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GOP Presidential Candidates Tax Plans

Below I have created a table to use for comparison of Tax Plans the Republican candidates for President have proposed. I tried to be as unbiased as I could in the data I provide. All the plans are far superior to what Obama and the Democrats are proposing. Some have more details than others. History teaches us how a bold tax plan grows the economy. In my humble opinion, there are candidates who have either bold and detailed plans, bold and cautious plans, bold and vague plans, or tepid and timid plans. I will leave it up to each person who studies this table to draw their own conclusions.

Key Tax Plan Points Herman Cain Jon Huntsman Michele Bachmann Rick Santorum Newt Gingrich Rick Perry Mitt Romney
Drastic Reduction of US Tax Code Yes Yes Yes Yes optional optional No
Individual Taxes 9 percent flat rate on all personal income. Gross income less charitable deductions. Empowerment Zones will offer additional deductions for those living and/or working in the zone. Eliminates all deductions and credits in favor of three drastically lower rates of 8%, 14% and 23%. 0 percent rate on all capital gains and qualified dividends. 20 percent flat rate on all personal income. 0 percent rate on all capital gains and qualified dividends flatter, fairer, and simpler Optional Flat Personal Income Tax 15 percent flat rate on all personal income. 0 percent rate on all capital gains and qualified dividends Optional Flat Personal Income Tax 20 percent flat rate on all personal income. 0 percent rate on long-term capital gains and qualified dividends Standard deduction of $12,500 per person Itemized deduction alternative for families making less than $500,000: mortgage interest, state and local taxes, charitable contributions only Maintain marginal rates at current levels Further reduce taxes on savings and investment
Corporate Taxes 9 percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships 25 percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships “single digit” percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships 17.5 percent corporate tax rate 0 percent for all manufacturers Repatriate taxable income outside the United States at a rate of 5% 12.5 percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships 20 percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships Full business expensing of all new business purchases One-year repatriation holiday of 5.25% Eliminates all business deductions and credits not part of a consumption base 25 percent flat rate on all business profits for all business forms: corporations, S-corporations, partnerships, LLCs, and sole proprietorships
National Sales Tax 9 percent flat rate replacement tax. It replaces taxes that are already embedded in selling prices. No No No No No No

pilgrim
I am retired after 36 years of being a state of Indiana employee. I enjoy writing and reading conservative blogs.

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