Lieberman urges overhaul of U.S. tax code

October 14, 2003|By NEW YORK TIMES NEWS SERVICE

MANCHESTER, N.H. - Sen. Joseph I. Lieberman proposed an overhaul of the federal tax code yesterday that would lower tax rates on middle-class families while raising taxes, sometimes substantially, on wealthier Americans.

Speaking to about 250 supporters and onlookers at a presidential campaign rally, the Connecticut Democratic said his plan would "restore integrity and fairness" to the code by shifting more of the burden to wealthy individuals and corporations.

The plan calls for lower tax rates on individuals earning less than about $70,000 and families earning less than $115,000. The plan would also restore the tax on dividends and re-establish certain estate taxes, negating two tax changes that have been central to the Bush administration's economic plan.

In addition to raising rates on the higher-income Americans, the Lieberman plan would impose a 5 percent tax surcharge on individuals and families with incomes of more than $250,000 a year. The plan also would close some loopholes in the corporate tax code, including the use of offshore tax havens by U.S. companies. Together, the new tax measures would generate an additional $900 million in government revenues over 10 years, Lieberman said.

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