The tax issue will continue to be a controversial one for millions of Americans, who are suffering through high unemployment, slow job growth, and perceived corporate elitism.
As the 2012 Republican Presidential Candidates do battle over the next couple of months, a lot of rhetoric will be passed back and forth, along with the subsequent finger pointing and political positioning. Of the three candidates, who are currently considered the GOP frontrunners, Rick Santorum is one of the least known, but also one of the fastest rising stars. His tax plan differs some from the Gingrich and Romney solutions, and is both criticized and heralded for the fundamental changes that it makes to what both sides often agree is a broken system. Under the Rick Santorum Tax Plan, America could expect the following:Step 1: The 10 and the 28Personal income taxes under Rick Santorum’s plan would fall for everyone across the board. The presidential nomination contender would want the wealthiest citizens to pay just 28 percent in taxes, while those with the lowest incomes (most Americans) would pay approximately one third of that at 10 percent. Step 2: Eliminating the Alternative Minimum Tax (AMT)The AMT is considered one of the most unfair taxes out there because the way that it is currently set up, it is more than likely going to tax middle income Americans while the rich are typically savvy enough to posture their way out of it. Originally created to make sure the rich paid something, the tax code evolved and complicated itself over the years to the unfortunate position where it is today. It doesn’t hit the people for whom it was originally intended, and under Santorum’s plan, it has to go. Step 3: Simplifying and Promoting a Pro Investor EnvironmentSantorum wants to simplify the tax code, he says, to the point that people are encouraged to seek higher yield investments, and he wants to outlaw the Death Tax altogether, so that when someone dies they can do so knowing their loved ones will get 100 percent of the remaining properties and funds instead of 50 percent. Santorum would still have a capital gains tax, but it would fall to 12 percent from 20. Among Santorum’s other ideas, he would like to triple the amount of deductions per child for families everywhere. This, he says, would free up more of the family income to take care of children and save for college. With messages like these, Santorum has managed to usurp Gingrich’s early momentum and push Romney’s advantage to the max. As America continues to struggle with the state of the economy, Santorum’s message is sounding very good to millions and millions. But will it be enough to give the GOP a chance in November?
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