Canadite Comparison

SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) www.ricksantorum.com Where I Stand: Eliminate marriage tax penalties throughout the 5 federal tax code. Transition Team will review all spending cut proposals and restructuring reforms of the Heritage Foundation, CATO Institute, American Enterprise Institute, and the Simpson-Bowles Commission for additional 5 savings. Eliminate all other Obama era regulations with economic impact over 5 $100 million. Strengthen patient-driven health coverage options such Health Savings Accounts coupled with high deductible insurance 5 plans. Where I Stand: Reduce the number of tax rates to two10% and 5 28%. Triple the personal exemption for each 5 child.
TAX REFORM IN GENERAL
INDIVIDUAL TAX RATES
www.whitehouse.gov www.treasury.gov 1/25 Plan with State of Union: Expand tax relief to startups and small businesses that are creating jobs and 1 increasing wages. Closeloopholes and simplify the tax code so businesses can focus on investing and creating jobs rather than filling out 2 tax forms. 2/22 Business Tax Reform: [E]liminate all tax expenditures of specific industries, with the few exceptions that are critical to broader growth 11 or fairness. Establish greater parity between large corporations and large non-corporate 11 counterparts. 1/25 Plan with State of Union: Extend the Buffet Rule to ensure that each household making more than $1 million annually pays tax at a minimum effective rate of at least 1 30%. Maintain the current rates for taxpayers with incomes under $250,000 (for married taxpayers filing jointly), $225,000 (for heads of households), $200,000 (for single), and
www.mittromney.com/issues/tax Believe in America: Work toward a system that includes lower and flatter rates and a broader tax base, using the Bowles-Simpson Commission approach as a 4 starting point. Offset increases in the tax burdenwhether the result of simplifying the Code or encouraging growthby 4 reducing marginal rates. 2/22 Americas Promise: Broaden the corporate tax 12 base.
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) www.newt.org/solutions No stated position found.
Believe in America: Make permanent the Bush tax cuts, treating them as a directional marker on the road 4 to more fundamental reform. 2/22 Americas Promise: Make a permanent, across-theboard 20% cut in marginal rates (i.e., drop the top rate from 35% to 28% and the 12 bottom rate from 10% to 8%).
Contract with America: Make permanent the Bush 3 tax cuts. Provide an optional flat tax: all tax filers would be given the option of paying their income taxes (a) subject to current income tax provisions or (b) under a single rate with limited deductions. Under the optional flat tax system, the return would be one sheet of paper. The calculation would be: (income minus a standard deduction and charitable
1
2012 The Bureau of National Affairs, Inc
PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON
PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH
SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012)
$125,000 (for married 1 filing separately). 2/13 FY2013 Budget: Replace part of the 33% and all of the 35% rate brackets with a 36% and a 39.6% bracket, 10 respectively. Reduce each personal exemption (but not below zero) by 2% of the exemption amount for the year for each $2,500 ($1,250 if married filing separately)or fraction thereofby which the AGI exceeds the 10 thresholds. Reduce the value of certain deductions or exclusions to 28% of the exclusions and deductions that would otherwise reduce taxable income in the 36% or 10 39.6% brackets. 4/10 The Buffet Rule: A Basic Principle of Tax Fairness: White House National Economic Council says that a minimum 30% tax rate is needed on households earning more than $1 million per year. The report states that 8% of the 400 highest income Americans have an effective rate of less than 10%, and one-third pay less than 15% and 20 85% pay less than 30%.
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) and home ownership deductions) x a fixed rate 3 [15% for most].
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SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) Where I Stand: Reduce the corporate tax rate to 17.5% (from the 5 current 35%). Eliminate the corporate income tax for 5 manufacturers.
CORPORATE TAX RATE
ALTERNATIVE MINIMUM TAX
CAPITAL GAINS AND DIVIDEND INCOME
1/25 Plan with State of Union: Reduce the tax rate for 1 manufacturers. 2/22 Business Tax Reform: Reduce the corporate tax rate from 35% to 11 28%. Reduce the top corporate tax rate for manufacturing income to 25% and even lower for advanced 11 manufacturing. 2/13 FY2013 Budget: Reduce the value of certain deductions or exclusions for higherincome taxpayers, for AMTas well as regular 10 taxpurposes. 1/31 White House statement: Make permanent the 100% exclusion from tax for capital gains realized on the sale of certain small business stock held for more than five 9 years. Note: The 100% exclusion was enacted in 2010, but applies currently only to the sale of eligible stock acquired through the end of 2011. 2/13 FY2013 Budget: In a departure from past Obama Administration budgets, allow the qualified dividend rates to expire for income that would be taxable in the
Believe in America: Reduce the corporate tax rate 4 to 25% (from the current 35%). 2/22 Americas Promise: Cut the corporate rate to 12 25%.
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) Contract with America: Reduce the corporate tax rate to 12.5% (from the 3 current 35%).
2/22 Americas Promise: Repeal the AMT and replace it with a simpler tax system that reduces tax avoidance 12 schemes. 12 Repeal the corporate AMT. Believe in America: Eliminate taxation of capital gains, dividends, and interest for any taxpayer with an adjusted gross income under 4 $200,000. 2/22 Americas Promise: Maintain a top 15% rate on income from qualified dividends 12 and capital gains. Ensure that families with annual incomes below $200,000 pay no taxes on income from capital gains, interest, and qualified 12 dividends.
Contract with America: 3 Eliminate the AMT.
Where I Stand: 5 Eliminate the AMT.
Contract with America: Eliminate taxation of 3 capital gains.
