Santorum and Romney tax plans, similarities and differences

Mitt Romney has proposed permanently extending the 2001-03 tax cuts, eliminating taxation of investment income of most individual taxpayers, reducing the corporate income tax, eliminating the estate tax, and repealing the taxes enacted in 2010’s health reform legislation. . . The Romney plan would lower federal tax liability by $600 billion in calendar year 2015 compared with current law, roughly a 16 percent cut in total projected revenue.

Rick Santorum has proposed permanently extending the 2001-10 tax cuts and further reducing individual income taxes; cutting the corporate income tax rate in half; eliminating the estate tax; and repealing the alternative minimum tax and the taxes enacted in 2010’s health reform legislation. . . The Santorum plan would lower federal tax liability by about $1.3 trillion in calendar year 2015 compared with current law, roughly a 40 percent cut in total projected revenue.

More information at The Tax Policy Center of the Urban Institute and Brookings Institution.