New Hampshire Voter Guide and 2012 Presidential Candidate Tax Plan Comparison

Balance budget by reducing spending to a level equal to our tax revenues
1. Gingrich Does not commit to specifically doing this but promises to balance the budget through economic growth, the elimination of wasteful spending, and entitlement reform. SOURCE
2. Huntsman Does not commit to specifically doing this but supports reaching a balanced budget and approving a balanced budget amendment. SOURCE
3. Paul Would veto any unbalanced budget and refuse any future debt limit increases. SOURCE
4. Perry His ‘cut, balance and grow’ plan would limit federal spending to 18 percent of GDP. SOURCE
5. Romney Does not commit to specifically doing this but promises to “cut spending to finally move our nation toward a balanced budget.” SOURCE
6. Santorum Promisess to cut $5 trillion over five years and to limit federal spending to 18 percent of GDP. SOURCE

Prohibit federal bailouts of private companies
1. Gingrich Yes. Calls bailouts “bad policy.” SOURCE
2. Huntsman Supported 2008 financial bailout but opposed auto bailout. SOURCE
3. Paul Yes, opposed 2008 bailout. SOURCE
4. Perry Yes, opposes any future bailouts. SOURCE
5. Romney Supported 2008 financial bailout as “essential” and also had company at Bain Capital that got a federal bailout from PBGC. SOURCE
6. Santorum Yes, opposed TARP and bailouts. SOURCE

Abolish the EPA
1. Gingrich Yes. SOURCE
2. Huntsman Rein it in, not abolish it. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes, and rebuild a new environmental agency. SOURCE
5. Romney Supports much of the agency’s mission but would reform some things. SOURCE
6. Santorum Modify it, not abolish it. SOURCE

Repeal oppressive business regulations
1. Gingrich Yes. SOURCE
2. Huntsman Yes. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes. SOURCE
5. Romney Yes. SOURCE
6. Santorum Yes. SOURCE

Repeal Dodd-Frank
1. Gingrich Yes. SOURCE
2. Huntsman Yes, put possibly reinstate part of it. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes. SOURCE
5. Romney Yes. SOURCE
6. Santorum Yes. SOURCE

Repeal Obamacare
1. Gingrich Yes. Would repeal on day one. SOURCE
2. Huntsman Yes. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes. SOURCE
5. Romney Says he would repeal on day one but has taken conflicting positions on repeal. SOURCE
6. Santorum Yes. SOURCE

Secure the border
1. Gingrich Yes. Signed Americans for Secure Borders pledge but also believes “it is neither optimal nor feasible nor humane to deport every single illegal immigrant”. SOURCE
2. Huntsman Yes. SOURCE
3. Paul No. Believes a fence could be used to keep Americans in. SOURCE
4. Perry Supports strategically placed fencing, but also supported in-state college tuition for some undocumented immigrants in Texas. SOURCE
5. Romney Yes. SOURCE
6. Santorum Yes. SOURCE

Reduce Government waste, fraud and abuse
1. Gingrich Yes. Adopt Lean Sigma Six strategies to eliminate waste. SOURCE
2. Huntsman Mixed. Huntsman states he supports cutting waste but independent analyses by the Club for Growth and the Cato Institute say his performance in Utah on reducing spending was ineffective. SOURCE
3. Paul Mixed record. Supports “a 10% reduction in the federal workforce, slashing congressional pay and perks, and curbing excessive federal travel” but also sought stimulus money for Texas projects. SOURCE
4. Perry Yes. SOURCE
5. Romney Yes. SOURCE
6. Santorum Yes. SOURCE

Abolish the Department of Education
1. Gingrich Would shrink Education Department into a research center. SOURCE
2. Huntsman No, but would eliminate no Child Left Behind. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes. SOURCE
5. Romney Supported abolishing it in the 1990s, but now wants a limited federal role in education. SOURCE
6. Santorum Would shrink but not eliminate it. SOURCE

Balanced budget amendment
1. Gingrich Yes. SOURCE
2. Huntsman Yes. SOURCE
3. Paul Yes. SOURCE
4. Perry Yes. SOURCE
5. Romney Yes. Supports cut, cap and balance. SOURCE
6. Santorum Yes. SOURCE

Thank you for your participation in the New Hampshire Edition of the Tea Party Issues Ballot. Watch your in-box tomorrow for the results of the presidential straw poll! And we invite you to return to teapartyvotes.com later this week to participate in the South Carolina issues ballot—in which we will examine additional issues of importance to the Tea Party—and an updated presidential straw poll.

2012 Presidential Candidate Tax Plan Comparison

Confused about the proposed tax reform from each of the presidential candidates? Be confused no more. ATR has compiled a single chart that covers the essential differences between each candidate’s plans. As proposals change, this chart will be updated, so be sure to bookmark it and share it with your friends using the Facebook, Twitter, and email links above.