Where I Stand: Reduce the capital gains and dividend tax rates to 5 12%.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) 36% and 39.6% brackets. Allow the reduced rates on long-term capital gains to and would repeal the reduced rate on gains from assets held over five 10 years. Note 1: The FY2013 Proposal would depart from prior Administration Budgets in that it would decouple long-term capital gains treatment from qualified dividend income treatment. Note 2: Under the FY2013 Proposal, the effective top rate for dividend income would be 43.4%, when the 3.8% Medicare Tax (scheduled to take effect in tax years beginning 14 after 2012) is factored in. Limit itemized deductions for individuals exceeding certain income thresholds. Itemized deductions other than medical expenses, investment interest, theft and casualty losses, and gambling losses would be reduced by 3% of the amount by which AGI exceeds the income 10 thresholds. 1/25 Plan with State of Union: Eliminate deductions for any taxpayer making more than $1 million 1 annually.
DEDUCTIONS, CREDITS AND EXCLUSIONS (SEE ENERGY PROVISIONS AND
Believe in America: Support indicated for a robust 4 investment tax credit. Extend the write-off for capital expenditures for an additional 4 year.
Contract with America: Under the optional flat tax system, the personal deduction would be $12,000 for each individual taxpayer; the current earned income tax credit
Where I Stand: Retain deductions for charitable giving, home mortgage interest, healthcare, retirement 5 savings, and children.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) Eliminate the cap on deductions for losses incurred on the sale of a 5 principal residence. Increase the Research & Development Credit from 5 14% to 20%. Allow those who purchase their own health care coverage to do so with pre-tax dollars, including a refundable credit for the purchase of health 5 coverage.
OTHER INTERNATIONAL PROPOSALS BELOW, FOR ADDITIONAL DEDUCTION AND CREDIT PROPOSALS)
Make permanent the American Opportunity Tax Credit, which provides up to $10,000 for tuition over four years of 6 college. Narrow the scope of the Domestic Production Activities Deduction, including by removing oil 2 production from its scope. Double the Domestic Production Activities Deductionfrom 9% to 18%for high-tech 1, 2 manufacturers. Introduce a new Manufacturing Communities Tax Credit for companies seeking to finance new factories, equipment, or production in communities that have suffered a major job loss event (i.e., mass layoffs resulting from closure of a military base or business or substantial reduction in a businesss facility or 1,2 operating unit). Extend through the end of 2012 100% expensing of investment in plants 2 and equipment. Enhance, simplify, and make permanent the Research and Experimentation Tax 2 Credit. 1/27 Note: The Obama administration had proposed dropping the maximum charitable
2/22 Americas Promise: Make permanent the Research 12 & Development Credit. Limit or repeal the American 12 Opportunity Tax Credit. Limit or repeal the Earned 12 Income Tax Credit.
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) and the current $1,000 tax credit for each child aged 16 or younger would still 3 apply. Provide every individual taxpayer the choice of (a) a health care tax credit or (b) a deduction of the value of his or her health insurance up to a certain 3 amount. Everyone on Medicare or Medicaid would be able to choose an HSA as part of 3 his or her coverage. Every worker could use his or her health insurance tax credit or deduction to choose an HSA in place of his or her employer3 provided health insurance.
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(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) deduction from 35% to 28% for individuals with annual incomes of $200,000 or more and for families earning $250,000 8 or more. However, in connection with the January 2012 State of the Union address, the White House stated that the administration will work to ensure that [the Buffet rule] is implemented in a way that is equitable, including not disadvantaging individuals who make large charitable 1 contributions. The charitable sector believes that this languageand the fact that the White House document excludes the charitable deduction from the list of deductions to be denied taxpayers making more than $1 millionsuggest that the administration may have abandoned its goal of reducing the 8 charitable deduction. 2/13 FY2013 Budget: Extend 100% the additional first-year depreciation deduction 10 for an additional year. Provide certain employers a one-year 10% credit for new jobs and wage 10 increases. The Budget formally proposes the New Manufacturing
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) Communities Tax Credit for communities that have suffered a major job loss event (the closure of a military base, the closure of a major employer, or the substantial reduction of a facility or operating unit, that results in a long10 term mass layoff). Details on targeting of the Domestic Production Activities Deduction are presented: gross receipts derived from sources such as the production of oil and gas, production of coal and other hard mineral fossil fuels, and some other non-manufacturing activities would be excluded from the definition of domestic production gross receipts. The resulting additional revenue would be used to increase the general deduction percentage and fund an increase in the deduction rate for advanced technology manufacturing 10 to roughly 18%. As promised, the FY2013 Budget would make the Research and Experimentation (R&E) Credit permanent. It would also increase alternative simplified research credit from 14% to 17%. These changes would be effective after
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) 2011. Add a third alternative qualifying election criterion to the LowIncome House Tax Credit (LIHTC): at least 40% of project units would have to be occupied by tenants with incomes averaging no more than 60% of area median income (AMI); no rent-restricted unit could be occupied by a tenant with income over 80% of 10 AMI. Permit real estate investment trusts (REITs) that receive LIHTCs to designate as tax-exempt some of the dividends that the REITs distribute to their 10 shareholders. Provide a more efficient way for developers to qualify for 30%-presentvalue LIHTCs, and introduce the possibility of an additional 30% boost to qualified basis for 10 computing the LIHTC. Require, in LIHTC LongTerm Use Agreements, protections similar to those in the Violence 10 Against Women Act. Allow otherwise eligible taxpayers residing with qualifying children for whom they do not claim the earned income tax credit (EITC) e.g.,
