Rick Santorum has an op-ed in today’s Wall Street Journal outlining his Economic Freedom Agenda. Conspicuously missing form his ten-point plan? Any mention of the special loophole he would create allowing manufacturers to pay no income tax.
Here is how his campaign website describes the policy: “Eliminate the corporate income tax for manufacturers – from 35% to 0% – which will spur middle income job creation in the United States and will create a job multiplier effect for workers.”
Here is the only mention of manufacturing in his WSJ op-ed: “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.”
No mention of the zero rate for manufacturers. Has Santorum flip-flopped on the issue? Or did he just realize that the loophole is extremely unpopular among true economic conservatives so he conveniently forgot to mention it in his WSJ op-ed?
