Tuesday, January 10, 2012

Rick Santorum's Tax plan

THE SANTORUM SOLUTION

Cut and simplify personal income taxes by cutting the number of tax rates to just two - 10% and 28% and return to Reagan era pro-growth tax rate;

Simplify the tax code and reduce middle income taxes by eliminating the Alternative Minimum Tax (AMT);

Simplify the tax code, encourage savings and investment, and reduces taxes by eliminating the Death Tax;

Lower the Capital Gains and Dividend tax rates to 12% to spur economic growth and investment;

Reduce taxes for families by tripling the personal deduction for each child;

Reduce and simplify taxes for families by eliminating marriage tax penalties throughout the federal tax code;

Retain deductions for charitable giving, home mortgage interest, healthcare, retirement savings, and children;

Eliminate the cap on deductions for losses incurred in the sale of a principal residence;

Cut the corporate income tax rate in half to make our businesses competitive around the world, from 35% to 17.5%;

Eliminate the corporate income tax for manufacturers to spur middle income job creation in the United States and benefit from the job multiplier effect in manufacturing;

Increase the Research & Development Tax Credit from 14% to 20% and make it permanent to spur on innovation in America;

Eliminate the tax on repatriated taxable corporate income invested for manufacturers equipment investment, 5.25% corporate tax rate on other repatriated income invested in the USA, and 100% expensing for new business equipment;

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