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) because another individual within the household claims the childrento claim the EITC for workers without 10 qualifying children. Authorize two more rounds of New Markets Tax Credit (NMTC) allocations, for 2012 and 10 2013, of $5 billion each. Designate 20 growth zones (14 in urban areas and six in rural areas) to attract investments and jobs. The Secretary of Commerce would consider the communitys strategic plan, unemployment and poverty rates, household income, home ownership, labor force participation, and education. The designation would provide an employment credit and 10 bonus depreciation. Provide credits to New York State and New York City for transportation infrastructure construction or improvement in or connecting to the New 10 York Liberty Zone. Make the American Opportunity Tax Credit (AOTC) a permanent replacement for the Hope 10 Scholarship Credit. Make permanent the expanded, 45% Earned Income Tax Credit (EITC) for workers with
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) three or more qualifying 10 children. Permanently increase from $15,000 to $75,000 the AGI level at which the Child and Dependent Care Credit begins to 10 phase down. Extend the exclusion for income from the discharge of qualified principal residence indebtedness (QPRI) to amounts discharged before 2015 or discharged under an agreement entered into 10 before 2015. Exclude from gross income amounts forgiven at the end of the 25-year repayment period for federal student loans using the incomecontingent or the incomebased repayment 10 option. Exclude from income scholarship funds for qualified tuition and related expenses received under the IHS Health Professions Scholarship, and exclude amounts forgiven by the IHS Loan 10 Repayment Program. Disallow deductions for punitive damages paid or incurred on a judgment or in settlement of a 10 claim. Prohibit a charitable
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) contribution deduction for any contribution of property (including a conservation easement) that is, or is intended to be, used as a golf 10 course. 2/22 Business Tax Reform: Simplify the R&E Credit, increase the rate of the credit to 17%, and make 11 it permanent. 5/8 CNSE Speech: Give a 10% tax credit to businesses that create new jobs or increase 23 wages in 2012. Extend 100% expensing in 2012 for all 23 businesses.
DEPRECIATION
2/13 FY2013 Budget: Increase the recovery period for depreciating
3/22 Why Id Repeal Obama Care: Provide a tax benefit for those who wish to purchase life insurance outside their workplace to balance the subsidy for employers who purchase health insurance for 19 their employees. 4/15 Private Fundraiser Speech: Consider eliminating the mortgage interest deduction for 21 second homes. Consider eliminating deductions for state income tax 21 and property tax. NOTE: A Romney campaign spokesperson said on 4/16 that Romneys 4/15 remarks were not 22 statements of official policies. No stated position found.
No stated position found.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) general aviation passenger aircraft from five years to seven years (12 years for taxpayers using the alternative 10 depreciation system). 2/22 Business Tax Reform: Lengthen the depreciation schedules. The Framework acknowledges that the current depreciation schedules provide an incentive to invest, but suggests that accelerated depreciation is a less effective way of increasing investment than reinvesting the savings that would result from introducing more 11 economic depreciation. Eliminate the special depreciation rules that allow owners of noncommercial aircraft to depreciate their aircraft more quickly (over five years) than commercial 11 aircraft (seven years). 1/25 Plan with State of Union: Extend the Advanced Energy Manufacturing 2 Tax Credit. 2/13 FY2013 Budget: Allocate an additional $5 billion to the Advanced Energy Investment 10 Credit. Replace the existing Code 179D deduction for energy efficient
ENERGY
Where I Stand: Eliminate all energy 5 credits.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) commercial building property with a credit equal to the cost of property certified as reducing interior energy 10 costs by 20% or more. Replace the credit for plug-in electric drive motor vehicles with a credit for advanced technology vehicles. The credit would be limited to vehicles that weigh no more than 10 14,000 pounds. For vehicles placed in service after 2012 and before 2019, introduce a credit for alternativefuel vehicles weighing more than 14,000 10 pounds. Extend the production tax credit and the investment tax credit for wind facilities and property placed in service in 2013, and extend the Treasury grant program to other qualifying energy property placed in service in 10 2013. Eliminate oil and gas preferences by repealing the investment tax credit for enhanced oil recovery projects, the production tax credit for oil and gas from marginal wells, expensing of intangible drilling costs (IDCs) and 60-month amortization of capitalized
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) IDCs (with the result that IDCs would be capitalized as depreciable or depletable property), the deduction for qualified tertiary injectant expenses, the exception from the passive loss rules for working interests in oil and gas properties, and percentage depletion for oil and gas wells (but permit cost depletion on adjusted bases in oil and 10 gas wells). Increase the amortization period from two to seven years for geological and geophysical expenditures incurred by independent producers in connection with oil and gas exploration in the 10 United States. Eliminate coal preferences by repealing expensing, 60month amortization, and 10-year amortization of exploration and development costs for hard-mineral fossil fuels (including coal), percentage depletion for hard-mineral fossil fuels, and capital gains treatment of coal and lignite royalties (which would then be taxed as 10 ordinary income).
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) 2/22 Business Tax Reform: Repeal tax preferences for fossil fuels, including repeal of expensing for intangible drilling costs, replace deductions available to oil companies with amortization, and repeal percentage 11 depletion. Make permanent the credit for the production of renewable electricity, 11 and make it refundable. 3/7 All-of-the-Above Approach to American Energy: Announces $1 billion National Community Deployment Challenge to spur deployment of clean, advanced vehicles in 10 17 to 15 communities. Proposes to expand the New Qualified Plug-in Electric-Drive Motor Vehicle Credit (i) to a broader range of advanced vehicle technologies, (b) from $7,500 scalable up to $10,000, (c) by making it transferable to the dealer or financier, and (d) by removing the cap on the number of vehicles per manufacturer eligible for 17 the credit. Proposes a new credit for 50% of the incremental cost of a dedicated alternative-fuel truck, including a truck powered
