He also wants to cut personal income tax brackets from seven to three, with the lowest rate at 10 per cent.
The former Florida governor is outlining his proposals in an essay published Tuesday on The Wall Street Journal’s website.
Bush says he wants to create a tax code that is “simple, fair and clear,” and predicts it will help the U.S. economy grow faster.
He proposes doubling the standard deduction, eliminating the marriage penalty, expanding the Earned Income Tax Credit and ending the estate tax and Alternative Minimum Taxe. He also would end the employee’s share of the Social Security tax on earnings for workers 67 and older.