Rick Santorum to Roll Out Economic Policy Tomorrow

Nov 17, 2011 2:59pm

Rick Santorum has unveiled his social conservative policy and his plan to prevent Iran from developing nuclear weapons. Now, in an exclusive, ABC News has learned that the former Pennsylvania senator will roll out his economic policy plan tomorrow.

In a release obtained by ABC News, the campaign says that Santorum “believes that to have a strong national economy, we must have strong families,” meaning that, as he has pushed on the stump, his economic policy is closely linked to his social policy.

His plan pledges to simplify the tax code, cut personal income taxes, eliminate the corporate income tax for manufacturers , and reduce taxes for families by tripling the personal deduction for each child, among other points.

Santorum has upped his rhetoric on the trail over the past few days, taking on President Obama, and this economic roll-out is no different.

“Rick believes we are a land of opportunity where all Americans have the chance to rise on their own merits and hard work. Sadly, President Obama believes just the opposite and is using class warfare to divide America,” the release says.

The full economic plan, called “Made in America: Empowering American Families, Building Economic Freedom,” will be 31 points. Below are 10 of those points. The full plan is scheduled to be released tomorrow, but it won’t be rolled out in policy speeches the way his conservative and foreign policy plans were. The campaign informed ABC News it will release the plan via op-ed and press release and Santorum will also be talking about his points on the trail.

1. 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.

2. Simplify the tax code and reduce middle income taxes by eliminating the alternative minimum tax (AMT).

3. Simplify the tax code, encourage savings and investment, and reduce taxes by eliminating the death tax.

4. Lower the capital gains and dividend tax rates to 12% to spur economic growth and investment.

5. Reduce taxes for families by tripling the personal deduction for each child.

6. Reduce and simplify taxes for families by eliminating marriage tax penalties throughout the federal tax code.

7. Retain deductions for charitable giving, home mortgage interest, healthcare, retirement savings and children.

8. Cut the corporate income tax rate in half to make our businesses competitive around the world, from 35% to 17.5%.

9. 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.

10. Spur innovation in America by increasing the research & development tax credit from 14% to 20% and make it permanent.

Despite the title of the plan, ABC News revealed in August  that Santorum, along with Herman Cain and Newt Gingrich, all had campaign merchandise made outside the U.S. “It’s tragic that so many products in this country are made outside of this country,” said Santorum at the time. “You probably can find a T-shirt occasionally made here in the United States … but it’s harder and harder to do.”

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