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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.

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