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) by natural gas or electricity, for a five-year 17 period. 5/8 CNSE Speech: External Production Tax Credit Expand 30% Code 48C Advanced Energy Manufacturing Tax 23 Credit.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) No stated position found.
RETIREMENT PLANNING
2/13 FY2013 Budget: Exempt an individual from the minimum required distribution (MRD) requirements if the aggregate value of the individuals IRA and taxfavored retirement plan accumulations does not exceed $75,000 (indexed 10 for inflation). Allow surviving nonspouse beneficiaries of a tax-favored retirement plan or IRA to roll over the inherited plan or IRA assets to a non-spousal inherited IRA within 60 10 days. Amend the Code 1042 rules for recapture of gain electively deferred on the sale of employer securities to an ESOP, to provide an exception for transfers under Code 1041 (transfers between spouses and former spouses incident to 10 divorce). Require employers in business for at least two years that have more than 10 employees to offer an automatic IRA option under which regular contributions would be made on a payroll10 deduction basis. Double the maximum start-up costs credit to $1,000 per year for three years for small employers
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) No stated position found.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) adopting a new qualified retirement plan, SEP, or SIMPLE; and extend the credit from three to four years for small employers adopting a new qualified retirement plan, SEP, or SIMPLE during the three years after first offering an 10 automatic IRA option. Expand to 50 the number of full-time equivalent employees that a employer can have and still be eligible for the credit for non-elective contributions to employee health 10 insurance. Provide the IRS authority to require in electronically filed Form 5500 the inclusion of information relevant only to employee benefit plan tax requirements (i.e., give the IRS authority with respect to tax information comparable to that of the Department of Labor with respect to information relevant to ERISA Title 10 I). 2/22 Business Tax Reform: Allow small businesses with up to 50 workers (up from 25) to qualify for the health insurance credit for small businesses, provide a more generous phaseout schedule, and simplify the credits 11 rules.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) No stated position found.
PARTNERSHIPS AND OTHER PASSTHROUGHS
2/13 FY2013 Budget: Expand the definition of substantial built-in loss in transfers of partnership interests. The Proposal would amend Code 743(d) to measure a substantial built-in loss by reference to whether the transferee would be allocated a net loss greater than $250,000 on a hypothetical disposition of all partnership assets, regardless of whether the partnership itself has a 10 substantial built-in loss. Amend Code 704(d) to allow a partners distributive share of expenditures that are not deductible in computing the partnerships taxable income only to the extent of the partners adjusted basis in the partners 10 partnership interest. Mandate the streamlined electing large partnership (ELP) audit and adjustment proceduresbut not the simplified reportingfor any partnership that has 1,000 or more partners at any time during the 10 taxable year. 3/7 House Ways and Means Committee Testimony: Small business representatives interpret
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) the Administrations FY2013 Budget as proposing double taxation for large entities currently taxed as 18 passthroughs. 2/13 FY2013 Budget: The Administrations FY2013 Budget would tax carried interest as ordinary income. Specifically, the Proposal would tax as ordinary a partners share of income on an investment services partnership interest (a carried interest in an investment partnership that is held by a person who provides services to the partnership), regardless of the character of the income at the partnership level. It would also impose selfemployment tax on the income. The gain recognized on the sale of an investment services partnership interest would be taxed as ordinary 10 income as well. 2/22 Business Tax Reform: Eliminate the loophole for managers in investment services partnerships and tax carried interest at 11 ordinary income rates. 2/13 FY2013 Budget: Repeal LIFO. Taxpayers currently using LIFO would have to write up their beginning LIFO
CARRIED INTEREST
TAX ACCOUNTING
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) inventories to FIFO value in the first taxable year beginning after 2013; this one-time increase would be taken into account 10 ratably over 10 years. Prohibit use of lower-ofcost-or-market method and the subnormal10 goods method. 2/22 Business Tax Reform: 11 Eliminate LIFO. Allow businesses with up to $10 million in gross receipts (rather than the current $5 million) to use 11 cash accounting. Reduce the gap between book income and taxable 11 income. 2/13 FY2013 Budget: Permit the IRS to require prospective reclassification of workers who are misclassified and whose reclassification has been prohibited under current law; reduced penalties for misclassification would be retained, except that lower penalties would apply to businesses that voluntarily reclassify their workers. Service recipients would be required to notify independent contractors of their classification and its consequences when they begin work. The IRS would be permitted to disclose information about
WORKER CLASSIFICATION
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) reclassified workers to the 10 Department of Labor. 2/13 FY2013 Budget: Repeal the boot-withingain limitation in any reorganization if the exchange has the effect of the distribution of a 10 dividend. Repeal the Code 351 provision treating nonqualified preferred stock 10 as boot. Make Code 267(d) (allowing the transferee to reduce later gain on disposition of a transferred asset) inapplicable to transfers importing property in the federal tax 10 system. Repeal the preferential dividend rule for publicly traded REITs and publicly 10 offered REITs. Make permanent the 100% exclusion for qualified small business stock, repeal the AMT preference item for gain excluded under Code 1202, and increase the Code 1045 time for reinvesting the proceeds of sales of small business stock to six months for stock held for longer than 10 three years. Permanently double, to $10,000, the maximum amount of start-up expenditures that a taxpayer may deduct (in
