NEW YORK (CNNMoney) -- Rick Santorum's proposals to change taxes haven't drawn much attention.
Key features of his tax plan:
- reduce the number of income tax brackets from six to two (10% and 28%)
- triple the personal deduction that parents can claim for their children.
- eliminate the so-called marriage penalty,
- eliminate both the Alternative Minimum Tax and the estate tax.
- reduce the capital gains rate from 15% to 12%.
- cut the corporate income tax rate in half to 17.5% and eliminate it entirely for manufacturers.
- increase the research and development credit
- reduce the tax burden on U.S. companies that choose to bring back their overseas profits to the United States.
He proposes to keep many of the most popular deductions, such as those for health insurance, retirement savings and mortgage interest.
Rightardia has bold faced the bad one per center ideas.
Reducing and flattening the tax brackets would create a huge revenue shortfall for the federal government. .
Cutting the top tax bracket to 28 per cent would be a typical conservative gift to the one per cent. So would cutting capital gains to 12 per cent and eliminating the estate tax. .
Cutting the corporate tax rate more modestly would work if numerous deductions were eliminated for the C-corporations. This would cause a furious reaction on the part of corporate lobbyists.
However, some of the "family centered" ideas are similar to Obama's middle class tax cut approach that Democrats could embrace.
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