2012 Presidential Hopeful Tax Plan: Santorum

The highlights of Rick Santorum's plan for taxes: (info taken from his website here.)

1. Personal Income Taxes: Two tax rates à 10% and 28%
2. Eliminate the Alternative Minimum Tax (AMT)
3. Eliminate the Death Tax
4. Lower Capital Gains and Dividend tax rates to 12%
5. Triple the personal deduction for each child
6. Retain deductions for charitable giving, home mortgage interest, healthcare, retirement savings, and children
7. Eliminate the cap on deductions for losses incurred in the sale of a principle residence
8. Cut the corporate income tax rate from 35% to 17.5%
9. Eliminate the corporate income tax for manufacturers (from 35% to 0%)
10. Increase the Research & Development Tax Credit from 14% to 20%
11. Eliminate the tax on repatriated taxable corporate income (from 35% from 0%) - when manufacturers invest in plant and equipment; and reduce the corporate tax rate from 35% to 5.25% on other repatriated income and allow for 100% expensing for new business equipment

Update on Thursday, January 19, 2012 at 1:36PM by Jess Monnette

The Tax Policy Center has some interesting analysis on the impact of Rick Santorum's tax plan. 

The Santorum Plan: Tax Cuts for (Nearly) All.  From the Article:

"According to new estimates by my colleagues at the Tax Policy Center, the former Pennsylvania senator would cut taxes for nearly all households making $40,000 or more. But the impact on the deficit would be enormous: He’d cut taxes by roughly $1 trillion in 2015 alone."