Late last week Senator Rick Santorum’s campaign released his “Made In America” plan to revitalize the American economy through empowering families and building economic freedom.  Prior to this his economic plan primarily focused on the manufacturing sector.  This plan includes manufacturing, but is considerably broader and goes into more specific taxes and plans.

Over the phone today we discussed specifics about some aspects of his plan – why he favor two tax rates as opposed to a flat tax, what does he mean when he says families are our first economy, how he plans to incentivize states to encourage more parental choice in education, how he plans to reform Social Security and Medicare, what does he plan to do to secure the border, how would he streamline legal immigration, what countries does he plan to negotiate free trade agreements with, what are his three top priorities in his plan to achieve energy independence and security, what would his plan for tort reform include, and where does he see our national security and defense in need of strengthening.

I encourage you to listen to my interview.  Below are the objectives in his plan:

  • Cut and simplify personal income taxes by cutting the number of tax rates to just two – 10% and 28% returning to the Reagan era pro-growth top tax rate
  • Simplify the tax code and reduce middle income taxes by eliminating the Alternative Minimum Tax (AMT)
  • Simplify the tax code, encourage savings and investment and reduce taxes by eliminating the Death Tax
  • Lower the Capital Gains and Dividend tax rates to 12% to spur economic growth and investment
  • Reduce taxes for families by tripling the personal deduction for each child
  • Reduce and simplify taxes for families by eliminating marriage tax penalties throughout the federal tax code
  • Retain deductions for charitable giving, home mortgage interest, healthcare, retirement savings, and children
  • Cut the corporate income tax rate in half to make our businesses competitive around the world, from 35% to 17.5%
  • Eliminate the corporate income tax for manufacturers – from 35% to 0% – which will spur middle income job creation in the United States and will create a job multiplier effect for workers
  • Spur innovation in America by increasing the Research & Development Tax Credit from 14% to 20% and make it permanent
  • 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
  • Repeal and Replace ObamaCare with market based healthcare innovation and competition to improve America and America’s health and create jobs;
  • Reduce Federal (non-defense discretionary spending) to 2008 levels through across the board spending cuts;
  • Eliminate all agriculture and energy subsidies within four years letting the markets work, eliminate resources for job killing radical regulatory approaches at the EPA and refocus its mission on safe and clean water and air and commonsense conservation, eliminate funding for Planned Parenthood and support adoption, reduce funding for the National Labor Relations Board (NLRB) for extreme positions undermining economic freedom, eliminate funding for implementation of ObamaCare, and eliminate funding for United Nations organizations that undermine America’s interests
  • Pass a Balanced Budget Amendment to the Constitution capping government spending at 18% of GDP
  • Support Legislation to Reform the Congressional Budget Process and support legislation that requires Congress to pass constitutionally required spending bills or forfeit its members’ pay for the next fiscal year
  • Eliminate all other Obama era regulations with economic impact over $100 million
  • Negotiate 5 Free Trade Agreements and submit to Congress in first year of Presidency
  • Tap into America’s vast domestic energy resources to power our 21st century economy without picking winners and losers so all American families and businesses can have lower energy cost
  • Unleash innovation in telecommunications and Internet consumer options by getting government out of the way which will expand productivity and lower costs
  • Reform Social Security and Medicare for sustainable retirements
  • Block Grant Medicaid, Housing, Job Training, and other social services to the States
  • Freeze current non-defense related federal worker pay levels for a year and reduce federal workforce by at least 10% with no compensatory increase in the contract workforce
  • Secure our border, streamline the legal immigration process to attract highly skilled talent and entrepreneurs from around the world and reform the agriculture worker program so it works for America’s farmers
  • Reclaim the role of parents as the decision makers in their children’s education and incentivize the states to promote parental choice and quality educational options because the family is the foundation of the economy
  • Promote tort reform and alternatives to litigation for federal policies and programs; and incentivize the states to expand these reforms across our economy
  • Approve the Keystone Pipeline and other job creating initiatives delayed and burdened excessively by government regulation
  • Overturn the National Labor Relations decision preventing Boeing from opening up its airplane factory in South Carolina and prevent other decisions like it
  • Phase out Fannie Mae and Freddie Mac’s government backed role in mortgages and homeownership within five years
  • Audit the Federal Reserve and return it to its original purpose – a single charter to only manage inflation
  • Strengthen our national security and national defense so that we are not dependent upon our foes or competitors for critical manufacturing, technology, energy and other security needs

Photo by Dave Davidson

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