GINGRICH
HUNTSMAN
OBAMA
PAUL
PERRY
ROMNEY
SANTORUM

Taxpayer Protection Pledge Signer

Yes
No
No
Yes
Yes
Yes
Yes

Individual Income Tax Rates

15% Flat
Optional
8-23%
10-39.6%
10-35%
20% Flat
Optional
10-35%
10-28%

Business Tax

12.5% Corp
15% Small Biz
25% Corp
15% Small Biz
35% Corp
39.6% Small Biz
15% Corp
35% Small Biz
20%
25% Corp
35% Small Biz
17.5% Corp
28% Small Biz
0% Manufacturing

National Sales Tax

No
No
No
No
No
No
No

Capital Gains / Dividends Tax Rate

0%
0%
23.8%
0%
0%
15%/0%
<$200k Income
12%

Payroll Tax*

Optional
Personal
Accounts
No Change

2% Holiday

Medicare
Payroll Tax
Hike from
2.9 to 3.8%

Opt-Out
Optional
Personal
Account
No Change
No change

Death Tax

Killed
35%, $5-10M
Exemption
45% Top Rate
Killed
Killed
Killed
Killed

Full Business Expensing

Yes
No
Yes
Yes
Yes
No
Yes

Territoriality

Yes
Yes
No
Just
Repatriation
Yes
Yes
Just
Repatriation

*the payroll tax is currently 15.3% (12.4% for Social Security, 2.9% for Medicare) notionally split evenly between employers and employees. A wage and self-employment cap of $106,800 exists for the Social Security tax. The Medicare tax applies to all wages and self-employment profits.

Column Definitions:

Tax Pledge: Has the candidate signed the “Taxpayer Protection Pledge” sponsored by Americans for Tax Reform?

Individual Rates: What tax rate or tax rate range does the candidate want the individual income tax to have?

Business Tax: At what marginal tax rate would the candidate tax corporate and small business profits?

National Sales Tax: Has the candidate endorsed any form of a national sales tax, including a VAT?

Cap Gains: At what marginal tax rate would the candidate tax capital gains and dividends?

Payroll Tax: What, if any, changes would the candidate make to the Social Security and Medicare payroll tax system?

Death Tax: What, if any, changes would the candidate make to the death tax?

Full Business Expensing: Is the candidate in favor of letting all businesses deduct all purchases the first year?

Territoriality: Does the candidate support ending the double taxation of income earned overseas?

Chart Citations
Romney: http://mittromney.com/blogs/mitts-view/2011/09/believe-america-mitt-romneys-plan-jobs-and-economic-growth

Perry: http://www.rickperry.org/content/uploads/2011/10/Cut-Balance-and-Grow-Summary.pdf

Paul: http://www.ronpaul2012.com/the-issues/taxes/

Gingrich: http://www.newt.org/contract/legislative-proposals#Two

Santorum: ATR staff communication with Santorum staff

Huntsman: http://jon2012.com/issues/jobs-economy-tax-reform

Obama: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

Source: ATR – http://www.atr.org/presidential-candidate-tax-plan-comparison-a6588#ixzz1izfTfgPA

h/t to MJ

About Ask Marion

I am a babyboomer and empty nester who savors every moment of my past and believes that it is the responsibility of each of us in my generation and Americans in general to make sure that America is as good or even a better place for future generations as it was for us. So far... we haven't done very well!! Favorite Quotes: "The first 50 years are to build and acquire; the second 50 are to leave your legacy"; "Do something that scares you every day!"; "The journey in between what you once were and who you are becoming is where the dance of life really takes place". At age 62 I find myself fighting inoperable uterine Cancer and thanks to the man upstairs and the prayers from so many people including many of my readers from AskMarion and JustOneMorePet... I'm beating it. After losing our business because of the economy and factors related to the re-election of President Obama in 2012 followed by 16-mos of job hunting, my architect-trained husband is working as a trucker and has only been home approximately 5-days a month since I was diagnosed, which has made everything more difficult and often lonely... plus funds are tight. Our family medical deductible is 12K per year for two of us; thank you ObamaCare. But thanks to donations from so many of you, we are making ends meet as I go through treatment while taking care of my father-in-law who is suffering from late stage Alzheimer's and my mother-in-law who suffers from RA and onset dementia as well as hearing loss, for which there are no caretaker funds, as I continue the fight here online to inform and help restore our amazing country. And finally I need to thank a core group of family, friends, and readers... all at a distance, who check in with me regularly. Plus, I must thank my furkids who have not left my side through this fight. You can see them at JustOneMorePet.

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