Tax Foundation Rips Santorum Tax Plan (Grade: D+)

[ScienceRocks]

Tax Foundation Rips Santorum Tax Plan (Grade: D+)
The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson

Tax Foundation Rips Santorum Tax Plan - Washington Wire - WSJ

An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.”

”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.”

Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax rate to 17.5% from its current top rate of 35%. Manufacturers, however, would not have to pay any corporate taxes.

Mr. McBride said the idea is “grossly unfair,” and unlikely to gain traction in Washington. If it did, he said, many businesses would “suddenly claim to be a manufacturer.”

The tax group also took aim at Santorum’s suggestion to triple the tax deduction families can take for each child. “This is obviously a big tax cut, and might spur growth, or it might just spur child making,” Mr. McBride wrote. The Tax Foundation echoed concerns expressed earlier this week by the nonpartisan Tax Policy Center that tripling the child tax deduction could push more low-income families off the tax rolls.

While the Santorum campaign has filled in some of the details in recent weeks, big ones remain missing, Mr. McBride wrote. The plan would collapse the current six rates to just two — 10% and 28% — but it doesn’t specify who would pay those rates, he said, adding: ”That’s kind of important.”


(Excerpt) Read more at blogs.wsj.com ...

 

[Lakhota]

”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.”

Interesting...

 

[Two Thumbs]

And Santorum is the "not romney" we are stuck with until the final delegate is counted.

man I wish Cain had kept it in his pants or owned what he did.

 

[theunbubba]

Tax Foundation Rips Santorum Tax Plan (Grade: D+)
The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson

Tax Foundation Rips Santorum Tax Plan - Washington Wire - WSJ

An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.”

”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.”

Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax rate to 17.5% from its current top rate of 35%. Manufacturers, however, would not have to pay any corporate taxes.

Mr. McBride said the idea is “grossly unfair,” and unlikely to gain traction in Washington. If it did, he said, many businesses would “suddenly claim to be a manufacturer.”

The tax group also took aim at Santorum’s suggestion to triple the tax deduction families can take for each child. “This is obviously a big tax cut, and might spur growth, or it might just spur child making,” Mr. McBride wrote. The Tax Foundation echoed concerns expressed earlier this week by the nonpartisan Tax Policy Center that tripling the child tax deduction could push more low-income families off the tax rolls.

While the Santorum campaign has filled in some of the details in recent weeks, big ones remain missing, Mr. McBride wrote. The plan would collapse the current six rates to just two — 10% and 28% — but it doesn’t specify who would pay those rates, he said, adding: ”That’s kind of important.”


(Excerpt) Read more at blogs.wsj.com ...

Here we go again. A democrat trying to act like a fiscal conservative. Non Partisan my ass. Every time I hear or read those words I know instantly that it's a cover organization for some left wing front group.

This clown is your economist? :
William McBride Discusses Payroll Tax

See the video. See the smirk when partisanship is denied. See spot run.

 

[idb]

Tax Foundation Rips Santorum Tax Plan (Grade: D+)
The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson

Tax Foundation Rips Santorum Tax Plan - Washington Wire - WSJ

An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.”

”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.”

Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax rate to 17.5% from its current top rate of 35%. Manufacturers, however, would not have to pay any corporate taxes.

Mr. McBride said the idea is “grossly unfair,” and unlikely to gain traction in Washington. If it did, he said, many businesses would “suddenly claim to be a manufacturer.”

The tax group also took aim at Santorum’s suggestion to triple the tax deduction families can take for each child. “This is obviously a big tax cut, and might spur growth, or it might just spur child making,” Mr. McBride wrote. The Tax Foundation echoed concerns expressed earlier this week by the nonpartisan Tax Policy Center that tripling the child tax deduction could push more low-income families off the tax rolls.

While the Santorum campaign has filled in some of the details in recent weeks, big ones remain missing, Mr. McBride wrote. The plan would collapse the current six rates to just two — 10% and 28% — but it doesn’t specify who would pay those rates, he said, adding: ”That’s kind of important.”


(Excerpt) Read more at blogs.wsj.com ...

Here we go again. A democrat trying to act like a fiscal conservative. Non Partisan my ass. Every time I hear or read those words I know instantly that it's a cover organization for some left wing front group.

This clown is your economist? :
William McBride Discusses Payroll Tax

See the video. See the smirk when partisanship is denied. See spot run.