OTHER BUSINESS PROVISIONS
Contract with America: Allow companies 100% expensing of their new 3 equipment in one year.
Where I Stand: Provide 100% expensing for new business 5 equipment.
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) addition to amortized amounts) in the taxable year in which a trade or 10 business begins. Require all corporations and partnerships that must file Schedule M-3 to file their tax returns electronically, and expand the regulatory authority to 10 require electronic filing. Repeal all legislative acts that cause the amount and timing of corporate estimated tax payments to differ from the rules in 10 Code 6655. 2/22 Business Tax Reform: Reduce the deductibility of interest for corporations to make the tax system less biased toward debt financing and more neutral toward debt 11 and equity. Permanently allow small businesses to expense up to $1 million of 11 qualified investments. Double the amount of start-up expenses that businesses can deduct immediately, from $5,000 11 to $10,000.
FINANCIAL INSTITUTIONS AND PRODUCTS
2/13 FY2013 Budget: Assess a deductible, 17basis-point Financial Crisis Responsibility Fee on liabilities of U.S.based bank holding companies, thrift holding companies, certain broker-dealers, and
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) insured depositary institutions, and on U.S. companies owning or controlling these types of entities as of January 14, 2010. Firms with worldwide consolidated assets of less than $50 10 billion would be exempt. Require a corporation entering into a forward contract for the issuance of its stock to treat a portion of the payment on the forward issuance as 10 an interest payment. Require dealers in commodities, commodities derivatives, securities, and options to treat the income from their day-today dealer activities in Code 1256 contracts as ordinary rather than capital. The proposal would apply to individuals 10 and partnerships. Amend the definition of control in Code 249(b)(2) (limitation on deduction for premiums paid to repurchase debt instruments) to include indirect control relationships like those in 10 Code 1563(a)(1). 2/13 FY2013 Budget: Require a person or entity purchasing an interest in an existing life insurance contract with a death benefit of at least
INSURANCE
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) $500,000 to report identifying information to the IRS, the issuer, and 10 the seller. Ensure that exceptions to the transfer-for-value rule do not apply to 10 buyers of policies. Replace proration of investment income between the companys share and the policyholders share for purposes of determining the dividends-receiveddeduction (DRD) with a fixed 15% proration similar to the rule for nonlife insurance 10 companies. Repeal the exception from the pro rata expense disallowance rule for corporate-owned life insurance, other than for contracts covering 20% owners of a business that is the policy owner or 10 beneficiary. Require life insurance companies to report identifying information to the IRS for each contract with a cash value invested in a private 10 separate account. Repeal Code 847 (election to take additional deduction for the difference between amounts of reserves computed on a discounted basis and on
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(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) an undiscounted basis). 2/22 Business Tax Reform: Prevent deferral of gain on inside build up in policies insuring the lives of corporate officers, directors, and 11 employees. Disallow interest deductions allocable to life insurance policies except in the case of a policy insuring the life of an officer, director, or employee who is at least a 20% owner of the 11 business. 2/13 FY2013 Budget: Require a contractor receiving payments of $600 or more in a calendar year from a particular business to furnish the contractors certified taxpayer identification number to the business on 10 Form W-9. Eliminate the requirement that an initial offer-incompromise include a nonrefundable payment of any portion of the 10 taxpayers offer. Make willful failure to file tax returns in any three years within a fiveconsecutive-year period a felony if the aggregated tax liability for that period 10 is at least $50,000. Extend the statute of limitations for
10
COMPLIANCE, REPORTING, PENALTIES, AND COLLECTION
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(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) assessment of federal tax liability resulting from adjustments to state or 10 local tax liability. Require taxpayers who prepare their tax returns electronically but print their returns and file them on paper to print the returns with a 2-D bar 10 code. Allow the IRS to accept credit or debit card payments directly from taxpayers and absorb the processing fees for delinquent tax payments without charging a separate processing fee 10 to the taxpayer. Establish an assessable penalty for failure to comply with a requirement of electronic filing: $25,000 for a corporation and $5,000 for a tax-exempt 10 organization. Permit offset of federal refunds to collect a delinquent taxpayers 10 state income tax. Allow Treasury to levy up to 100% of a payment to a Medicare provider to 10 collect unpaid taxes. Believe in America: Support indicated for a lower 4 payroll tax. No stated position found.
EMPLOYMENT TAXES
1/25 Plan with State of Union: Extend the payroll tax cut through the end of 1 2012. 2/13 FY2013 Budget: Extend the 2-percentage-
Where I Stand: Support indicated for changes to payroll taxes tied to sustainable reforms in Medicare and Social 5 Security. Dedicate Social Security
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(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) payroll taxes to Social 5 Security.
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) point reduction in the Social Security tax on employees to the first $110,100 of taxable wages and salaries, and self-employment earnings, received during 10 2012. Set forth standards for holding employee leasing companies jointly and severally liable with their clients for federal employment taxes, and for holding employee leasing companies solely liable in 10 some situations. 1/25 Plan with State of Union: As of late January 2012, there appeared to be no indication that the Obama administration is seeking to switch to a 7 territorial system. 2/28 Treas. Tax Leg. Counsel Lisa: Stated that the Administration believes a shift to a full territorial system could increase incentives for incomeshifting and moving business operations overseas; characterized the Presidents tax reform framework as a hybrid, retaining a worldwide system but calling for a minimum tax on overseas earnings; explained that the Administrations international tax plan is
