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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.

Guest:


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  • http://www.ohioken.com Ken Palosi

    Mr. Glekman had some very excellent comments and information. The thing that most republicans are forgetting is that the current economic mess we are in is largely due to the Bushe era tax cuts which unfortunately have been extended by the Obama administration. The ongoing policy of trying to stimulate the economy by massive tax cuts and other tax policies such as the numerous tax rebates and credits during the Bush administration created a situation similar to an individual who racks up massive credit card debt where the eventual day of reckoning comes when that bill must be paid or be defaulted upon. The ongoing spending  policy: an aberration of Keynesian economic theories where the economy needs to be stimulated my massive governement spending ignores that fact that eventually our bills need to be paid. Mr. Glekman is correct in saying that taxes need to be raised not only on the rich but also people such as myself. Being perhaps the last surviving member of the middle class I feel that through a process I call creative selfishness we need to recognize what  is truly best for us. Is it better  that we have more and more tax cuts to the point where we might have to default on our national debt or is it better that we all pay  a little more and get this country back on track?

  • Anonymous

    Great segment. In answer to Robin’s wrap-up question…I would not vote for a cat. A dog perhaps .  A cat would be more antisocial than Ron Paul.

  • Sarah Elizabeth Est88

    As a big fan of NPR and all it’s news programs I was very disappointed in this coverage and how blatantly Mitt Romney and Rick Santorum got more consideration then the former speaker and Dr. Ron Paul. Quite a bit of time was devoted to the differences and similarities between Romney Nd Santorum, while Gingrich and Paul only each got a few passing moments. Also, The claims that Ron Paul is at all vague about any part of his financial plan is false.

  • BHA in Vermont

    If Romney cuts taxes on the rich and on corporations, which taxes is he going to raise to be ‘tax revenue’ neutral?

    All smoke and mirrors.

  • BHA in Vermont

    And just WHERE does Santorum think the STATES are going to get the money to pay for the social safety net programs he will cut from the Federal budget? ALL these Republican candidates should be REQUIRED to live on minimum wage, with NO starting assets, for the next year, then see what they think about the social safety nets.

  • http://pulse.yahoo.com/_2M65LSUV2WZBZV7JHQT47VHJLM UNTRugby

    only the ron paul figure includes spending cuts, all the other GOP candidates would also cut spending making the figures more similar

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