Billionaires For Rudy

Corporate America, Rudy Giuliani feels your pain.

Republican presidential hopeful Rudy Giuliani has proposed what he called a multitrillion-dollar tax cut that would lower the corporate tax rate from 35 percent to 25 percent and reduce the capital gains tax from 15 percent to 10 percent.

The proposal, unveiled by Guiliani's campaign on Wednesday, would preserve the 2001 and 2003 tax cuts enacted by President George W. Bush, eliminate the estate tax and give taxpayers the option of choosing a simplified tax form with three tax brackets with a maximum bracket of 30 percent.

"Giuliani's tax plan makes all the Bush tax cuts permanent, including full repeal of the death tax," the former New York mayor's campaign said in an appeal to fiscal conservatives.

Grover Norquist likes it. It must be a good idea. That pesky deficit will go away after Rudy sprinkles fairy dust.