This is the Cato Daily Podcast for Thursday, September 10th, 2015.

I'm Caleb Brown.

It's not yet fully fleshed out, but former Florida Governor Jeb Bush has unveiled a portion of

his plans for changing federal taxation.

It includes a swift end to taxing profits earned overseas and changes to how the feds would

treat interest on debt and capital for business.

Dan Mitchell, a senior fellow at the Cato Institute, says interest on debt and capital for business.

Dan Mitchell, a senior fellow at the Cato Institute,

says many provisions would substantially

improve our current tax code.

It's by a large, a very positive plan.

What are the key things that we want from tax reform? We want lower tax

rates, we want less double taxation, we want fewer distorting and corrupt loopholes in

the tax code, and in every one of those three big categories progress is made.

Now is it a full Monte Harrabushka style flat tax sort of the gold standard of tax reform?

No, but Marco Rubio's tax plan didn't meet that test.

Ran Paul's tax plan didn't meet that test.

But the good news is there seems to be a consensus.

Everyone wants to move in the right direction.

One of his talking points I suppose, lower rates eliminate deductions.

What do you make of the deductions that he would get rid of?

The most positive thing is that he gets rid of the state and local tax deduction, which is a huge

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