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Republican Candidates' Financial Plans

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With the 2012 election less than a year away, the election machine is fired up and ready to go. Hot topics include the economy, housing, and job creation through tax cuts and regulation.

Total Bankruptcy has highlighted the candidates and their plans for our economy.

2012 Republican Candidates: How Will Their Tax Plans Affect Your Personal Finances?

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White House 2012: Who's Running?

  • Former Governor Mitt Romney (MA)
  • Current Governor Rick Perry (TX)
  • Representative Ron Paul (TX)
  • Representative Michelle Bachmann (MN)
  • Former Governor Jon Huntsman (UT)
  • Former House Speaker Newt Gingrich (GA)
  • Former Senator Rick Santorum (PA)
  • Former Governor Gary Johnson (NM)

The Road to the White House: What Does It Cost?

We know where the candidates stand on the issues, but what about money?
  • What have the contenders raised for the 2012 Presidential Election?
  • How did they raise this money?
  • What money do they need to finish out the election cycle?
  • Can the GOP candidates raise enough to defeat Obama? Obama raised $99,597,681 as of September 2011, according to the New York Times.

Follow the Money Trail: The Contenders and Campaign Finance

Mitt Romney

Campaign Dollars and Cents

  • Romney is at the top of the pack with $32,605,827.
  • He has spent twice as much as other candidates.
  • Romney has contributed just over $300,000 to competitive state GOP races.
  • He supports GOP incumbents in tight races, not Tea Party candidates.

Future Finances

  • Mitt Romney’s 59-point plan will reduce:
  • Taxes
  • Spending
  • Regulation
  • Government programs
  • Big tax rate reduction for corporations, but no change for individual tax per Romney’s tax reform plan.
  • Romney reportedly wants the foreclosure process to hit rock bottom. He suggests investors buy homes, rent them out, and fix them up to turn around the housing market.

Rick Perry

Campaign Dollars and Cents

  • According to the New York Times, Rick Perry has amassed a war chest of $17,200,232 as of September 30, 2011.
  • Most of his bounty came in the last 8 weeks.
  • Perry, a well-known fundraiser, is second only to Romney in $$.
  • Texas was the source of the majority of Perry’s money early in the campaign.
  • With over $15 million on hand, Perry has spent little.
  • Perry raised an unprecedented $17 million in 3rd quarter 2011.

Future Finances

  • When asked about tax cuts for the rich, Perry stated that he wanted the wealthy to invest in their businesses.
    • Tax Reform -- Designed to compete with Cain’s 9-9-9 tax reform plan, Perry’s plan would have:
    • Optional flat tax to allow everyone, including corporations, to pay a 20 percent tax rate
    • Anyone with an income less than $12,500 is exempt.
    • Mortgage interest and charity donations could be deducted in households with total income of less than $500,000.
    • Other tax breaks and loopholes would be eliminated.
    • Corporate tax temporarily dropped to 5.25 percent to encourage businesses to move to the U.S.

Ron Paul

Campaign Dollars and Cents

  • Candidate with the 3rd largest war chest: $12,787,448.
  • Paul has spent more than Bachmann.
  • Most of his funds came from Texas, California, and Florida.

Future Finances

  • Paul wants to eliminate 5 of 15 cabinet agencies to consolidate the government and cut budgets to the remainder. Those to be eliminated:
    • Housing and Urban Development
    • Interior
    • Energy
    • Commerce
    • Education

Michelle Bachmann

Campaign Dollars and Cents

  • At #4 on the New York Times leaderboard, Bachmann has $7,547,471.
  • Bachmann raised money from every state.
  • Struggled to bring in big cash donors.
  • With more than $6 million in expenditures to $4 million in contributions, Bachmann is spending more than saving.
  • Largest expense -- $60,000 -- to former campaign manager Ed Rollins.

Future Finances

  • The regulatory burden is too much for businesses per Bachmann. Jobs are lost due to $1.8 trillion regulatory burden.
  • Bachmann wants to reform taxes through:
    • No flat tax, but only a flatter income tax.
    • Fewer tax brackets and lower tax rates.
    • Adoption of tax policies from the Reagan Years due to the prosperity in the ‘80s.
    • Having all wage earners pay income tax. At present, 47% of wage earners pay only federal payroll tax and no income tax.
    • Low tax rates for those in lowest income levels.
  • Bachmann is worried that foreclosures impact women most often. She has stated that Obama has failed the nation on the housing and foreclosure issue.

The Rest of the Pack?

Jon Huntsman

  • $5.4 million in campaign fund
  • Received greatest support from California, New York, and Utah.

Newt Gingrich

  • $2.9 million in campaign fund
  • Gingrich struggled to raise money in major markets.
  • Spent most of campaign funds on issue campaigns, but only $4,000 on GOP state elections.
  • Gingrich sympathizes with those displeased with the policies of the Bush and Obama administrations and is against the Dodd-Frank law as it over-regulates government.

Rick Santorum

  • $1.3 million in campaign fund.
  • His home state of Pennsylvania is his main financial supporter.
  • Santorum wants to “repatriate profits” -- an estimated $1.5 trillion sitting in foreign bank accounts -- to invest in American industry and jobs. The cost to taxpayers? Zero.

Gary Johnson

  • At the bottom of the New York Times campaign money leaderboard, the Johnson campaign has just under $500,000.
  • Leading campaign contributors: New Mexico and other western states.

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