Giuliani's tax plan makes all the Bush tax cuts permanent, including full repeal of the death tax. It indexes the alternative minimum tax to inflation, and eventually repeals it. It slashes the capital gains and qualified dividends tax rate from 15 percent to 10 percent (and indexes capital assets to inflation).

The plan also creates a simplified system of Retirement Savings Accounts and Lifetime Savings Accounts, and gives all Americans the ability to purchase health insurance pre-tax through a health care standard deduction.

In addition, the Giuliani tax cut plan creates an alternate "Fair And Simple Tax (FAST)" system that American families and small businesses could choose to go into each year, with a three-bracket structure, a 30 percent top rate, and only the most popular deductions in place.