RICK SANTORUM’S PLAN FOR ECONOMIC GROWTH AND OPPORTUNITY “Overall, wed score Mr. Santorums economic agenda as bolder than Mr. Romneys… his elevation to a serious contender has improved the quality of the GOPs economic debate.” -Wall Street Journal 1/9/11 Rick Santorum’s economic plan will renew our economy, create jobs, and unleash American entrepreneurship and innovation. America will live within our means once again and not burden future generations with growing debt. No longer should it be harder for people to succeed economically than it was for their parents. No longer should upward mobility be better in parts of Europe than America. We need a renewed focus on creating opportunity, not dividing Americans by class; on creating wealth, not distributing it; and on promoting savings rather than dependency. In contrast, Obamanomics has brought 1 in 6 Americans to poverty. President Obama’s philosophy of “spreading the wealth” through increased taxes and expanded government in fact spreads poverty and economic decline. The Santorum plan will cut spending and ensure future fiscal responsibility through a Balanced Budget Amendment and repealing ObamaCare; lower and simplify taxes for families and businesses to promote growth; return federal programs to the states to promote freedom; and promote sustainable healthcare and retirement solutions for young people and seniors. Reduce Spending and Government • The plan will cut spending by $5 trillion over 5 years and cut non-defense spending to 2008 levels. • Rick Santorum will support legislation to prevent members of Congress from being paid if they don’t pass fiscally responsible spending bills on time. • He will help pass a Balanced Budget Amendment to discipline Congress and limit federal spending to a maximum of 18% of GDP. • The plan also eliminates Fannie Mae and Freddie Mac’s federal housing role, reduces nondefense related federal workers by at least 10%, eliminates all energy subsidies, and cuts the US funding commitment to the UN at least in half. Tax Policy that Benefits the American Family • The family is the foundation of our country. We need to have an economic policy that supports families and freedom and encourages marriage. • The plan will lower personal income and corporate tax rates and dramatically simplify the tax code for families, workers, and businesses. • To promote marriage, families, and the high calling of parenting, Santorum will triple the child deduction and eliminate all marriage tax penalties in the federal tax code. • Rick Santorum will simplify the tax code by moving from six to two rates and lowering personal income tax rates to 10% and 28% respectively and eliminate most deductions, bringing America back to Reagan-era pro-growth tax rates. He will retain deductions for charitable giving, children, home mortgage interest, heath care, and retirement. • The economic plan will grow America’s economy by at least 4% to 4.5% a year in his first term as President, more than doubling growth under President Obama and by one estimate help create at least 10 million jobs in 3 years. • Reduce middle-income taxes and simplify taxes by eliminating the Alternative Minimum Tax (AMT) and promote freedom by eliminating the Death Tax. Relief for Businesses from Taxes and Regulations • Cut in half the corporate tax rate to 17.5% to make us competitive once again and 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. • Lower the Capital Gains and Dividend tax rates to 12% to spur economic growth and investment and unleash America’s domestic energy production to cut energy costs. • Repeal and replace ObamaCare and replace with market based competition, choice, and innovation to strengthen our health care quality and control costs. • Rescind all major Obama regulations to reduce the size and scope of government, eliminate irrational and job killing regulations, and encourage entrepreneurs to innovate new projects for American families and workers. Enterprise isn’t free when it’s tangled in 82,000 new pages of red tape every year under President Obama. Entitlement Reform • Implement Medicare Reforms proposed by Congressman Paul Ryan and speed up their implementation to control health care costs, expand choices, and improve quality. • Reform Social Security and place on a sustainable path by a combination of reforms such as addressing adjusting CPI, dependent benefits and disability income benefits reforms, moving back the retirement age for younger workers, means testing benefits, annual adjustments as needed, and dedicating Social Security payroll taxes to Social Security. • Support the Constitution, social innovation, and fiscal responsibility in the states and local communities by block granting to the states Medicaid, housing, job training, food stamps, and education programs. This will improve lives, promote dignity, and control costs through time limits for able-bodied people as Rick Santorum did successfully in welfare reform
Posted on: Mon, 05 Jan 2015 05:25:32 +0000