WORLDWIDE VS. TERRITORIAL TAX SYSTEM
Believe in America: Switch to a territorial system, as recommended by Bowles4 Simpson Commission. 2/22 Americas Promise: Switch to a territorial tax 12 system.
Contract with America: Switch to a territorial 3 system.
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(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) intentionally vague to leave room for 13 negotiation. 3/1 Treas. Dep. Asst. Sec., Intl Tax Affairs Manal Corwin: Stated that the rejection of a purely territorial system is a key feature of the Administrations tax reform Framework and that no U.S. trading partner has implemented 15 pure territoriality.
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(CAMPAIGN SUSPENDED AS OF APRIL 10, 2012) Where I Stand: Eliminate the tax on repatriated taxable corporate income for 5 manufacturer equipment. Eliminate the 5.25% corporate tax on other repatriated income invested in the United 5 States.
OTHER INTERNATIONAL PROPOSALS
1/25 Plan with State of Union: Impose a minimum tax on all US companies 1 overseas profits. The tax would be due immediately, not deferred. Note: This plan seems to be similar to the deemed repatriation plan offered in October 2011 by House Ways and Means Committee Chairman 6 Dave Camp (R-Mich.). Deny moving expense deductions to companies that move production 1, 2 overseas. Provide a 20% income tax credit for the expenses of moving operations back 1, 2 into the United States. 2/13 FY2013 Budget: The new general business credit equal to 20% of eligible expenses paid or incurred to insource business activity is formally proposed. Insourcing means reducing or eliminating a trade or business (or line of business) currently conducted outside the United States, to the extent that the insourcing 10 increases U.S. jobs. To pay for the new general business credit, disallow deductions for expenses paid to outsource business
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(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) activity. Outsourcing, for this purpose, means reducing or eliminating a trade or business (or line of business) currently conducted inside the United States and starting up, expanding, or otherwise moving the trade or business outside the United States, to the extent that the outsourcing causes a loss 10 of U.S. jobs. Codify Revenue Ruling 91-32 (providing that gain or loss of a nonresident alien or foreign corporation from the sale or exchange of a partnership interest is effectively connected income to the extent of the partners distributive share of partnership unrealized gain or loss attributable to property used in the partnerships trade or business within 10 the United States). To prevent the use of leveraged distributions from related foreign corporations to avoid dividend treatment, provide that, to the extent a foreign corporation funds a related foreign corporation with a principal purpose of avoiding dividend treatment on distributions to a U.S. shareholder, the U.S. shareholders basis
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SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) in the distributing corporations stock would not be taken into account in determining Code 301 10 treatment. The Budget would extend Code 338(h)(16) (preventing a seller from increasing allowable foreign tax credits as a result of a Code 338 election) to any Code 901(m) covered asset 10 acquisition. To prevent U.S. corporations from claiming an indirect credit under Code 902 for taxes paid by a foreign corporation when transactions have eliminated the foreign corporations E&P, reduce the amount of foreign taxes paid by the foreign corporation when a transaction eliminates that corporations E&P other than by reason of a dividend, deemed dividend, or Code 381 10 transaction. Defer the deduction of interest expense from some overseas investments to match the deferral of U.S. tax on the income from those investments. The proposal is designed to remove the incentive for U.S. businesses to shift their investments 10 overseas.
32
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) Require U.S. taxpayers to determine their deemed paid foreign tax credit on a consolidated basis, to reduce U.S. taxpayers ability to lower their residual U.S. tax on foreign-source income 10 through cross-crediting. Provide that if a U.S. person transfers an intangible from the United States to a related controlled foreign corporation, then certain types of income (excess income) from transactions connected with the intangible would be treated as Subpart F income if it is subject to a low foreign effective tax 10 rate. Change the definition of intangible property to include workforce in place, goodwill, and going concern value, to reduce the potential for income10 shifting. Deny insurance companies a deduction for premiums paid to affiliated foreign insurance companies for reinsurance of property and casualty risks to the extent the foreign insurer is not subject to U.S. tax 10 on the premiums. Limit earnings stripping by amending Code 163(j) to eliminate the
33
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) debt-to-equity safe harbor, reduce the 50% adjusted taxable income threshold limitation to 25%, limit the carryforward for disallowed interest to 10 years, and eliminate the carryforward of excess 10 limitation. Change the rules for dual-capacity taxpayers, including by allowing a dual-capacity taxpayer to treat as a creditable tax the portion of a foreign levy that does not exceed the foreign levy that the taxpayer would pay if it were not a dual-capacity 10 taxpayer. 2/22 Business Tax Reform: Require companies to pay a minimum tax on overseas profits. Specifically, income earned by subsidiaries of U.S. corporations operating abroad would be subject to a minimum rate of tax; foreign income deferred in a low-tax jurisdiction would be subject to immediate U.S. taxation up to the minimum tax rate, with a foreign tax credit for income taxes on that income paid to the host 11 country. Disallow companies deductions for moving their operations abroad, and give a 20% credit for
34
