Subscribe

Rick Santorum's tax plan is new and flat

Rick Santorum has released his new tax plan and it's flat. Learn more about this and other tax news.

  • close
    U.S. Republican presidential candidate Rick Santorum speaks at the Iowa Faith and Freedom Coalition Forum in Des Moines, Iowa, September 19, 2015.
    Brian Frank/Reuters/File
    View Caption
  • About video ads
    View Caption
of

On the Hill today… The Senate plans to vote on a continuing resolution to fund the government from October 1 through December 11. The continuing resolution includes a provision to defund Planned Parenthood, a move that could actually cost $130 million over 10 years because the government would have to pay for more unplanned births, according to the Congressional Budget Office. Senate Democrats will likely vote against the measure and expect that Majority Leader Mitch McConnell introduces a “clean” continuing resolution without such a provision. This could set the Senate up for a working weekend. The deadline for getting a budget to prevent a government shutdown remains, as ever, September 30.

Next week on the Hill, a look at improper payments. The Senate Finance Committee plans to examine improper payments from Medicare, Medicaid and the Earned Income Tax Credit. In fiscal year 2014, the government paid out an estimated $125 billion in error, three-fourths of which was for the three programs. Comptroller General Gene Dodaro will testify at next Thursday’s hearing.

Another plan for a flat tax, this time from Rick Santorum. The GOP presidential hopeful spent some time in Urbandale, Iowa, touting his plan for a flat 20 percent tax on personal, corporate, capital gains and other income. He says the plan will be revenue neutral, while providing providing a “pre-bate” tax credit of up to $3,000 per taxpayer and maintaining deductions for home mortgage interest and charitable contributions. Santorum would, however, eliminate the deductibility of state and local taxes. The plan is a departure from the plan he proposed as a candidate in 2012.

An effort to clean up tax subsidies for clean energy could be even… cleaner. TPC’s Howard Gleckman explains Senate Democrats’ effort to simplify tax breaks for energy efficiency and reduced carbon emissions. But he concludes, There is a better and even simpler way to use the revenue code to cut consumption of fossil fuels. Congress could haul all these energy tax subsidies to the dumpster and, instead, pass a carbon tax. Done right, it could help reduce the budget deficit, protect low-income households from higher energy costs, and even cut tax rates.”

Russia needs revenue… but where should it get it? The Finance Ministry says a new oil-extraction formula could bring in an additional $9 billion next year, but the Economy Ministry says the tax increase might hurt oil production. Meanwhile, Russia faces its first recession in six years.

Interested in subscribing to the Daily Deduction, the Urban-Brookings Tax Policy Center summary of the day’s tax news? Sign-up here to get the Daily Deduction delivered to your inbox every morning. If you’d like to tell us about a new research paper or have any comments about our feature, write us at dailydeduction “at” taxpolicycenter “dot” org.

The post A lawmaker's work is never done. appeared first on TaxVox.

The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on taxvox.taxpolicycenter.org.

About these ads
Sponsored Content by LockerDome
 
 
Make a Difference
Inspired? Here are some ways to make a difference on this issue.
FREE Newsletters
Get the Monitor stories you care about delivered to your inbox.
 

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK