The Holes in Rick Santorum’s Tax Plan

Jan 6, 2012, 7:30 am EDT

When describing his plan to jump-start the U.S. economy, the website of GOP presidential candidate Rick Santorum waxes poetic when it speaks of his vision “to restore America’s greatness through promotion of freedom and opportunity for all.” Unfortunately, many experts argue it won’t do anything of the sort.

Like the other Republican candidates, the former Pennsylvania senator, whose strong second-place showing in Iowa rocked the party’s political Establishment, believes taxes are too high and government is too big. Santorum is calling for two-tiered tax rate system on personal income taxes and wants to slash the corporate tax rate from 35% to 17.5%, to make U.S. business more competitive globally.

Other highlights of his plan include eliminating the corporate income tax for manufacturers. In addition, he calls for ending the so-called marriage penalty and for tripling the personal deduction for each child. The fact that Santorum is a father of seven and a foe of abortion might explain that unusual proposal. Read 

Michele Bachmann’s Presidential Run Fizzles — What’s Next?

Jan 5, 2012, 12:07 pm EDT

Although the Iowa caucuses delivered a major setback to three of the most socially conservative GOP candidates — Michele Bachmann, Rick Perry and Newt Gingrich — only Bachmann read the tea leaves and decided to get out of the presidential race altogether.

What happened to her candidacy, and what — if any — impact will her departure have on the nomination process?

Michele Bachmann, an Iowa native, announced her presidential campaign in her hometown of Waterloo. She made the case that she was a favorite of the Tea Party and would work to repeal Obama’s health care legislation and cut federal spending. While she was the frontrunner in Iowa for most of the summer and won the Ames straw poll in August, her star fell dramatically throughout the fall, and she ended her bid for president after getting a mere 5% of the votes in Iowa. Read 

We Are the World’s Richest 1%

Jan 5, 2012, 9:11 am EDT

Some debated whether Wall Street — and not corporate headquarters or even the White House — was the best place to protest “the 1%.”

As it turns out, you could have plopped your picket sign down just about anywhere in the country and been fine.

World Bank economist Branko Milanovic took a look at the world’s richest people in his book The Haves and the Have-Nots, and at least as of the most recent data available (2005), almost half the richest 1% live in the United States. The threshold: $34,000 per person in a household. Translation: If you got a job out of college with anything better than a philosophy degree, you’re living the global dream. Read 

After Iowa: The Caucus Yields a Three-Way Tie

Jan 4, 2012, 11:39 am EDT

The Republican Party is being pulled apart in three directions at once. Eventually, it will be up to voters to decide if this muddled mess provides America a real alternative to Barack Obama.

Although Mitt Romney technically won the Iowa contest last night, I agree with Ron Paul that the results were substantively a three-way tie. (Michelle Bachmann, who came in a distant sixth, announced that she’s ending her campaign.) Rick Santorum lost by a mere 8 votes, and Paul amassed an impressive third-place finish. In fact, Paul received double the number of votes he got four years ago, while Romney’s numbers didn’t budge.

The strange thing is, the policy differences between Romney, Santorum and Paul are so substantial that it’s hard to believe these top three candidates are even in the same party. Read 

Forget Iowa. New Jersey Should Vote First

Jan 3, 2012, 1:23 pm EDT
Forget Iowa. New Jersey Should Vote First

Why Iowa? Though it’s too late for this year’s presidential race, I’d like to see a more representative state than Iowa as having the chance to winnow the field of presidential candidates. My adopted home state of New Jersey would be an ideal choice.

Forget the jokes about turnpike exits, The Sopranos or Snooki and The Jersey Shore. New Jersey is much more like the rest of America than Iowa is. Presidential candidates ignored the Garden State in 2008 because it’s seen as close to a sure thing for Democrats. New Jersey will probably be ignored this year for the same reason. That’s a pity because the state’s residents may be far more amenable to the Republicans’ message this year.

For one thing, Jersey is governed by Chris Christie, a Republican. Christie has shaken the state’s political establishment to its core. Though his abrasive personality has enraged many, Christie remains surprisingly popular, with 56% of residents approving of his job performance. Even so, Christie’s coattails didn’t translate into significant gains in the legislature for the Republicans. Read 

The Final Act of Debt Ceiling Drama 2011

Dec 30, 2011, 10:47 am EDT

While the rest of us are recovering from the holidays and mulling over the best ways to spend our gift cards, the GOP hopefuls are making their final pleas to the citizens in Iowa and New Hampshire.

Just in case they have run out of campaign material, the debt ceiling compromise of summer 2011 is a gift that keeps on giving. President Barack Obama is expected to formally request to raise the debt ceiling again today. While this move should be no surprise, given the terms our dysfunctional Congress agreed to last summer, it will be greeted with political theatrics nonetheless.

While the obstinate Republican freshmen would love to vote against another debt ceiling increase, the timing of Obama’s request should deny them that pleasure. Congress will be allowed 15 days to vote on a resolution of disapproval, which could in turn be vetoed by the president. However, because neither the House nor the Senate are in session until Jan. 17, a resolution will not be introduced. Read 

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