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) the expenses of moving operations back into the 11 United States. Tax currently the excess profits associated with shifting intangibles to low11 tax jurisdictions. Delay the deduction for interest expense attributable to overseas investment until the related income is taxed in 11 the United States. 3/2 Treas. Dep. Intl Tax Counsel Danielle Rolfes: Stated that the proposed 20% general business credit for insourcing expenses and the proposed disallowance of deductions for outsourcing expenses are intended to be symmetrical, and that the disallowance proposal is not meant to apply to a business that merely expands overseas without reducing production in the 16 United States. 2/13 FY2013 Budget: Adopt for Indian tribal governments the comparable state or local government standard for tax-exempt bonds, allow Indian tribal governments to issue tax-exempt private activity bonds for the same types of projects and activities as are allowed for state and local governments,
BONDS
35
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) impose targeting restrictions on the location of projects financed with tax-exempt bonds issued or used by Indian tribal governments and restrict the use or issuance of tax-exempt bonds by Indian tribal governments to finance gambling 10 projects. Authorize current refunding of state or local bonds on satisfaction of size and 10 maturity limits. Make the Build America Bonds program permanent at a federal subsidy level of 30% through 2013 and 28% thereafter, and expand the eligible uses of the 10 program. Simplify arbitrage investment restrictions by unifying yield restrictions and rebate further, providing a broader, streamlined three-year spending exception to arbitrage for certain tax-exempt bonds, and increase the smallissuer exception to the arbitrage rebate requirements for taxexempt bonds from $5 million to $10 million 10 (indexed for inflation). Repeal the Code 143(e) purchase price limitation and Code 143(d)
36
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) refinancing limitation on tax-exempt qualified 10 mortgage bonds. Repeal the Code 141(b)(3) 5% unrelated or disproportionate private business use test for taxexempt governmental 10 bonds. 2/13 FY2013 Budget: Make permanent the estate, generationskipping (GST), and gift tax at 2009 levels: the top rate would be 45%, and the exclusion amount would be $3.5 million for estate and GST taxes and $1 million for gift taxes. The portability of unused estate and gift exclusion between spouses would be made 10 permanent. Impose Consistency and reporting requirements on carryover- and stepped10 up-basis transfers. Create an additional category of disregarded restrictions to be ignored in valuations of familycontrolled interests transferred to family 10 members. Require a grantor retained annuity trust (GRAT) to have a minimum term of 10 years and a maximum term of the annuitants life expectancy plus 10
ESTATE, GIFT, AND GST TAX
Believe in America: Eliminate permanently the 4 federal estate tax. 2/22 Americas Promise: 12 Eliminate the estate tax.
Contract with America: Eliminate permanently the 3 estate tax.
Where I Stand: 5 Eliminate the estate tax.
37
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) years, and require the remainder interest to have a value greater than zero at the time the interest is created and would prohibit any decrease in the annuity 10 during the GRAT term. Require the GST exclusion allocated to a trust effectively to th terminate on the 90 anniversary of the trusts 10 creation. Coordinate income and transfer tax rules by including the assets of a grantor trust in the grantors gross estate, subject to gift tax on any distribution from a grantor trust to one or more beneficiaries during the grantors life, and subject to gift tax on the remaining trust assets if the grantor ceases to be treated as an owner of the trust during his or her 10 life. Extend the Code 6324(a)(1) estate tax lien throughout the Code 6166 deferral period 10 (i.e., up to 14 years). 2/13 FY2013 Budget: Increase the rate of the Oil Spill Liability Trust Fund tax to 9 cents per barrel after 2012 and to 10 cents after 2016, and would extend the tax to 10 crudes.
OTHER TAXES AND PROGRAMS
3/22: Why Id Repeal Obama Care: Repeal taxes included in 2012 health care overhaul 19 legislation.
Contract with America: Repeal all taxes contained in the Patient Protection and Affordable Care Act of 3 2012.
Where I Stand: Repeal all taxes contained in the Patient Protection and Affordable Care Act 5 of 2012.
38
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) Reinstate the three Superfund excise taxes for periods after 2012 and before 2023, and would extend the excise tax on domestic crude oil and imported petroleum products to other 10 crudes. The Budget would reinstate the Superfund corporate environmental tax for taxable years beginning after 2012 and before 10 2023. The Budget would reinstate the 0.2% unemployment insurance surtax and 10 make it permanent. The Budget would suspend interest payments on state unemployment insurance (UI) debt and suspend the FUTA credit reduction for employers in borrowing states in 2012 and 2013; it would also raise the FUTA wage base in 2015, index the wage base, and reduce 10 the net federal UI tax. Repeal the special reduced excise tax rate for tax-exempt private foundations that maintain their historic levels of charitable distributions, and impose a single, 1.35% rate on tax-exempt private
39
SANTORUM
(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) foundations. Require distilled spirits, wines, and beer taxpayers who reasonably expect to be liable for not more than $50,000 per year in alcohol excise taxes to file and pay those taxes quarterly (rather than semi-monthly), and exempt these taxpayers from their bond requirements. A taxpayer with an alcohol excise tax liability of not more than $1,000 per year could file 10 annually. Pay for expenditures by the Inland Waterways Trust Fund by supplementing the fuel excise tax with a new 10 user fee.
10
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1 2
