90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Monday, February 27, 2012

How Would Candidates’ Tax Plans Impact The Deficit?

U.S. Budget Watch, a project of the bi-partisan Committee for a Responsible Federal Budget says tax and spending plans proposed by Rick Santorum, Mitt Romney, and Newt Gingrich would significantly increase the the national debt.

The exception is Ron Paul’s proposal, which includes major spending cuts with reductions in taxes and would actually bring down the federal deficit.

How The Federal Deficit Would Change (U.S. Budget Watch)

  • Under Santorum, by 2021, the debt would rise by about $4.5 trillion
  • Under Gingrich, by about $7 trillion
  • Under Romney the debt would increase by $2.6 trillion
  • Under Ron Paul the debt would fall by about $2 trillion

Where Are The Tax Cuts? (Tax Policy Institute)

  • Romney would permanently extend the Bush-era tax cuts, and cut the corporate tax rate from 35 to 25 percent, while repealing the estate tax
  • Santorum would extend the Bush tax cuts, cut the corporate tax rate to around 17 percent and repeal the Alternative Minimum Tax
  • Gingrich would extend the Bush tax cuts, and reduce the corporate tax rate to around 12 percent
  • Ron Paul wants to eliminate the federal income tax and the payroll tax

President Obama’s Plan

Howard Gleckman of the Tax Policy Center says that though President Obama is calling for serious tax reform, his budget plan is “long on principles, [but] woefully short on specifics.”

For instance, the president has been touting the Buffet tax, a minimum income tax on people making over a million dollars a year, but he hasn’t formally proposed it to Congress.

Taxes And 2012

Gleckman says despite all the fuzziness in most of the proposals, there’s enough to understand that basic ideas each candidate is working with, and no matter who wins, the stage is set for an “epic battle” over tax reform.

Guest:


Please follow our community rules when engaging in comment discussion on this site.
Spotlight

Here & Now resident chef and cookbook author Kathy Gunst shares her list of the best cookbooks of the year.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

December 18 Comment

College Counselor: ‘A Deferral Is Not A Denial’

Lisa Micele shares tips for applying to college — especially for students who have been deferred under early decision.

December 18 17 Comments

America’s Political Dynasties

Americans under 38 have only experienced one presidential election that did not involve a Bush or a Clinton.

December 17 2 Comments

Atticus Lish’s ‘Preparation For The Next Life’

The author's debut novel centers on an unlikely romance between an Iraq veteran and a Uyghur from China.

December 17 3 Comments

Diagnosing Ear Infections With Your Smartphone

The CellScope Oto is a clip-on gadget that turns a smartphone into an otoscope — the tool doctors use to check out a patient's eardrum.