Paul L. Caron

Thursday, January 5, 2012

Rick Santorum's Tax Plan Is Criticized From All Sides

SantorumMade in America: Empowering American Families, Building Economic Freedom:

  1. Cut and simplify personal income taxes by cutting the number of tax rates to just two -- 10% and 28% returning to the Reagan era pro-growth top tax rate
  2. Simplify the tax code and reduce middle income taxes by eliminating the Alternative Minimum Tax (AMT)
  3. Simplify the tax code, encourage savings and investment and reduce taxes by eliminating the Death Tax
  4. Lower the Capital Gains and Dividend tax rates to 12% to spur economic growth and investment
  5. Reduce taxes for families by tripling the personal deduction for each child
  6. Reduce and simplify taxes for families by eliminating marriage tax penalties throughout the federal tax code
  7. Retain deductions for charitable giving, home mortgage interest, healthcare, retirement savings, and children
  8. Eliminate the cap on deductions for losses incurred in the sale of a principle residence
  9. Cut the corporate income tax rate in half to make our businesses competitive around the world, from 35% to 17.5%
  10. Eliminate the corporate income tax for manufacturers – from 35% to 0% - which will spur middle income job creation in the United States and will create a job multiplier effect for workers
  11. Spur innovation in America by increasing the Research & Development Tax Credit from 14% to 20% and make it permanent
  12. Eliminate the tax on repatriated taxable corporate income – from 35% from 0% - when manufacturers invest in plant and equipment; and reduce the corporate tax rate from 35% to 5.25% on other repatriated income and allow for 100% expensing for new business equipment

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I think conservatives should get serious about taxes. Enough of these piddling tax rate cuts and increased deductions--we're tired of swatting flies. Let's stop horsing around the barn and cut to the chase. The ultimate goals are no taxes and no government. Privatize the DOD--most of it is private right now, certainly the weapons development and the private security contractors. Government of the corporations, by the corporations, and for the corporations!

Posted by: Publius Novus | Jan 5, 2012 7:16:45 AM

"#8-Eliminate the cap on deductions for losses incurred in the sale of a principle residence" ?? There is no deduction for losses on the sale of a principle residence. I see this is on his website, but to what is this referring? Any ideas?

Posted by: captcook | Jan 5, 2012 9:14:20 AM