But...is he right?

 

[theunbubba]

Tax Foundation Rips Santorum Tax Plan (Grade: D+)
The Wall Street Journal ^ | 1/6/2012 | Kristina Peterson

Tax Foundation Rips Santorum Tax Plan - Washington Wire - WSJ

An antitax advocacy group zinged Republican presidential candidate Rick Santorum’s tax plan, giving him a grade of “D+” grade and the dubious honor of proposing what “may be the worst idea of any of the Republican candidates.”

”The good news is Santorum has gotten more specific about his tax plan since last month when we gave him a D+,” economist William McBride wrote on Thursday. “The bad news is… he’s gotten more specific.”

Mr. McBride said the biggest problem with Mr. Santorum’s proposal is the sharply different corporate tax rates he would establish. Mr. Santorum would halve the corporate tax rate to 17.5% from its current top rate of 35%. Manufacturers, however, would not have to pay any corporate taxes.

Mr. McBride said the idea is “grossly unfair,” and unlikely to gain traction in Washington. If it did, he said, many businesses would “suddenly claim to be a manufacturer.”

The tax group also took aim at Santorum’s suggestion to triple the tax deduction families can take for each child. “This is obviously a big tax cut, and might spur growth, or it might just spur child making,” Mr. McBride wrote. The Tax Foundation echoed concerns expressed earlier this week by the nonpartisan Tax Policy Center that tripling the child tax deduction could push more low-income families off the tax rolls.

While the Santorum campaign has filled in some of the details in recent weeks, big ones remain missing, Mr. McBride wrote. The plan would collapse the current six rates to just two — 10% and 28% — but it doesn’t specify who would pay those rates, he said, adding: ”That’s kind of important.”


(Excerpt) Read more at blogs.wsj.com ...

Here we go again. A democrat trying to act like a fiscal conservative. Non Partisan my ass. Every time I hear or read those words I know instantly that it's a cover organization for some left wing front group.

This clown is your economist? :
William McBride Discusses Payroll Tax

See the video. See the smirk when partisanship is denied. See spot run.

But...is he right?

Nope. Not in the least. The words "grossly unfair" give him away as not a serious economist. Fairness isn't considered by the laws of financial reality. Pure sophistry.

 

[Toro]

The criticism is correct.

It is bad economics to differentiate between industries when setting tax policy. Why should a manufacturer of valves pay a lower tax rate than a company which writes software? Also, if Republicans are concerned about not enough people paying federalincome taxes, this will likely push more people off the federal income tax rolls.

 

[RDD_1210]

Here we go again. A democrat trying to act like a fiscal conservative. Non Partisan my ass. Every time I hear or read those words I know instantly that it's a cover organization for some left wing front group.

This clown is your economist? :
William McBride Discusses Payroll Tax

See the video. See the smirk when partisanship is denied. See spot run.

But...is he right?

Nope. Not in the least. The words "grossly unfair" give him away as not a serious economist. Fairness isn't considered by the laws of financial reality. Pure sophistry.

Two straight posts from you of attacking the source and not actually countering the message itself. I wonder why that is. Oh I know, you're just another name calling, no substance bore who is no different than the other far right wingers who are out of touch with reality. Zzzzzzzzzzzzzzzz

 

[editec]

Nobody in either party really has a solution.

The GOPers "solutions" will have the effect of making things worse immediately

And the Dems don't have any real solutions, either.

What they offer us are very expensive BAND-AIDES that make it possible for the MASTERS to continue destroying this economy, while giving the people some small relief from the process while it happens... UNTIL the nation can no longer afford that help, of course, and then AUSTERITY HERE WE COME!!!

 

[sparky]

but this solution of addressing a tax code with intricacies beyond that of any normal human comprehension is the perfect place for a political bandaid Editec

both camps can fiegn concern for manufacturing stumpin' for it, small change biz owners will insist it as national policy, while international fortune 500's continue to sell us down the free trade road ....

~S~

 

[idb]

The criticism is correct.

It is bad economics to differentiate between industries when setting tax policy. Why should a manufacturer of valves pay a lower tax rate than a company which writes software? Also, if Republicans are concerned about not enough people paying federalincome taxes, this will likely push more people off the federal income tax rolls.

It can be used to encourage industries that are deemed to have national importance.