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Santorum Presents Economic Plan in WSJ



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In today’s Wall Street Journal, Rick Santorum has an op-ed laying out his economic plan, entitled “My Economic Freedom Agenda.” He decries Mitt Romney for proposing “revenue neutral” tax cuts, “borrowing the language of Occupy Wall Street,” and lacking ”pro-growth tax policy,” and then lays out the entirety of his economic agenda, which is vaguely more supply-side. His bullet points:

• Unleash America’s energy. I’ll approve the Keystone Pipeline for jobs and energy security, and sign an order on day one unleashing America’s domestic energy production, allowing states to choose where they want to explore for oil and natural gas and to set their own regulations for hydrofracking.

• Stop job-killing regulation. All Obama administration regulations that have an economic burden over $100 million will be repealed. . .

• A pro-growth, pro-family tax policy. I’ll submit to Congress comprehensive tax policies to strengthen opportunity in our country, with only two income tax rates of 10% and 28%. To help families, I’ll triple the personal deduction for children and eliminate the marriage tax penalty.

• Restore America’s competitiveness. The corporate tax rate should be halved, to a flat rate of 17.5%. Corporations should be allowed to expense all business equipment and investment. Taxes on corporate earnings repatriated from overseas should be eliminated to bring home manufacturing. I’ll take the lead on tort reform to lower costs to consumers.

• Rein in spending. I’ll propose spending cuts of $5 trillion over five years. . . . 

• Repeal and replace ObamaCare. I’ll submit legislation to repeal ObamaCare, and on day one issue an executive order ending related regulatory obligations on the states. . . .

• Balance the budget. I’ll submit to Congress a budget that will balance within four years and call on Congress to pass a balanced-budget amendment to the Constitution which limits federal spending to 18% of GDP.

• Negotiate and submit free trade agreements. Because many Americans work for companies which export, I’ll initiate negotiations in the first 100 days and submit to Congress five free trade agreements during my first year in office to increase exports.

• Reform entitlements. I’ll cut means-tested entitlement programs by 10% across the board, freeze them for four years, and block grant them to states—as I did as the author of welfare reform in 1996. I’ll reform Medicare and Social Security so they are fiscally sustainable for seniors and young people.

• Revive housing. I’ll submit plans to Congress to phase out within several years Fannie Mae and Freddie Mac’s federal housing role, reform and make transparent the Federal Reserve, and allow families whose mortgages are “underwater” to deduct losses from the sale of their home in order to get a fresh start in difficult economic times. 



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