The Republican candidates for president have all blasted President Obama for his failure to rescue the American economy, offering up their own competing economic plans in the process.
So, how exactly do the 2012 GOPers plan to save the economy?
While the candidates are unanimous in a few areas — repealing the Affordable Care Act, to name one example — their broader economic plans are quite different. In particular, the candidates have presented a diverse array of tax plans that vary from total overhauls of the tax code, to minor reductions in certain tax rates.
Herman Cain
Taxes:
- Individual income tax rate: 9%
- Corporate tax rate: 9%
- Create new 9% national sales tax
- Eliminate capital gains tax
- Eliminate estate tax
- 9-9-9 tax plan would be first step toward implementing a 'Fair Tax' down the road (single consumption tax that replaces all other taxes)
Affordable Care Act:
- Repeal and replace ACA
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget:
- Supports amending Constitution to require balanced budget
- Claims he could balance budget in one year
Rick Perry
Taxes:
- Individual income tax rate: optional 20% flat tax (Taxpayers could choose to pay flat 20% rate with exemptions, or stay in current tax code)
- Corporate tax rate: 20%
- Eliminate capital gains tax
- Eliminate estate tax
Affordable Care Act:
- Repeal and replace ACA
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget
- Supports amending Constitution to require balanced budget
- Says he would balance budget by 2020
Mitt Romney
Taxes:
- Corporate tax rate: 25%
- Individual income tax rates: Would extend Bush-era tax cuts
- Promises to make personal tax rates "lower and flatter" in the future
- Eliminate capital gains tax for people making under $200,000 per year
- Eliminate estate tax
Affordable Care Act:
- Repeal and replace ACA
- Grant waivers on first day in office to states to opt out of ACA
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget
- Supports amending Constitution to require balanced budget
Ron Paul
Taxes:
- Corporate tax rate: 15%
- Eliminate income tax
- Eliminate capital gains taxes
- Eliminate estate tax
- Supportive of flat or fair tax, but only if government's power to levy income tax is abolished
Affordable Care Act:
- Supports full repeal of ACA
- Provide tax credits and deductions for medical care
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget:
- Veto any unbalanced budget
- Promised to cut $1 trillion immediately after taking office
Newt Gingrich
Taxes:
- Individual income tax rates: Would extend Bush-era tax cuts
- Introduce optional 15% flat tax for personal income
- Corporate tax rate: 12.5%
- Eliminate capital gains tax
- Eliminate estate tax
Affordable Care Act:
- Repeal and replace ACA
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget:
- Supports amending Constitution to require balanced budget
Jon Huntsman
Taxes:
- Corporate tax rate: 25%
- Individual income tax rate: establish three rates of 8%, 14%, and 23%
- Eliminate all deductions and tax credits in individual income tax code
- Eliminate Alternative Minimum Tax
- Eliminate capital gains tax
Affordable Care Act:
- Repeal and replace ACA
Financial Regulation:
- Repeal Dodd-Frank
Michele Bachmann
Taxes:
- Few specifics, but has called for "reinstitut[ing] the Reagan tax model"
- Bachmann has called for lower tax rates, but a return to Reagan-era rates would be an increase over current levels
Affordable Care Act:
- Supports full repeal of ACA
- Says repeal of ACA is her top priority
Financial Regulation
- Has introduced legislation in House to repeal Dodd-Frank
Rick Santorum
Taxes:
- Eliminate corporate tax
- Individual income tax: supports lowering rates across the board, but unclear on specifics
- Permanently extend capital gains and dividend taxes
Affordable Care Act:
- Supports repealing ACA through budget reconciliation process
Financial Regulation:
- Repeal Dodd-Frank
Balanced Budget:
- Supports amending Constitution to require balanced budget