Blueprint for an America Built to Last (Jan. 24, 2012), available at http://www.whitehouse.gov/blog/2012/01/24/blueprint-america-built-last. White House Fact Sheet on President Obamas Blueprint to Support U.S. Manufacturing Jobs, Discour age Outsourcing, and Encourage Insourcing (1/25/12), available at http://www.whitehouse.gov/the-press-office/2012/01/25/fact-sheet-president-obama-s-blueprint-support-us-manufacturing-jobs-dis. 3 21st Century Contract with America, available at http://www.newt.org/contract. 4 Believe in America: Mitt Romneys Plan for Jobs and Economic Growth, Tax Policy, available at http://www.mittromney.com/jobs. 5 Where I Stand, available at http://www.ricksantorum.com/issues. 6 Rothman & Bolen, Obama Tax Plan Builds on Buffet Rule, Proposes Major Corporate Tax Changes, 15 BNA Daily Tax Rpt. GG-1 (1/25/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24393830&vname=dtrnot&fcn=4&wsn=496670000&fn=24393830&split=0. 7 Rothman, Obama Tax Proposal Shows No Indication of Move to Territorial Plan, Practitioners Say, 16 BNA Daily Tax Rpt. GG-1 (1/26/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24435358&vname=dtrnot&fcn=4&wsn=496622500&fn=24435358&split=0. 8 Freda, Obama Blueprint May Signal Retreat from Limit on Charitable Deductions, 17 BNA Daily Tax Rpt. G-4 (1/27/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24444810&vname=dtrnot&fn=24444810&jd=a0d0k4w3v2&split=0. 9 White House Startup America: Commitments (available at www.whitehouse.gov/economy/business/startup -america/commitments). See also White House Office of the Press Secretary, White House Statement on Anniversary of Startup America Initiative (1/31/12), availabl e at http://www.whitehouse.gov/the-press-office/2012/01/31/one-year-anniversary-startup-america-initiative-president-obama-sends-st. 10 Dept. of the Treasury, General Explanations of the Administrations Fiscal Year 2013 Revenue Proposals (Feb. 2012), available at http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2013.pdf. See also Caminiti, Obama to Squeeze Tax Benefit of Corporate-Owned Life Insurance (BGOV Study 5/10/12), available at http://www.bgov.com/news_item/1ywQeRUiJ_J7I1aqIte0xQ. 11 Jt. Rpt. by the White House and the Dept. of Treas., The Presidents Framework for Business Tax Reform (Feb. 2012), available at http://www.treasury.gov/press-center/news/Pages/02222012-tax.aspx. 12 Restore Americas Promise: More Jobs, Less Debt, Smaller Government (Feb. 22, 2012), available at http://www.mittromney.com/blogs/mittsview/2012/02/restore-americas-promise-more-jobs-less-debt-smaller-government. See also White, Analysts Look for Specific Policies as Romney Tax Reform Proposals Evolve, 87 DTR GG-1 (5/7/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=26005639&vname=dtrnot&fcn=6&wsn=499879500&fn=26005639&split=0. 13 Bennett, Territorial System Could Create Opportunity for Shifting Income, Treasury Official Says, 38 DTR G-4 (2/28/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24753708&vname=dtrnot&fn=24753708&jd=a0d0w4g5n6&split=0. 14 Rothman, Obamas Plan to Triple Dividends Tax Rate Will Add Distortions to Code, Witnesses Say, 41 DTR G-2 (3/2/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24768015&vname=dtrnot&fn=24768015&jd=a0d0w9z5t3&split=0. 15 Bennett, Move Toward Pure Territorial Tax System Should Be Rejected, Treasury Official Says, 41 DTR G-3 (3/2/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24768016&vname=dtrnot&fn=24768016&jd=a0d0x0a4t7&split=0. 16 Bennett, Presidents Proposal to Curb Outsourcing Requires Difficult Line-Drawing, Official Says, 43 DTR G-4 (3/6/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24787557&vname=dtrnot&fn=24787557&jd=a0d0x4t0b4&split=0. 17 See White House Office of the Press Secretary, White House Fact Sheet on American Energy Challenge, Expanding Advanced Vehicle Tax Credit (3/7/12), available at http://www.whitehouse.gov/the-press-office/2012/03/07/fact-sheet-all-above-approach-american-energy. See also Bolen & Ferguson, Obama Proposes Expanded Tax Credits, $1 Billion Initiative for Efficient Vehicles, 45 DTR G-6 (3/8/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24799579&vname=dtrnot&fn=24799579&jd=a0d0x9j3w6&split=0. 18 Rothman, Small Businesses Reject Obama Plan to Tax Certain Passthroughs as Corporations, 45 DTR G-3 (3/8/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=24799546&vname=dtrnot&fn=24799546&jd=a0d0x9e2j9&split=0. 19 Romney, Why Id Repeal Obama Care, USATODAY 3/22/12. See also White, Analysts Look for Specific Policies as Romney Tax Reform Proposals Evolve, 87 DTR GG-1 (5/7/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=26005639&vname=dtrnot&fcn=6&wsn=499879500&fn=26005639&split=0.
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20
White House National Economic Council, The Buffet Rule: A Basic Principle of Tax Fairness (4/10/12), available at http://op.bna.com/dt.nsf/r?Open=vmar-8t7tqu. 21 Rothman & White, Camp Not Looking at Mortgage Interest Deduction as Romney Backs Off Comments, 73 DTR G-2 (4/17/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=25838320&vname=dtrnot&jd=a0d1k9h2f7&split=0; McCormick, Romney Says He Isnt Too Rich to Relate While Obama Should Pack, Bloomberg Government (4/17/12), available at http://www.bgov.com/news_item/Hrj5M4n4xargHRNmnWvn5w. 22 Rothman & White, Camp Not Looking at Mortgage Interest Deduction as Romney Backs Off Comments, 73 DTR G-2 (4/17/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=25838320&vname=dtrnot&jd=a0d1k9h2f7&split=0. 23 See Bolen & Ferguson, Obama Gives Congress To Do List of Five Bills That Would Create Jobs, 89 DTR G-6 (5/9/12), available at http://taxandaccounting.bna.com/btac/T11100/split_display.adp?fedfid=26016159&vname=dtrnot&jd=a0d1v3n3r5&split=0.
Please address editorial comments to Allen Calhoun at acalhoun@bna.com.
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SANTORUM

TAX REFORM IN GENERAL

INDIVIDUAL TAX RATES

(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) www.newt.org/solutions No stated position found.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

CORPORATE TAX RATE

ALTERNATIVE MINIMUM TAX

CAPITAL GAINS AND DIVIDEND INCOME

Contract with America: 3 Eliminate the AMT.

Where I Stand: 5 Eliminate the AMT.

Contract with America: Eliminate taxation of 3 capital gains.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

DEDUCTIONS, CREDITS AND EXCLUSIONS (SEE ENERGY PROVISIONS AND

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

2/13 FY2013 Budget: Increase the recovery period for depreciating

No stated position found.

No stated position found.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

No stated position found.

No stated position found.

Where I Stand: Eliminate all energy 5 credits.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

No stated position found.

(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) No stated position found.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

PARTNERSHIPS AND OTHER PASSTHROUGHS

No stated position found.

(CAMPAIGN SUSPENDED AS OF MAY 2, 2012) No stated position found.

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON

PRESIDENTIAL CANDIDATES TAX PLAN COMPARISON OBAMA ROMNEY GINGRICH

No stated position found.

No stated position found.

No stated position found.

No stated position found.