Former U.S. Senator Rick Santorum, R-Pa., rejects the idea of a flat tax. He campaigned for president in the Upstate Tuesday on a 10, 20, 30 plan.
“I reduce rates, simplify the code. I don’t go to one rate,” Santorum told News 4’s Michael Cogdill, during a sit-down interview at the Poinsett Club in Greenville.
Santorum believes under a flat tax, lower and middle income taxpayers end up paying more.
“I think people who are lower income should pay a lower percentage, and people who are higher income should pay a little higher percentage. But all rates should be reduced," he said.
Santorum also advocates eliminating the corporate tax for companies that make goods in America.
“We cut the corporate tax for manufacturing all the way back from 35% to zero. We need to create jobs for the skilled and semi-skilled. Those jobs, unfortunately, are going to China and Mexico," he said.
The former senator also cited $1.2 trillion in overseas profits American companies have accumulated. He wants to eliminate the 35% excise tax companies would pay to bring that money back to the U.S.
As president, Santorum vows he would also “zero out” every regulation placed on major business during the Obama presidency. He rejects the idea that allowing U.S. banks to fail during the worst of the mortgage crises would have sent the economy into a deep and long depression.
“We probably would have gone down faster and come up faster. That’s how the business cycle works.”
Santorum believes the U.S. economy is currently struggling under government interference with market forces and over-regulation.
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