Economic Policies of the 2012 Presidential Candidates–Whose Side Are You On?

The 2012 GOP primary is in full swing. With the recession still underway, economic issues are at the forefront. Each of the 2012 presidential candidates have different plans for America’s economy.

Since many feel that current economic events warrant a new economic policy, it’s worth examining the various economic policies of those seeking the highest office in the land.

2012 Presidential Candidates’ Economic Policies

1. Mitt Romney

Former front runner Mitt Romney has a very detailed and Byzantine economic program: A 149-page document called “Believe In America.” Some key points include:

• Cutting the corporate tax rate from 35 percent to 25 percent.
• Ending the estate tax.
• Putting a cap of 20 percent of the American GDP on spending.
• Sanctioning China’s trade practices by declaring the PRC a currency manipulator.
• Repeal of the Dodd-Frank bill.
• Amending the Sarbanes-Oxley law to remove certain regulations on mid-sized business.

2. Rick Santorum

Recently declared the winner of Iowa, Rick Santorum has struggled to carve a niche for himself everywhere else. His economic platform includes:

• Abolishing all taxes for the manufacturing sector.
• Cutting the corporate tax rate in half, from 35 percent to 17.5 percent.
• Cutting the federal budget by $5 trillion in five years.
• Freezing social spending programs for five years and federal pay for four years.
• In favor of an audit of the Federal Reserve and give the board the sole task of managing inflation.
• Defunding the Dodd-Frank bill.

3. Newt Gingrich

Newt Gingrich is riding a wave at the moment, coming off of a win in the South Carolina primary. It will be interesting to see if he can maintain this momentum going into Florida, the most delegate-rich state primary so far and also one that closely resembles the national electoral.

Former Speaker Gingrich’s economic plan includes:

• A corporate tax rate of 12.5 percent.
• An optional 15 percent flat tax.
• Ending the estate tax.
• Making the Bush-era tax cuts permanent.
• Exemption from the personal income tax for those below the poverty line.
• Repeal of both Sarbanes-Oxley and Dodd-Frank.

4. Ron Paul

While few think Ron Paul has much chance of winning the nomination, one thing is certain: Ron Paul has a detailed strategy for winning delegates in every primary without a winner-take-all system.

This means that regardless of whether or not he wins, he’ll be ready to exert a great deal of influence on the convention floor. His economic policy is also the most radical of any in the race:

• Abolition of personal income tax and the estate tax by constitutional amendment.
• In favor of an audit of the Federal Reserve before ending it.
• In favor of “sound money.”
• Claims he will veto any budget that isn’t balanced.
• Repealing the federal gas tax and capital gains tax.

The Republican presidential candidates are more similar than they are different. Many Democratic Party voters will see little difference. Republican Party and independent voters, however, will have to have a hard look at the candidates before deciding who to support in the upcoming primaries.