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.
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
On the Hill today鈥β�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,聽聽$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 鈥渃lean鈥� 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.聽The Senate Finance Committee plans to examine聽聽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鈥檚 hearing.
Another plan for a flat tax, this time from Rick Santorum.聽The GOP presidential hopeful spent some time in Urbandale, Iowa, touting his plan for a聽聽on personal, corporate, capital gains and other income. He says the plan will be revenue neutral, while providing providing a 鈥減re-bate鈥� 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聽聽as a candidate in 2012.
An effort to clean up tax subsidies for clean energy could be even鈥� cleaner.聽TPC鈥檚 Howard Gleckman explains聽for energy efficiency and reduced carbon emissions. But he concludes,聽鈥�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.鈥�
Russia needs revenue鈥� but where should it get it?聽The Finance Ministry says a聽聽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鈥檚 tax news?聽聽to get the Daily Deduction delivered to your inbox every morning. If you鈥檇 like to tell us about a new research paper or have any comments about our feature, write us at dailydeduction 鈥渁t鈥� taxpolicycenter 鈥渄ot鈥� org.
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