his plan would be in line with those figures.
His major Senate challengers include former Congressman Mark Neumann, state Assembly Speaker Jeff Fitzgerald, and hedge fund manager Eric Hovde. They’re all squaring off in the August 14th GOP primary.