“What I would do is get rid of the $1.4 trillion every year in exemptions and loopholes and lower the normal rates,” says former N.Y. Gov. George Pataki.
- At Republican presidential candidate, he says he would tax “carried interest” same as other income
- “I would keep the home mortgage deduction, the charitable deduction and others,” would tax manufacturing at 12% “the lowest in the developed world”
- La. Gov. Bobby Jindal says he would support scrapping the carried interest deduction “as part of overall tax reform that leads to lower flatter taxes, sure”
- “But I’m not for raising taxes for anyone”
- Former Pa. Sen. Rick Santorum says will soon propose “20/20” plan offering 20% flat tax on income and would support lower taxes for manufacturing industry
- NOTE: The three candidates and S.C. Sen. Lindsey Graham didn’t qualify for spot in CNN’s main debate; they are squaring off at Ronald Reagan Presidential Library in Simi Valley, Calif
Related Story: Obama Renews Carried Interest Tax Fight With Republican Help