Rick Santorum 2012 taxes and tax plan offers big savings for the wealthy and large corporations, while increasing the deficit. His plan substantially cuts taxes, but the raise in the deficit counteracts any short term benefit to the American people.
The Santorum tax cuts would give the upper one percent the biggest tax cuts. Individuals who make between three-million to eight-million dollars would receive an average tax break of around one million dollars by 2015. The middle class who makes around fifty to seventy-thousand would receive around two-thousand dollars. The lower class making around twenty-thousand would get about thirty-nine dollars.
Santorum’s plan would increase the disparity between the haves and the have not’s. The burden on the middle class would increase and the upper class would continue to pay less taxes. Increasing the deficit would devalue the American dollar and lessen our spending power as a nation.
The Santorum tax plan would cut investment income and lessen the taxes of large corporations. The problem remains that corporations do not give back their profits with more jobs or increasing the growth of industries in the United States. Modern business looks at the profit margins and has no problem sending jobs abroad or having off shore bank accounts that cannot be taxed.
The Santorum plan only increases the economic problems, which exist today. The creation of more jobs, lessening unemployment, and lowering the deficit are not part of his plan. His plan is a bandage on a bleeding economic wound, with no constructive plan to keep the patient alive.
- House Republicans Agree On Short-Term Renewal Of Payroll Tax Cuts And Other Benefits (fastswings.com)
- Effective Tax Rate: Not As Simple As It Seems (2010tax.org)