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U.S. Budget Watch, a project of the bi-partisan Committee for a Responsible Federal Budget says tax and spending plans proposed by Rick Santorum, Mitt Romney, and Newt Gingrich would significantly increase the the national debt.
The exception is Ron Paul’s proposal, which includes major spending cuts with reductions in taxes and would actually bring down the federal deficit.
How The Federal Deficit Would Change (U.S. Budget Watch)
Where Are The Tax Cuts? (Tax Policy Institute)
President Obama’s Plan
Howard Gleckman of the Tax Policy Center says that though President Obama is calling for serious tax reform, his budget plan is “long on principles, [but] woefully short on specifics.”
For instance, the president has been touting the Buffet tax, a minimum income tax on people making over a million dollars a year, but he hasn’t formally proposed it to Congress.
Taxes And 2012
Gleckman says despite all the fuzziness in most of the proposals, there’s enough to understand that basic ideas each candidate is working with, and no matter who wins, the stage is set for an “epic battle” over tax reform.