Texas Gov. George W. Bush, presumptive Republican nominee, proposes a tax cut of $1.3 trillion over 10 years, primarily with an across-the-board income tax reduction. Highlights:
Double child credit to $1,000.
Replace five-rate income tax structure of 15, 28, 31, 36 and 39.6 percent with four lower rates: 10, 15, 25 and 33 percent.
Increase annual contribution limit on Educational Savings Accounts from $500 to $5,000 and expand them beyond college down to kindergarten.
Eliminate the so-called death tax on estates of deceased persons.
Restore 10 percent deduction for two-income married couples.
Eliminate the Social Security earnings test.